Tuesday, September 20, 2022
HomeWealth ManagementCanadian life and medical insurance profit payouts hit a report in 2021

Canadian life and medical insurance profit payouts hit a report in 2021


Annuity payouts to retirees hit $58 billion, a 26% improve from the prior 12 months.

Past payouts and claims inside Canada, the report revealed the life and medical insurance trade employed 166,000 Canadians – over 5,000 greater than 2020 – and supplied insurance coverage merchandise to just about 100 million folks worldwide.

In 2021, group profit plans, quite than particular person insurance policies, accounted for 2 thirds of all insurance coverage merchandise offered. An awesome 90% majority of medical insurance plans have been made out there in teams, often as worker advantages.

In Canada, 27 million folks had entry to medical insurance advantages, 8 million had their retirement funds managed by life and well being insurers, and practically 22 million had entry to life insurance coverage.

“Canadians can trust that when the sudden happens, their insurance coverage safety can be there for them,” Frank mentioned.

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