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The application for life insurance on the rise, says CLHIA



September 28, 2018 09:30

L’Association canadienne des compagnies d’assurances de personnes (CLHIA) has published the edition 2018 Facts, canadian life and health insurance, which shows that “the demand for insurance products, life and health continues to grow on the national and international markets,” says the association.

“This demonstrates that the insured canadian and international continue to understand the positive impact that insurance products can have on their health and well-being, financial and physical,” says Stephen Frank, president and chief executive officer of the CPOMA.

Nearly 29 million insured

The report shows that in 2017, the total number of Canadians insured is increased to nearly 29 million, while the industry has paid out us $ 92 billion in claims, an increase of 4.3% compared to 2016. More than 90 % of these claims have been sent to the beneficiaries live. The premiums in Canada have exceeded $ 110 billion in 2017, compared to $ 106 billion in 2016.

In 2017, the total assets of the industry in Canada has reached nearly 860 billion, of which $ 42 billion in investment in infrastructure, according to the CLHIA.

2.5 per cent more employees in insurance of persons

The Canadians employed in the sector of insurance of persons have reached 155 200 people. According to the Association, the employment growth has averaged 2.5% over the past 10 years.

“The growth of the industry goes beyond our borders, the foreign operations of canadian insurers has almost doubled over the past five years. The major part of this growth has taken place outside of North America and the industry now provides coverage to nearly 55 million international customers “, says the CLHIA.

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