Canadian Life & Health Insurance Facts // 2024 Edition 27
International Operations
I N D U S T R Y I N D E T A I L
Canadian life and health insurers are trusted at home and around
the globe
Canada's insurers provide coverage and services to 90 million people in over 20 jurisdictions
outside of Canada. In fact, three of Canada's life and health insurers rank among the top 15
largest in the world.
* Insurance Service Revenue is a new financial statement measure under international financial reporting standards IFRS 17, Insurance
Contracts, of revenues earned in the year by the insurer for insurance services rendered. This new measure is being used in 2023 in con-
junction with the adoption of IFRS 17 by Canadian life and health insurers. Previous versions of Canadian Life and Health Insurance Facts
presented premiums across regions. These two measures are not directly comparable.
** Includes the Caribbean and Latin American countries
Canadian insurers continue to grow their international operations
Assets held by Canadian life and health insurers on behalf of policyholders outside of Canada
amounted to over $1.4 trillion at the end of 2023, twice the level from ten years ago.
Source of insurance service revenue
International operations contributed
44 per cent of the insurance service
revenue* of Canadian life and health
insurers in 2023.
20 90 million 232,000
countries
& territories
people protected
outside of Canada
people employed
outside of Canada
8 %
ASIA & OTHER**
25%
USA
56%
CANADA
11%
EUROPE
