Canadian Life & Health Insurance Facts // 2024 Edition 14
Health Insurance
Insurers provide cost-effective health protection
At 85 per cent, the vast majority of health insurance premiums are paid out as benefits to
policyholders (5-year average).
Health insurance
provides coverage for hospital
and medical expenses not
covered by public health plans,
such as prescription medicines,
vision care, dental care and
mental health supports. This
type of insurance can also
provide income replacement
for those unable to work due
to disability.
Sold as
Ninety-one per cent of health
insurance is purchased through
a group plan.
2023 health premiums
Related products
Supplementary health
insurance; travel insurance;
critical illness insurance;
disability insurance; accidental
death and dismemberment
insurance; and health care
spending accounts.
85%
9%
3%
3%
paid out to policyholders
as benefits
operating costs
taxes
profits
91%
9%
$60.8B
Individual policies
Group plans
L I N E S O F B U S I N E S S
