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Revealed – How much Canadians are receiving in insurance benefits

The Canadian Life and Health Insurance Association (CLHIA) has released a report on the life and health insurance industry in 2021, noting that Canadian insurers paid out more benefits last year than ever before .

In 2021, Canadians received a record-breaking over $113 billion in benefits from life insurance, health insurance and retirement products, CLHIA said in its latest report. Canadian life and health insurance facts report. That number is up 17% from 2020, he said, nearly $10 billion above pre-pandemic levels.

CLHIA also noted that two-thirds of all insurance products sold in 2021 were sold as part of 2021 group benefit plans rather than individual benefits. We found that 90% of health insurance plans are offered on a group basis, usually as a workplace benefit.

“2021 has been a year of recovery and insurers have been proud partners in helping employers and their employees bounce back with workplace benefits that help attract and retain talent.” Mental health support has become an increasingly important and relevant health benefit, helping millions of people navigate the strains of the pandemic.”

Other key findings from the 2021 report include:

  • Life and health insurance companies have provided coverage to more than 29 million Canadians (76% of the population in 2021).
  • Insurers paid out a record $40.8 billion in total health claims, including prescription drugs and dental. This is his 11% increase from 2020.
  • They have processed approximately $600 million in claims related to mental health. A 75% increase from 2019.
  • They paid out $58 billion in pensions to retirees – a 26% increase from the previous year
  • They employ 166,000 Canadians, an increase of over 5,000 from 2020.
  • They provided insurance products to about 100 million people around the world

Finally, CLHIA noted that life and health insurers continue to demonstrate their strength and resilience, operating at regulatory capital levels well above government targets.

“Canadians can have confidence that they have insurance protection in case the unforeseen happens,” Frank said in his introduction.

Revealed – How much Canadians are receiving in insurance benefits

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