News & Updates
Canada's Life and Health Insurers See Significant Increase in Benefit Pay Out
October 31, 2022
Canada’s life and health insurers paid out more than $113 billion in benefits in 2021 — a 17% increase from 2020 and nearly $10 billion above pre-pandemic levels.
According to the Canadian Life & Health Insurance Facts report, an annual publication issued by the Canadian Life and Health Insurance Association:
- 29 million Canadians received health insurance, life insurance and retirement coverage in 2021
- 100 million people received insurance products worldwide
- Canadian insurers paid out $40.8 billion in health claims
- $600 million was spent on claims related to mental health (a 74% increase since 2019)
- Retirees received $58 billion in annuities (a 26% increase compared to 2020)
To read the full release, click on more information.
.png)
