Insurance industry sales released for 2014

Canadians bought a whole bunch of life insurance this past year, according to newly released data from the CLHIA – but was it enough to surpass the previous year?

Today, the Canadian Life and Health Insurance Association (CLHIA) released the 2015 edition of Canadian Life and Health Insurance Facts.

During 2014, the industry continued its trajectory of strong growth, despite the climate of prolonged low interest rates and slower growth of the Canadian economy.

"The strong performance of the Canadian life and health insurance industry highlights the trust Canadians have in our companies, and that we continue to offer products and services that our customers need and value," notes CLHIA President and CEO Frank Swedlove.

In 2014, Canadians' purchases of insurance products were robust and 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, funding longer-term capital and infrastructure investments, critical to economic growth.

Further, the industry paid out $83.5 billion to Canadian policyholders and annuitants in 2014, or more than $1.6 billion every week. More details and statistics can be found in the CLHIA's industry fact book which is available on line at www.clhia.ca.
 

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