Canadian Life and Health Insurance Facts -- 2017

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4 Canadian marketplace There are more than 150 life and health insurers operating in Canada (including 37 foreign-owned life insurers) providing a competitive Canadian marketplace with a wide range of financial security products for businesses and individuals. These products include employee benefits and individual plans that provide life and health insurance protection and retirement savings solutions to ensure the financial security of over 28 million Canadians. Benefits by product line The industry paid $88 billion, or nearly $1.7 billion a week, in benefit payments to Canadians in 2016 - an increase of over 50% from 10 years ago. Life 22 million Health 25 million 70% Retirement Canadians own $4.5 trillion in life insurance coverage Canadians have supplementary health insurance of all private pension plans are managed by the industry Coverage by product line $12.0B Life insurance benefits $32.5B Health insurance benefits $43.5B Retirement benefits $11.0 billion for prescription drugs, which accounts for over 35% of Canada's total spending on prescription drugs Annuity payments on employer-sponsored and individual products increased by 63% over the past decade of benefit payments went to living policyholders Over 90% $6.9 billion paid as death benefits $5.1 billion paid to living policyholders as disability benefits, cash surrenders or dividends

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