Canadians received a record $113 billion in life and health insurance benefits, 2021 data shows

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TORONTO, September 15, 2022 /CNW/ – from Canada life and health insurers paid out more benefits to more people than ever before in 2021.

Canadians were paid $113 billion benefits from life and health insurance products last year – up 17% from 2020 and nearly $10 billion above pre-pandemic levels. This included payments for health insurance, life insurance and pension claims.

Among the discoveries of the last Facts about personal insurance in Canada last year, did personal insurers:

  • Provides coverage for over 29 million Canadians – i.e. 76% of the population

  • Paid a record $40.8 billion in total healthcare claims, including prescription drugs and dental care – up 11% from 2020

  • almost treated $600 million mental health claims – up 75% since 2019

  • Paid $58 billion in pensions for retirees – up 26% compared to the previous year

  • Employee 166,000 Canadians – up more than 5,000 from 2020

  • Provided insurance products to nearly 100 million people worldwide

Two-thirds of total insurance products were sold under group benefit plans in 2021, as opposed to individual policies. In fact, 90% of health insurance plans were offered on a group basis, most often in the form of social benefits.

“2021 has been a year of recovery and insurers have been proud partners helping employers and their employees get back on their feet with benefits that can help attract and retain talent,” Stephane Frank, President and CEO of the Canadian Health Insurance Association. “Against this backdrop, mental health supports have become an increasingly important and relevant health benefit that is helping so many through the stresses of the pandemic.”

Nearly 27 million Canadians had access to health insurance benefits, 22 million had life insurance coverage and 8 million had their retirement savings managed by personal insurers. Insurers continued to show strength and resilience, with regulatory capital levels well above government targets.

“Canadians can rest assured that should the unexpected happen, their insurance protection will be there for them,” said Frank.

Facts about personal insurance in Canada is published annually by CLHIA based on industry data and publicly available data. It is available on clhia.ca/facts

About CLHIA

CLHIA is a voluntary association whose member companies represent 99 percent of from Canada life and health insurance business. These insurers provide financial security products, including life insurance, annuities (including RRSPs, RRIFs and pension plans) and supplemental health insurance to more than 29 million Canadians. They retain $1 trillion of assets in Canada and employ more than 166,000 Canadians.

SOURCE Canadian Life and Health Insurance Association Inc.

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