Canadian Life & Health Insurance Facts // 2024 Edition 20
Retirement Solutions
L I N E S O F B U S I N E S S
Insurers paid out $62.7 billion in retirement benefits in 2023
Of this, 66 per cent was paid out to group plan members, and 34 per cent to policyholders
of individual plans.
Since 2013, benefits
have increased at an
average rate of
Over
per
year
of benefits are
provided through
segregated funds
6%
80%
2023 2021 2019 2017 2015 2013
$
63
B ILLION
$
58
B ILLION
$
53
B ILLION
$
45
B ILLION
$
41
B ILLION
$
60B
$
70B
$
50B
$
30B
$
20B
$
10B
$
40B
$
35
B ILLION
