Issue link: http://clhia.uberflip.com/i/563156
17 During 2014, Canadians received $83.5 billion (more than $1.6 billion a week) in payments from annuity contracts, life and health insurance policies, and uninsured benefit plans. This represents a 9.6 per cent increase over the 2013 levels and more than one and a half times the amount paid out 10 years ago. Of total benefits paid in 2014, 67 per cent was paid out under group (insured and uninsured) plans, and the remainder under individual policies. Over the past decade, the split between payments under group and individual plans has remained fairly consistent around a two- thirds to one-third ratio. Half of the total was paid out as benefits under annuity contracts, 37 per cent under health benefit and disability income plans (insured and uninsured), and 10 per cent under life insurance policies. The remainder was paid out as dividends to policyholders. This is comparable to the breakdown of payments a decade ago – 46 per cent, 39 per cent, 11 per cent, and 4 per cent, respectively. Death benefit payments In 2014, life and health insurance providers paid out almost one dollar in every ten as a death benefit. Policy Payments Total Policy Payments in Canada (millions) Year Life Insurance Annuity Health Benefits Policy- Total Death Policy- Benefits Insured Uninsured holder Benefits holder Plans Contracts 2 Dividends Benefits 1 1960 $ 196 $ 180 $ 75 $ 129 $ — $ 111 $ 691 1970 453 357 260 296 — 247 1,613 1980 1,082 723 1,620 1,589 46 615 5,675 1990 2,083 1,053 9,840 4,341 1,644 1,435 20,396 2000 3,564 1,572 24,214 9,295 6,172 1,823 46,640 2005 4,532 1,596 25,121 11,702 9,108 2,248 54,307 2006 4,440 1,882 26,679 12,019 9,914 2,290 57,224 2007 4,983 2,175 28,714 12,720 10,683 2,559 61,834 2008 5,291 2,204 27,653 13,722 11,244 2,555 62,669 2009 5,499 2,144 26,524 14,061 11,741 2,863 62,832 2010 5,505 1,613 32,120 14,442 11,995 2,756 68,431 2011 5,638 1,601 30,923 14,649 12,367 2,873 68,051 2012 5,895 1,384 32,858 15,401 12,736 2,838 71,112 2013 6,387 1,451 35,314 16,955 12,971 3,096 76,174 2014 6,281 2,299 41,503 17,375 13,542 2,523 83,523 Sources: OSFI, CLHIA Annuity benefits include death, surrender and disability payments Benefits paid under variable (segregated fund) contracts are included Figures since 2000 report on the business of insurance companies (life and property and casualty), fraternal benefit societies, and not-for-profit health care benefit providers such as provincial Blue Cross organizations. Earlier years include data for insurance companies only 1 Policyholder benefits are payments to living policyholders such as cash surrender values, disability benefits and matured endowments 2 Benefits paid under uninsured contracts administered by life and health insurance providers