Canada’s life and health industry continues to grow

By The IJ Staff | September 27 2017 01:30PM

Photo: Freepik

The Canadian Life and Health Insurance Association (CLHIA) has released the 2017 Edition of Canadian Life and Health Insurance Facts, which shows that the industry continues to see growth in both life and health insurance products.

$400,000 per insured household

The CLHIA says average life insurance protection owned by Canadians surpassed $400,000 per insured household in 2016, driven by a 5.2 per cent year-over-year increase in individual life insurance owned. Extended health care coverage grew to almost 25 million Canadians, covering 80 per cent of working Canadians and their families.

"The industry's products and services are a key complement to many of the public policy goals set by governments, and our continued strength and stability play a critical role in helping to build Canada's economy for the future," stated CLHIA President and CEO, Stephen Frank, in a Sept. 27 announcement.

$810 billion in total assets

The CLHIA says the industry’s total assets in Canada grew to more than $810 billion in 2016, including $40 billion in infrastructure investments. For more information, the 2017 factbook can be read here.