{"id":19570,"date":"2020-09-16T13:12:52","date_gmt":"2020-09-16T17:12:52","guid":{"rendered":"https:\/\/www.insurance-canada.ca\/?p=67891"},"modified":"2020-09-16T13:12:52","modified_gmt":"2020-09-16T17:12:52","slug":"life-and-health-insurers-paid-out-a-record-amount-in-benefits-in-2019","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/09\/16\/life-and-health-insurers-paid-out-a-record-amount-in-benefits-in-2019\/","title":{"rendered":"Life and health insurers paid out a record amount in benefits in 2019"},"content":{"rendered":"<p>Toronto, ON (Sept. 15, 2020) \u2013 Canadians received a record <span class=\"xn-money\">$103 billion<\/span> in benefits from life and health insurers last year, up 60 per cent from a decade earlier. These benefits include <span class=\"xn-money\">$53.3 billion<\/span> in retirement annuity payments, <span class=\"xn-money\">$38.1 billion<\/span> in health benefits for prescription drugs and supplementary health services like dental care and physiotherapy, as well as <span class=\"xn-money\">$12.1 billion<\/span> in life insurance benefits.<\/p>\n<p>\u201cLife and health insurance benefits help make life more affordable and secure for nearly four out of every five Canadians,\u201d <span class=\"xn-person\">Stephen Frank<\/span>, President and CEO of CLHIA said. \u201cThe benefits insurers allow Canadians to access prescription medicines, live more comfortably in retirement, or replace needed income when they are ill or lose a loved one.\u201d<\/p>\n<p>This data and additional insights are included in CLHIA\u2019s 2020 edition of&nbsp;<i>Canadian Life &amp; Health Insurance Facts. <\/i>Other highlights of 2019 in the report include:<\/p>\n<ul>\n<li>Insurers contribute to <span class=\"xn-location\">Canada\u2019s<\/span> economic growth with over <span class=\"xn-money\">$860 billion<\/span> in long-term investments in innovation and infrastructure projects<\/li>\n<li>Insurers provide over 157,000 jobs in all regions of the country<\/li>\n<li>Life insurers manage <span class=\"xn-money\">$309 billion<\/span> in pension assets that provide retirement security for over 8 million Canadians<\/li>\n<\/ul>\n<p>\u201cLife and health insurers are proud to contribute to the resilience of Canadian workplaces and households through products that offer protection from the unexpected,\u201d Frank added. \u201cOur industry operates in every region of the country and includes different types of companies, including large life insurers, not-for-profit regional health insurers, fraternal benefit societies and property and casualty insurers who offer health insurance products.\u201d<\/p>\n<p><i>Canadian Life &amp; Health Insurance Facts<\/i>&nbsp;is published annually by CLHIA using industry and publicly available data. It is available at&nbsp;<a href=\"https:\/\/www.clhia.ca\/facts\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">clhia.ca\/facts<\/a>.<\/p>\n<h4 class=\"smallhead\"><b>About the CLHIA<\/b><\/h4>\n<p>The CLHIA is a voluntary association whose member companies account for 99 per cent of <span class=\"xn-location\">Canada\u2019s<\/span> life and health insurance business. These insurers provide a wide range of financial security products including life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to over 29 million Canadians. They hold nearly <span class=\"xn-money\">$950 billion<\/span> in assets in <span class=\"xn-location\">Canada<\/span> and employ more than 157,000 Canadians. For more information, please visit <a href=\"https:\/\/www.clhia.ca\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.clhia.ca<\/a>.<\/p>\n<p class=\"referencetext\"><i>SOURCE: Canadian Life and Health Insurance Association Inc.<\/i><\/p>\n<p> Tags: <a href=\"https:\/\/www.insurance-canada.ca\/tag\/benefits\/\" rel=\"tag\">benefits<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/health-care\/\" rel=\"tag\">health care<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/life-annuity\/\" rel=\"tag\">Life &amp; Annuity<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/payment\/\" rel=\"tag\">payment<\/a><br \/>\n<a href=\"https:\/\/www.insurance-canada.ca\/2020\/09\/16\/clhia-life-health-insurers-paid-record-amount-benefits\/\">Read the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Toronto, ON (Sept. 15, 2020) \u2013 Canadians received a record $103 billion in benefits from life and health insurers last year, up 60 per cent from a decade earlier. These benefits include $53.3 billion&#46;&#46;&#46;<\/p>\n","protected":false},"author":578,"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\/19570"}],"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=19570"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19570\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=19570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=19570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=19570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}