Canadian Life & Health Insurance Facts // 2024 Edition 8
Benefits
In 2023, life and
health insurers
paid out
$128 billion
in benefits
Coverage
In 2023, life and
health insurers
provided financial
protection for nearly
30 million
Canadians
The Canadian Life & Health Insurance Marketplace
I N D U S T R Y P R O F I L E
67%
33%
Canada's life and health insurers provide financial protection for
nearly 30 million Canadians
In 2023, life and health insurers paid out $128 billion in benefits while providing a high
degree of customer satisfaction.
Total benefits paid for life, health and retirement have increased 68 per cent from a
decade ago.
How insurance is sold
Life and health insurance products are sold as:
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.
Including
• $9.2 billion in death benefits
• $8.1 billion to living policyholders
as disability benefits, cash
surrenders or dividends
Including annuity payments on
employer-sponsored and individual
products that have nearly doubled in
the past decade
Including
$
15.3 billion for
drugs – that accounts for
over 35% of prescription
drug spending in Canada
Canadians
have coverage
Canadians
with coverage,
totalling
$5.7 trillion
Canadians'
retirement
savings are
managed
by insurers
$
17.3B
23
million
27
million
10
million
$
48.2B
$
62.7B
Life insurance
benefits
Life
Health
Retirement
Health insurance
benefits
Retirement
benefits
