Historic number of Canadians receive health benefits
Posted by Medavie Blue Cross on November 7, 2022
Canada’s life and health insurers, including Medavie Blue Cross, paid out a record $113 billion in life and health insurance benefits – up 17% from 2020 and nearly $10 billion above pre-pandemic levels — the latest Canadian Life & Health Insurance Facts shows. This amount includes payments for health insurance claims, life insurance and retirement.
The findings highlight the role insurers have played in helping Canadian workplaces recover from the pandemic and in helping working Canadians build their resilience.
The latest Canadian Life & Health Insurance Facts reports that health insurers:
Two-thirds of total insurance products, and 90% of health benefits, were sold as part of group benefit plans.
Surveys of working Canadians show that most would leave their employers for better benefits, especially packages that are offering greater mental health support. The Canadian Life & Health Insurance Facts highlight the need for employers to enhance their value proposition with benefits that meet the evolving needs of today’s workforce — and to retain and recruit top talent.
The report is an annual publication of the Canadian Life and Health Insurance Association (CLHIA), whose member companies, including Medavie Blue Cross, account for 99% of Canada's life and health insurance business. These insurers provide financial security products, including life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to over 29 million Canadians.
They hold over $1 trillion in assets in Canada and employ more than 166,000 Canadians.
For over 75 years, Medavie Blue Cross has been a leading health services partner for individuals, employers and governments across Canada. As the country’s leading Blue Cross plan with over one million card holders, we are a premier all-in-one carrier that provides health, dental, travel, life and disability benefits to...