Canadian Life & Health Insurance Facts // 2024 Edition 10
The Canadian Life & Health Insurance Marketplace
I N D U S T R Y P R O F I L E
Life and health insurers collected $157 billion in premiums
Total premiums and annuity contributions increased $12 billion to $157 billion in 2023.*
This was led by annuities (including segregated funds), up 9.1 per cent; health insurance,
up 8.7 per cent; followed by life insurance, up 6.4 per cent.
Insurers are focused on
customer satisfaction
Insurers process hundreds of millions of claims annually,
yet according to the OmbudService for Life and Health
Insurance only about one in every 100,000 claims results in
a complaint.
* Includes premiums of $3.7 billion from foreign branches operating in Canada.
$
160B
$
140B
$
120B
$
100B
$
80B
$
60B
$
40B
$
20B
43%
39%
18%
2013
41%
40%
19%
2015
43%
39%
18%
2017
39%
42%
19%
2019
38%
43%
19%
2022
37%
45%
18%
2021
43%
39%
18%
2023
Life Health Annuities Segregated funds
