Life and Health Insurance Industry Fact Sheet
The life and health insurance industry contributes to the financial well-being of more than 26 million Canadians, with 4.3 million in
the Toronto Region, by providing a wide range of financial security products such as individual and group life insurance,
annuities, pensions, RRSPs, RRIFs, disability income and supplementary health insurance. The industry is a major investor in
Canada's economy with total assets of $411 billion, including $175 billion invested in Ontario. This pool of capital is one of the
country's most important sources of long-term investment capital. The industry employs 131,900 Canadians, with 60,600 working
in Ontario (29,100 in the Toronto Region).
Standard and Poor's has described the competition within the Canadian life and health insurance industry as "tooth and nail", with 102 companies competing aggressively across Canada). Canadian-controlled firms have 87% of the Canadian market and are highly successful internationally, with three companies (two headquartered in Toronto) in the top 14 life insurers in the world based on market capitalization. Of the 102 companies in Canada, 55 companies are headquartered in the Toronto Region, resulting in the high concentration of employment in the region. In addition, 39 other life and health insurers are licensed to operate in the region through their branch offices and local agencies.
Toronto’s Life & Health Insurance Industry:
Life and health insurers make significant contributions to the economic well-being of the Toronto Region and of Canada as a whole. Toronto’s life and health insurance industry:
- provides a wide range of financial security products to some 4.5 million Canadians in the Toronto Region.
- makes benefit payments of $13 billion annually to residents of the Toronto Region. Over 90% goes to living policyholders as annuity, disability or heath benefits. The remainder goes to beneficiaries as death claims.
Date Last Modified - April 9, 2010
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