Life and health insurance industry sees strong growth

Canada’s life and health industry continued its trajectory of strong growth, despite the climate of prolonged low interest rates and slower growth of the Canadian economy.

In 2014, the Canadian Life and Health Insurance Association (CLHIA) says the industry experienced year-over-year growth in premium revenues not seen since 2007, up 7.7% to $99.4 billion.

Industry assets in Canada also rose 11.5% to $721 billion of which almost 90% were held in long-term investments.

The industry paid out $83.5 billion to Canadian policyholders and annuitants in 2014, or more than $1.6 billion every week.

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