{"id":22585,"date":"2024-10-03T18:59:03","date_gmt":"2024-10-03T18:59:03","guid":{"rendered":"https:\/\/www.insurance-canada.ca\/?p=81833"},"modified":"2024-10-03T18:59:03","modified_gmt":"2024-10-03T18:59:03","slug":"life-and-health-insurers-paid-a-record-128-billion-in-benefits-in-2023-helping-canadians-live-healthier-more-affordable-lives","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/10\/03\/life-and-health-insurers-paid-a-record-128-billion-in-benefits-in-2023-helping-canadians-live-healthier-more-affordable-lives\/","title":{"rendered":"Life and health insurers paid a record $128 billion in benefits in 2023, helping Canadians live healthier, more affordable lives"},"content":{"rendered":"<p>Toronto, ON (Sept. 24, 2024) \u2013 <span class=\"xn-location\">Canada\u2019s<\/span> life and health insurers paid-out a record <span class=\"xn-money\">$128 billion<\/span> in benefit claims last year, money that helped keep Canadian families healthy and make their lives more affordable.<\/p>\n<p>Total benefits, from health insurance and life insurance claims as well as insurance-based retirement products increased 13 per cent which represents over <span class=\"xn-money\">$350 million<\/span> paid-out each day.<\/p>\n<p>\u201cThe benefits that life and health insurers provide through workplace plans and individual policies contributed significantly to Canadians\u2019 health and financial security,\u201d <span class=\"xn-person\">Stephen Frank<\/span>, President and CEO of the Canadian Life and Health Insurance Association said. \u201cTo put this into context, the amount insurers paid-out last year to Canadians is greater than what the federal government provided in old age benefits, child benefits and employment insurance combined.\u201d<\/p>\n<p>Among the other findings in the 2024 edition of <i>Canadian Life &amp; Health Insurance Facts<\/i> are that last year, life and health insurers:<\/p>\n<ul type=\"disc\">\n<li>Provided coverage for nearly 30 million \u2013 or 75 per cent of Canadians;<\/li>\n<li>Paid a record <span class=\"xn-money\">$36.6 billion<\/span> in claims for health, drugs and dental care \u2013 up 13 per cent from last year;<\/li>\n<li>Provided nearly <span class=\"xn-money\">$10 billion<\/span> in disability benefits, helping 12 million replace wages while they were unable to work;<\/li>\n<li>Employed nearly 180,000 Canadians \u2013 up more than 3,000 from 2022;<\/li>\n<li>Provided insurance products to nearly 120 million people worldwide.<\/li>\n<\/ul>\n<p>Benefits paid in 2023 included nearly <span class=\"xn-money\">$63 billion<\/span> in retirement benefits through annuities, over <span class=\"xn-money\">$48 billion<\/span> in health claims and <span class=\"xn-money\">$17 billion<\/span> in life insurance.<\/p>\n<p>While prescription drug costs continued to account for the largest share of health benefits at $15&nbsp;billion, claims for paramedical services like massage and physiotherapy led the growth of health claims in 2023. Continuing a recent trend of Canadian employers growing awareness and support for mental health, claims for counselling services continued to grow, reaching <span class=\"xn-money\">$730 million<\/span>.&nbsp; This is more than double the amount of four years earlier.<\/p>\n<p>\u201cInsurers also did their part to contribute to <span class=\"xn-location\">Canada\u2019s<\/span> economic growth with <span class=\"xn-money\">$960 billion<\/span> invested in long-term assets.\u201d Frank said. \u201cThey also contributed <span class=\"xn-money\">$11 billion<\/span> to the country\u2019s tax base including a staggering 80 per cent increase in corporate and federal capital taxes paid in 2023.\u201d<\/p>\n<p><i>Canadian Life &amp; Health Insurance Facts<\/i> is published annually by the CLHIA based on industry and publicly available data. It is available at <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 TFSAs, RRSPs, RRIFs and pensions) and supplementary health insurance to nearly 30 million Canadians. They hold over <span class=\"xn-money\">$1 trillion<\/span> in assets in <span class=\"xn-location\">Canada<\/span> and employ almost 180,000 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\/clhia\/\" rel=\"tag\">Canadian Life and Health Insurance Association (CLHIA)<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/life-insurance\/\" rel=\"tag\">Life Insurance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Toronto, ON (Sept. 24, 2024) \u2013 Canada\u2019s life and health insurers paid-out a record $128 billion in benefit claims last year, money that helped keep Canadian families healthy and make their lives more affordable.&#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":[1],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22585"}],"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=22585"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22585\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=22585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=22585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=22585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}