{"id":16663,"date":"2019-09-06T09:00:54","date_gmt":"2019-09-06T13:00:54","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/pension-retirement-benefits-lead-growth-in-canadian-insurance-industry-clhia-135251"},"modified":"2019-09-06T09:00:54","modified_gmt":"2019-09-06T13:00:54","slug":"pension-retirement-benefits-lead-growth-in-canadian-insurance-industry-clhia","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/09\/06\/pension-retirement-benefits-lead-growth-in-canadian-insurance-industry-clhia\/","title":{"rendered":"Pension, retirement benefits lead growth in Canadian insurance industry: CLHIA"},"content":{"rendered":"\n<div class=\"alignleft clearfix\">\n<div class=\"wp-caption feature-image alignleft\"> <img decoding=\"async\" loading=\"lazy\" width=\"316\" height=\"190\" src=\"https:\/\/www.benefitscanada.com\/wp-content\/uploads\/2017\/12\/LifeInsurance_Signature_44348457_l_123RF.png\" class=\"attachment-feature size-feature wp-post-image\" alt=\"Copyright: Hieng Ling Tie\" title=\"Pension, retirement benefits lead growth in Canadian insurance industry: CLHIA\"> <\/div>\n<\/p><\/div>\n<p class=\"byline\"> <span>Staff<\/span>&nbsp;|&nbsp;September 6, 2019 <\/p>\n<p>Canadian insurers paid out $98 billion in benefits in 2018, an increase of seven per cent over 2017, according to the Canadian Life and Health Insurance Association\u2019s <a href=\"http:\/\/clhia.uberflip.com\/i\/1162310-canadian-life-and-health-insurance-facts-2019\/0?\">annual fact book<\/a>.<\/p>\n<p>Similar to previous years, this was led by retirement benefits from annuities ($49&nbsp;billion), health benefits for prescription drugs and extended health providers like dentists and physiotherapists ($36 billion) and life insurance benefits ($13 billion).<\/p>\n<p><strong>Read:&nbsp;<a href=\"https:\/\/www.benefitscanada.com\/news\/pensions-retirement-savings-lead-industry-growth-clhia-119542\">Pensions, retirement savings lead industry growth: CLHIA<\/a><\/strong><\/p>\n<p>More than 85 per cent of small employers that provide pensions, registered retirement savings plans, tax-free savings accounts and registered retirement income funds do so through life and health insurers.&nbsp;Canada\u2019s total pension assets reached $3.8 trillion at the end of 2017, which included $694 billion assets&nbsp;held by about 15,400 employer-provided plans.<\/p>\n<p>In terms of health insurance,&nbsp;80 per cent of Canadians and their families were protected by private health insurance plans in 2018, up from 73 per cent a decade ago. Of the $46 billion in health insurance premiums paid in 2018, 90 per cent were paid to purchase group plans.<\/p>\n<p>In 2018, insurers covered about $27&nbsp;billion in extended health-care costs, including prescription drugs ($11.7 billion), dental ($8.5 billion), paramedical and vision ($3.9 billion), hospital ($1.9 billion) and travel ($900 million).<\/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 Stephen Frank, president and&nbsp;chief executive officer of the CLHIA, in a press release. \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>Read:&nbsp;<a href=\"https:\/\/www.benefitscanada.com\/news\/clhias-ceo-lays-out-some-of-the-big-industry-topics-for-2019-123176\">CLHIA\u2019s CEO lays out some of the big industry topics for 2019<\/a><\/strong><\/p>\n<p> <a href=\"https:\/\/www.benefitscanada.com\/news\/pension-retirement-benefits-lead-growth-in-canadian-insurance-industry-clhia-135251\">Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Staff&nbsp;|&nbsp;September 6, 2019 Canadian insurers paid out $98 billion in benefits in 2018, an increase of seven per cent over 2017, according to the Canadian Life and Health Insurance Association\u2019s annual fact book. Similar&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","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\/16663"}],"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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16663"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16663\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}