Demand for life insurance on the rise, shows CLHIA’s factbookBy The IJ Staff | September 27 2018 01:30PM
The Canadian Life and Health Insurance Association (CLHIA) has released the 2018 Edition of Canadian Life and Health Insurance Facts, which shows that “the demand for life and health insurance products continues to grow in both domestic and international markets,” says the association.
"This demonstrates that Canadian and international policyholders continue to understand the positive impact that insurance products can have on their financial and physical health and well-being," notes CLHIA President and CEO, Stephen Frank.
The factbook reveals that in 2017, the total number of Canadians holding insurance grew to almost 29 million, while the industry paid $92 billion in claims, an increase of 4.3 per cent from 2016. More than 90 per cent of these benefits went to living policyholders. Premiums in Canada were more than $110 billion in 2017 up from $106 billion in 2016.
Canadians employed in the life and health insurance industry rose to 155,200. The CLHIA says employment growth has been averaging some 2.5 per cent over the past 10 years.
“The growth of the industry extends beyond our borders with foreign operations of Canadian insurers almost doubling in the past five years. Most of this growth has occurred outside North America and the industry now provides coverage to almost 55 million international customers,” reveals the CLHIA.
In 2017, the industry’s total assets in Canada grew to almost $860 billion, including $42 billion in infrastructure investments, says the CLHIA.
To learn more, consult the factbook on the association’s website.