The figure represents a 12% jump compared to the previous year
Canada’s life and health insurers paid out $143.3 billion in 2024, nearly 12% more than the previous year, amounting to almost $400 million every day to support health and financial stability.
The Canadian Life and Health Insurance Association’s newly released figures reveals that insurers paid out:
- $71.4 billion in retirement benefits from annuities.
- $18.6 billion in life insurance benefits.
- $10 billion in disability benefits, helping 12 million Canadians replace wages while they were unable to work.
- $16.6 billion in prescription drugs in 2024, compared with $15.3 billion the previous year.
Insurers covered $53.3 billion in total health claims in 2024, up from $48.2 billion from the previous year with prescription drug costs continuing to account for the largest share of health benefits at $16.6 billion, while claims for paramedical services like mental health and massage increased by 16%, leading the growth of health claims in 2024.
"At a time when our country is facing economic uncertainty and our healthcare system is under strain, life and health insurers continue to be there for Canadians," says Stephen Frank, President and CEO, of the CLHIA. "By offering benefits that go above and beyond what the public system can offer, insurers have an important role in supporting Canadians."
The report also shows that the life and health insurance industry employs over 180,000 people, pays $12.1 billion in taxes, and manages more than $1 trillion in long-term investments. Insurers also directly hold $50 billion in Canadian infrastructure assets.
"As the federal government looks to unlock more investments for nation-building projects, Canada's life and health insurers are ready-and-willing partners," says Frank.
