Three insurers paid out more than $8 billion in claims last year

par Andrew Rickard | May 26 2016 01:49PM

Great-West Life, London Life, and Canada Life have released their combined public accountability statement, and it reveals that the three insurers paid out $8.6 billion in benefits last year.

The annual statement reviews the insurers' commitment to social responsibility and shows that the three companies made a significant economic contribution last year. In particular, they paid more than $2 billion in life insurance claims to more than 40,000 families and provided disability benefits to more than 75,000 people. Through group insurance coverage at 30,000 different employers, they also paid out more than $4 billion in health and dental benefits.

Employees raised more than $2.1 million

The three insurers contributed $12.1 million to about 900 charities and causes across the country, while employees also raised more than $2.1 million through corporate teams, United Way campaigns, and other support groups.

“The report demonstrates our commitment to the financial, physical and mental well-being of Canadians. It showcases the dedication and skills of employees and advisors across Canada helping our customers and supporting their communities,” says Great-West Lifeco president and CEO Paul Mahon.