Life and Health Insurance Industry Fact Sheet
- is a major investor in Ontario's economy with $175 billion invested in the province.
- plays an important role in meeting the financing needs of all levels of government, with federal, provincial and municipal bonds of almost $32 billion attributed to Ontario to help fund essential services such as schools and roads.
- invests significantly in corporate securities (over $69 billion in Ontario) that help finance new business ventures and assist established companies to expand, thereby, creating more jobs.
- invests in mortgages and real estate (almost $31 billion in Ontario), assisting people to finance their homes and build needed apartment and office buildings, stores and shopping centres, warehouses and factories. Literally tens of thousands of buildings have been financed throughout the Toronto Region and Ontario.
- includes head offices of 55 life and health insurers in the Toronto Region – 44 of these in the City of Toronto. This is more than half of the life insurers operating in Canada. Almost all life insurers operating in Canada (98 out of 102) compete aggressively in the Ontario market.
- is a major employer with 29,300 employees in the Toronto Region: about 11,900 personnel in head offices, 2,200 administrative employees in branch offices and 15,200 agents working from company offices and local agencies situated throughout the area.
- includes many professionals with special industry-related qualifications in the Toronto Region workforce: some 1,100 fully qualified actuaries and associate actuaries (who have completed at least half of the examinations required for full qualification) as well as 15,200 licensed life insurance agents.
- creates a significant number of indirect jobs in the local economy as a result of both its substantial investments in the province and sizeable purchases of the many goods and services required to operate businesses. In particular, life insurers make extensive use of local accounting, legal, investment, financial, actuarial, information technology and other services.
- contributes to small business. The products of life and health insurers and the consultative role of the life insurance agents help small and medium-sized businesses attract and retain a skilled workforce.
Date Last Modified - April 9, 2010
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