Issue link: http://clhia.uberflip.com/i/563156
22 Total premium income (including premium equivalents) rose 7.7 per cent during the year and has grown at an annual average rate of 4.7 per cent during the past decade. Continued premium growth indicates that life and health insurers are very competitive for the consumer's disposable income. The industry's premium income accounted for 8.8 per cent of the personal disposable income in the country during 2014, up from 8.3 per cent a decade ago. General fund policies generated $63.5 billion (or 64 per cent) of the 2014 premiums, up 4.7 per cent from the 2013 level. At the same time, segregated fund deposits rose 13.6 per cent to a new record high of $35.8 billion. Segregated fund products produced 36 per cent of total 2014 premiums; 10 years ago, they amounted to $18.9 billion or 30 per cent of the total. (The sources of premium income by region in Canada are shown in the chart on this page.) Life insurance premiums Premiums for life insurance products totalled more than $18.1 billion during 2014, up 5 per cent from the previous year. Of this amount, 76 per cent was from individual life insurance policies and 24 per cent from group life insurance. Of individual life insurance premiums, 12.3 per cent were single premiums, Sources: OSFI, CLHIA Includes premium equivalents for uninsured contracts administered by life and health insurance providers Total Premium Income by Region – 2014 Atlantic provinces 6.1% British Columbia 12.5% Prairie provinces 17.0% Quebec 23.6% Ontario 40.8% Source: CLHIA special survey (Health Insurance Benefits in Canada – 2014) Includes premium equivalents for uninsured contracts administered by life and health insurance providers *Includes Creditors critical illness coverage Total Health Premiums by Benefit Type – 2014 Other benefits 7.5% Creditors disability* 5.5% Disability income 23.0% Dental care 20.5% Medical/hospital 43.5%