CLHIA-ACCAP

Canadian Life and Health Insurance Facts, 2014 Edition

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❖ pays taxes in excess of $3.5 billion in Canada. These taxes, paid to all levels of government in 2013, help fund programs that are important to Canadians and the broader economy. ❖ makes substantial charitable donations and sponsorships to support a broad range of initiatives, particularly in the areas of health and wellness, education, arts and culture, social services and disaster relief. In addition, thousands of industry employees volunteer their time, talent and energy to countless charities and non- profit organizations in their communities. In 2013, the industry's corporate donations and sponsorships in Canada exceeded $70 million. ❖ is internationally successful. Currently operating in more than 20 countries and territories around the world, Canadian insurers have an outstanding track record of competing in foreign markets, with $56.3 billion or 41 per cent of their worldwide premiums generated abroad. At the end of 2013, Canadian life and health insurers held $658 billion in assets for their operations outside Canada, accounting for over 51 per cent of their global total. Three Canadian life and health insurers rank in the top 15 of the world's largest life insurance companies. ❖ develops products to reflect and to anticipate changing consumer needs and expectations. Examples include customized life insurance policies; innovative approaches to group insurance (the "cafeteria" and "spending account" options); a variety of flexible retirement plans (PRPPs, RRIFs and LIFs); and innovative and expanded health insurance products (travel health insurance, critical illness and long-term care). ❖ contributes to small business. The products of life and health insurers and the consultative role of life insurance agents help small- and medium-sized businesses attract and retain a skilled workforce and ensure continuity of operations. ❖ takes industry-wide initiatives to benefit consumer interests. The industry develops guidelines and policy positions, voluntarily and proactively, to ensure consumer interests are protected and to respond to issues of importance to Canadians. Recent initiatives include: Get it Built: Fostering Economic Growth and Prosperity Through Enhancements to Canada's Long-term Investment Market; Ensuring the Accessibility, Affordability and Sustainability of Prescription Drugs in Canada; and Improving the Accessibility, Quality and Sustainability of Long-Term Care in Canada. ❖ has an independent OmbudService for consumers. The OmbudService for Life and Health Insurance (OLHI) is a national independent complaint resolution and information service for consumers of Canadian life and health insurance products and services, including life, disability, employee health benefits, travel, and insurance investment products such as annuities and segregated funds. 3 In Canada Out of Canada 59.1% 40.9% 48.6% 51.4% Premiums Assets Canadian Life and Health Insurers Worldwide Operations – 2013 (per cent share of total) Total: $138 billion Total: $1,280 billion

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