The Canadian Existence and Well being Insurance coverage Affiliation (CLHIA) has printed its file at the lifestyles and medical health insurance trade in 2021, noting that Canada’s insurers have paid out extra advantages remaining 12 months than ever ahead of.
For 2021, Canadians had been paid a record-breaking over $113 billion in advantages from lifestyles and medical health insurance merchandise in addition to retirement merchandise, CLHIA stated in its newest Canadian Existence & Well being Insurance coverage Information file. This determine is up 17% from 2020 and is just about $10 billion above pre-pandemic ranges.
CLHIA additionally famous that two-thirds of overall insurance coverage merchandise offered in 2021 had been offered as a part of team receive advantages plans in 2021, versus person advantages. It was once discovered that 90% of medical health insurance plans had been presented on a bunch foundation, normally as place of business advantages.
“2021 was once a 12 months of restoration and insurers were proud companions serving to employers and their workers get again on their toes with place of business advantages that may assist draw in and retain ability,” commented CLHIA president and CEO Stephen Frank. “As a part of this, psychological well being helps have transform an increasingly more vital and related well being receive advantages this is serving to such a lot of folks during the lines of the pandemic.”
Different key findings of the 2021 file come with:
- Existence and well being insurers supplied protection for over 29 million Canadians – or 76 according to cent of the inhabitants in 2021
- The insurers paid a listing $40.8 billion in overall well being claims, together with prescribed drugs and dental – up 11 according to cent from 2020
- They processed just about $600 million in claims associated with psychological well being – up 75 according to cent since 2019
- They paid out $58 billion in annuities to retirees – up 26 according to cent from the former 12 months
- They hired 166,000 Canadians – up greater than 5,000 from 2020
- They supplied insurance coverage merchandise to just about 100 million folks international
In last, CLHIA famous that lifestyles and well being insurers have persisted to reveal their power and resilience, and feature operated on regulatory capital ranges smartly above govt objectives.
“Canadians could have self assurance that once the surprising happens, their insurance coverage coverage can be there for them,” prefaced Frank.