CLHIA-ACCAP

5 The strength of the Canadian life and health insurance industry continued through 2014, despite the climate of slow growth and prolonged low interest rates. The industry built on its past solid performance with strong asset and premium growth during the year. Industry assets in Canada rose 11.5 per cent during 2014 to $721.2 billion. Accounting for almost two-thirds of the total, general fund assets rose 12.2 per cent to $448.4 billion. Meanwhile, segregated fund assets increased 10.5 per cent to almost $272.8 billion, buoyed by continued strength in equity markets. During 2014, total premiums and premium equivalents (for all lines of business) grew at a pace not seen since 2007, up 7.7 per cent to $99.4 billion. Growth in annuity premiums led the increase (up 13.9 per cent) totalling more than $42.5 billion as investor confidence recovered along with demand for wealth management and retirement products. At the same time, life insurance premiums grew to $18.1 billion (up 5 per cent), and health and disability insurance premiums showed a modest increase to almost $38.8 billion (up 2.9 per cent). Life Insurance Purchases ■ ■ During 2014, Canadians purchased: Individual life insurance $221.5 billion Group life insurance 96.5 billion Total life insurance $318.0 billion ■ ■ About 692,300 individual policies were purchased during the year. ■ ■ Average size of new individual policies was $319,900. (See page 10) Annuities ■ ■ During 2014, Canadians paid premiums for: Individual annuities $14.6 billion Group annuities 27.9 billion Total annuities $42.5 billion ■ ■ RRSPs (individual and group) accounted for 36 per cent of total annuity premiums and 35 per cent of total annuity assets. ■ ■ Canadians owned 3.2 million individual annuity contracts at the end of the year. (See page 12) Life Insurance Ownership ■ ■ By year-end 2014, Canadians owned: Individual life insurance $2,472 billion Group life insurance 1,723 billion Total life insurance $4,195 billion ■ ■ Almost 22 million Canadians owned life insurance for the future financial security of their families. ■ ■ Average amounts owned were $193,700 for insured individuals and $381,000 for insured households. (See page 7) Part Two Key Statistics Health Insurance Coverage ■ ■ At the end of 2014, insured plans provided 11 million people with disability income protection, 27 million people with extended health care* coverage and 15.6 million people with reimbursement of dental care* expenses. ■ ■ Uninsured plans provided 937,000 people with disability income protection, 14.2 million people with extended health care* coverage and 13.3 million people with reimbursement of dental care* expenses. (See page 14) *Data include some double counting when families are covered under separate plans for each spouse or when insured benefits are provided in conjunction with supplementary protection under an uninsured contract. In total, about 24 million Canadians have supplementary health benefit coverage through private plans

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