Oral Health Group

Life and Health Insurers Made a Record $103 Billion in Benefits Payments in 2019

September 16, 2020
by Canadian Life and Health Insurance Association Inc.

Canadians received a record $103 billion in benefits from life and health insurers last year, up 60 per cent from a decade earlier. These benefits include $53.3 billion in retirement annuity payments, $38.1 billion in health benefits for prescription drugs and supplementary health services like dental care and physiotherapy, as well as $12.1 billion in life insurance benefits.

“Life and health insurance benefits help make life more affordable and secure for nearly four out of every five Canadians,” Stephen Frank, President and CEO of CLHIA said. “The benefits insurers allow Canadians to access prescription medicines, live more comfortably in retirement, or replace needed income when they are ill or lose a loved one.”

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