CLHIA-ACCAP

New Brunswick Facts & Figures - 2015 Edition

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4 income protection; 201,000 people and their 214,000 dependants with extended health care coverage; and 89,000 people and their 115,000 dependants with reimbursement of dental care expenses. Through these insured plans and similar coverages provided by uninsured employer arrangements, some 520,000 New Brunswick residents have supplementary health benefit coverage (after eliminating duplicate coverage) and about 200,000 people have disability income protection. Premium Income Life and health insurance providers receive funds from two main sources: premiums and deposits paid by policyholders and earnings on investments. The portion of premium payments not used to pay benefits or expenses in the current year becomes available for investment in the nation's economy until needed to pay future benefits. In product pricing, the anticipated investment earnings are taken into account, thereby reducing the cost of life insurance, health insurance and annuities to policyholders. During the year, New Brunswick residents paid total premiums and premium equivalents of $2.1 billion for life and health insurance, as well as annuity products. Of the total, $720 million, or 34%, were for annuity products such as employer sponsored private pension plans, RRSPs, RRIFs, DPSPs and payout annuities. This included $233 million of premiums for individual annuities and $487 million of premiums for group annuities. New Brunswick residents also paid $522 million, or 24% of the total, on new and existing life insurance policies, purchased primarily to provide future financial security for their families. Premiums for individual life insurance policies totalled $355 million and premiums for group life insurance policies amounted to $167 million.

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