Industry profile
The Canadian life & health
insurance marketplace
Canada's life and health insurers provide
financial protection for over 29 million Canadians
In 2022, life and health insurers paid out $114 billion in benefits while providing a
high degree of customer satisfaction.
Total benefits paid for life, health and retirement have increased 60 per cent from
a decade ago.
Benefits
$
114 billion
in benefits
In 2022, life and
health insurers
paid out
Coverage
29 million
Canadians
In 2022, life and health
insurers provided
financial protection for
Life
Life insurance
benefits
Health
insurance
benefits
Retirement
benefits
22
million
Canadians with
coverage, totalling
$
5.5 trillion
Health
27
million
Canadians have
coverage
Retirement
9
million
Canadians'
retirement
savings are
managed
by insurers
$
16.1B
•
$
9.4 billion in death benefits
•
$
6.7 billion to living policyholders
as disability benefits, cash
surrenders or dividends
Including
$
14.3 billion
for drugs – that
accounts for over 35%
of prescription drug
spending in Canada
Including annuity payments
on employer-sponsored and
individual products that
have nearly doubled in the
past decade
$
53.7B
$
43.9B
Including
How insurance is sold
Most insurance products are sold as:
68% 32%
Group plans which provide coverage for a
group of people – employees, or members of
a union or association – under one contract.
Individual policies which
provide coverage for
one person or a family.
Canadian Life & Health Insurance Facts // 2023 Edition
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