Issue link: http://clhia.uberflip.com/i/563156
3 and health insurance providers in Canada. In addition, 85,900 independent insurance agents earn at least part of their income from the life and health insurance business. Pays taxes of over $3.4 billion in Canada. These taxes, paid to all levels of government in 2014, help fund programs that are important to Canadians and the broader economy. In addition, the industry collects and remits $2.2 billion in retail sales tax on selected life and health insurance products. Makes charitable donations and sponsorships in excess of $50 million annually. These 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. 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 $61.6 billion or 41 per cent of their worldwide premiums generated abroad. At the end of 2014, Canadian life and health insurers held $729 billion in assets for their operations outside Canada, accounting for 51 per cent of their global total. Three Canadian life and health insurers rank amongst 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, 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: Improving the Accessibility, Quality and Sustainability of Long-term Care in Canada; Get it Built: Fostering Economic Growth and Prosperity Through Enhancements to Canada's Long-term Investment Market; and Ensuring the Accessibility, Affordability and Sustainability of Prescription Drugs in Canada. Established the Canadian Drug Insurance Pooling Corporation (CDIPC), a not- for-profit corporation that helps facilitate affordable drug coverage for all fully-insured supplementary drug plans while maintaining a competitive health insurance market. In Canada Outside Canada 59.0% 41.0% 48.6% 51.4% Premiums Assets Canadian Life and Health Insurers Worldwide Operations – 2014 (per cent share of total) Total: $150 billion Total: $1,419 billion