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Insurance Statistics

Shopping for the right health insurance plan requires research. Looking at insurance statistics is a good way to help gain information when deciding whether or not to invest in a health insurance plan. Certain insurance statistics can provide insight into the state of health insurance in Canada, the public need for insurance, and country-wide trends concerning health insurance.

Below are some insurance statistics which will be of interest when making personal choices concerning your health insurance plan.

The Health Insurance Industry
109 health and life insurance companies were in operation in Canada in 2002, employing 118, 900 workers.

By the end of 2002, health and life insurers held 279.5 billion in assets on behalf of Canadians.

Canadians and Health Insurance
Approximately 23 million Canadians and their dependants are protected by one or more of the health and life insurance industry’s products and services.

In 2002, Canadians paid 44.6 billion in premiums on new and existing health insurance policies. In the same year, Canadians owned 2 369.3 billion in health and life insurance.

Throughout 2002, Canadians received 36 billion in payments from health and life insurance.

By the end of 2002, insured health benefit plans played an essential role in providing protection against financial loss for millions of Canadians.

Aging and Health Insurance
The senior population (adults 65 and up) is the fastest growing population group in Canada.

In 2001, 3.92 million Canadians were 65 years old or older. This is 2/3 more than the Canadian senior population in 1981.

The senior population in Canada is expected to reach 6.7 million in 2021 and 9.2 million in 2041.

As Canadians are living longer, we will have long-term health care needs
Health insurance responds to these needs, without threatening personal savings, assets and financial security
Health insurance provides the flexibility to deal with individual needs as they arise