{"id":1352,"date":"2024-03-05T12:14:39","date_gmt":"2024-03-05T12:14:39","guid":{"rendered":"https:\/\/financeify.ca\/?p=1352"},"modified":"2024-03-05T12:14:39","modified_gmt":"2024-03-05T12:14:39","slug":"annuities-lead-year-over-year-premium-growth-in-2019","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/03\/05\/annuities-lead-year-over-year-premium-growth-in-2019\/","title":{"rendered":"Annuities lead year-over-year premium growth in 2019"},"content":{"rendered":"

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The latest statistics released by the Canadian Life and Health Insurance Association (CLHIA) show a growing industry, including year-over-year premium growth, led by annuities and life insurance, followed by health insurance.<\/p>\n

Total premiums rose to $122 billion in 2019, up from $117 billion the previous year, CLHIA reported in its annual industry facts document<\/a> published on Tuesday. (These amounts included $3.5 billion and $3.2 billion in revenues from foreign affiliates operating in Canada, respectively.)<\/p>\n

The highest year-on-year increase in premiums was recorded for segregated fund annuities (an increase of 5.2%) and life insurance (an increase of 5.1%), followed by health insurance (an increase of 4.1%).<\/p>\n

In the previous year (2018), the largest annual increase was health insurance (this year an increase of 7.8%).<\/p>\n

The document also found that Canadian life and health insurers paid out a record $103 billion in benefits last year, up from $98 billion in 2018 and up 60% over a decade.<\/p>\n

Benefits paid included $53.3 billion in retirement annuities (both employer-sponsored and individual) as well as $12.1 billion in life insurance benefits.<\/p>\n

Individual life insurance is constantly growing<\/h2>\n

Individual life insurance represented 63% of all policies in force in 2019, up from 55% a decade ago, and was mainly driven by term insurance during this period.<\/p>\n

Individual term represented 38% of life insurance in 2019 compared to 30% in 2009.<\/p>\n

The share of individual general and whole life insurance has remained quite stable over the last decade and in 2019 amounted to 13% and 12% of life insurance, respectively.<\/p>\n

The average life insurance coverage per Canadian household in 2019 was $432,000, which is approximately five times household income. Insurance value increased from $423,000 in 2018.<\/p>\n

The average age of life insurance customers varied by province, ranging from 34 in the territories to 47 in Newfoundland.<\/p>\n

For detailed information, please read Canadian Life and Health Insurance Facts, 2020 Edition<\/a>.<\/p>\n

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The latest statistics released by the Canadian Life and Health Insurance Association (CLHIA) show a growing industry, including year-over-year premium growth, led by annuities and life insurance, followed by health insurance. Total premiums rose to $122 billion in 2019, up from $117 billion the previous year, CLHIA reported in its annual industry facts document published […]<\/p>\n","protected":false},"author":1,"featured_media":1353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[310,142,579,508,723],"class_list":{"0":"post-1352","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","9":"tag-growth","10":"tag-lead","11":"tag-premium","12":"tag-yearoveryear"},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t