{"id":1931,"date":"2024-11-25T13:50:46","date_gmt":"2024-11-25T13:50:46","guid":{"rendered":"https:\/\/financeify.ca\/?p=1931"},"modified":"2024-11-25T13:50:46","modified_gmt":"2024-11-25T13:50:46","slug":"insurers-paid-record-benefits-in-2023-clhia","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/11\/25\/insurers-paid-record-benefits-in-2023-clhia\/","title":{"rendered":"Insurers paid record benefits in 2023: CLHIA"},"content":{"rendered":"

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Canadian life and health insurers paid out a record $128 billion in benefits in 2023, the Canadian Life and Health Insurance Association (CLHIA) said on Tuesday. annual statistical report<\/a>.<\/p>\n

The report shows that the total number is up 13% compared to the previous record set in 2022 and 68% compared to a decade ago.<\/p>\n

Total life insurance claims were $17 billion, up from $16 billion in 2022.<\/p>\n

CLHIA reports that 23 million Canadians have life insurance worth $5.7 trillion, and the total amount insured has continued to grow over the past decade, given the need to cover larger mortgages and higher costs of living.<\/p>\n

The report found that average life insurance coverage per household was $483,000, up from $474,000 in 2022, which is about five times household income.<\/p>\n

According to the report, the majority of life insurance (83% of premiums) was purchased by individuals through an agent or life advisor, with the remainder being premiums from group plans.<\/p>\n

Additionally, according to the report, individual life insurance now accounts for 65% of the value of all policies in force – up from 58% a decade ago. This increase is mainly due to term life insurance.<\/p>\n

Nearly $63 billion was paid in retirement benefits, up from nearly $54 billion in 2022, according to the report. Over 80% of these benefits were paid through segregated funds.<\/p>\n

Health claims set a new record of $48 billion. The report found that prescription drug costs continue to account for the largest share of health benefits and will reach $15 billion in 2023.<\/p>\n

The $730 million paid out in mental health claims was a 12% increase from the previous year.<\/p>\n

Total premiums collected by insurers in 2023 rose to $157 billion, up from $145 billion a year earlier. According to the report, the increase was due to premiums for annuities and segregated funds (by 9.1%), health insurance (by 8.7%) and life insurance (by 6.4%).<\/p>\n

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Canadian life and health insurers paid out a record $128 billion in benefits in 2023, the Canadian Life and Health Insurance Association (CLHIA) said on Tuesday. annual statistical report. The report shows that the total number is up 13% compared to the previous record set in 2022 and 68% compared to a decade ago. Total […]<\/p>\n","protected":false},"author":1,"featured_media":1932,"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":[596,1027,593,334,595],"class_list":{"0":"post-1931","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-benefits","9":"tag-clhia","10":"tag-insurers","11":"tag-paid","12":"tag-record"},"aioseo_notices":[],"yoast_head":"\nInsurers paid record benefits in 2023: CLHIA - Financeify<\/title>\n<meta name=\"description\" content=\"Canadian life and health insurers paid out a record $128 billion in benefits in 2023, the Canadian Life and Health Insurance Association (CLHIA) said on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeify.ca\/index.php\/2024\/11\/25\/insurers-paid-record-benefits-in-2023-clhia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurers paid record benefits in 2023: CLHIA - 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