Demand for life and health insurance products continues to grow in both domestic and international markets, according to a report published Thursday by the Canadian Life and Health Insurance Association (CLHIA).
The 2018 edition of Canadian Life and Health Insurance Facts shows that the demand for life and health insurance products continues to grow in both domestic and international markets, CLHIA says in a news release.
In 2017, the total number of Canadians holding insurance grew to almost 29 million, and the industry paid $92 billion in claims (or $1.8 billion a week) up 4.3% from 2016.
Industry growth also extends beyond Canada’s borders with foreign operations of Canadian insurers almost doubling in the past five years, says CLHIA. Most of this growth has occurred outside North America and the industry now provides coverage to almost 55 million international customers.
This strong growth has fuelled an increase in the number of Canadians employed in the industry — 155,200 in 2017. Growth in employment has been averaging some 2.5% over the past 10 years, CLHIA adds.
“This demonstrates that Canadian and international policyholders continue to understand the positive impact that insurance products can have on their financial and physical health and well-being,” Stephen Frank, CLHIA president and CEO, says in a statement.
The industry continues to be one of the country’s most important sources of long-term capital, CLHIA says, with total assets in Canada growing to almost $860 billion in 2017, including $42 billion in infrastructure investments.