{"id":16643,"date":"2019-09-05T18:07:18","date_gmt":"2019-09-05T22:07:18","guid":{"rendered":"https:\/\/insurance-journal.ca\/article\/insurers-paid-out-98-billion-in-benefits-last-year\/"},"modified":"2019-09-05T18:07:18","modified_gmt":"2019-09-05T22:07:18","slug":"insurers-paid-out-98-billion-in-benefits-last-year","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/09\/05\/insurers-paid-out-98-billion-in-benefits-last-year\/","title":{"rendered":"Insurers paid out $98 billion in benefits last year"},"content":{"rendered":"\n<div><img decoding=\"async\" src=\"http:\/\/insurance-journal.ca\/media\/photologue\/photos\/giving_money_charity.png\" class=\"ff-og-image-inserted\"><\/div>\n<p>The <strong>Canadian Life and Health Insurance Association<\/strong> (CLHIA) released the <em>2019 Canadian Life &amp; Health Insurance Facts <\/em>publication on Sept. 5. It reveals that insurers paid out $98 billion in benefits to Canadians last year. This is an <a href=\"https:\/\/insurance-journal.ca\/article\/demand-for-life-insurance-on-the-rise-shows-clhias-factbook\/\">increase of seven per cent over 2017<\/a>.<\/p>\n<p>This figure includes nearly $49 billion in retirement benefits from annuities, $36 billion in health benefits for prescription drugs and extended health providers, and $13 billion in life insurance benefits.<\/p>\n<p>\u201cOver three quarters of all Canadians received benefits from life and health insurers to protect them and their loved ones against life\u2019s uncertainties,\u201d said <strong>Stephen Frank<\/strong>, President and CEO of CLHIA. \u201cThese benefits allow people to afford the medications they\u2019ve been prescribed, live comfortably in retirement, and replace income when they have lost a family member.\u201d<\/p>\n<p><strong>Industry provided 156,000 domestic jobs<\/strong><\/p>\n<p>The publication also reveals that insurers provided over 156,000 domestic jobs and made $780 billion in long-term investments, which contribute to Canada\u2019s economic growth.<\/p>\n<p>In terms of client satisfaction, only one in 100,000 claims results in a complaint, according to the industry data.<\/p>\n<p>As for financial strength, the industry maintains capital reserves 39 per cent higher than regulators\u2019 targets, \u201cmaking insurers among the most stable and secure financial institutions in Canada,\u201d says the CLHIA.<\/p>\n<p>The industry also has a strong global reach, offering financial protection services to 60 million people in 20 counties.<\/p>\n<p>\u201cOur industry meets the health and financial needs of Canadians by offering reliable products and services through employers, or directly to individuals,\u201d Frank said. \u201cThe life and health insurance sector is diverse, representing over 160 insurers, including large internationally active companies, non-profits, co-operatives and fraternals with head offices across Canada.\u201d<\/p>\n<p>To learn more, consult the document <a href=\"http:\/\/clhia.uberflip.com\/i\/1162310-canadian-life-and-health-insurance-facts-2019\/0?\">here<\/a>.<\/p>\n<p> <a href=\"https:\/\/insurance-journal.ca\/article\/insurers-paid-out-98-billion-in-benefits-last-year\/\">Read the original article at insurance-journal.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian Life and Health Insurance Association (CLHIA) released the 2019 Canadian Life &amp; Health Insurance Facts publication on Sept. 5. It reveals that insurers paid out $98 billion in benefits to Canadians last&#46;&#46;&#46;<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16643"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16643"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16643\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}