This table contains 11 series, with data for years 1968 - 2009 (not all combinations necessarily have data for all years), and was last released on 2010-08-30. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 items: Canada ...), Type of benefit and policy (11 items: Total; payments; Death and accidental death claims; Total; under life insurance; Disability benefits; income payments ...).

The changes in the distribution of life insurance products in Canada occurred mostly in individual and group term insurance between 2006 and 2022, while individual whole life and universal life insurance remained relatively stable. In 2022, individual term life insurance accounted for ** percent of all life insurance coverage in Canada, an increase from ** percent in 2006. In contrast, the share of group term life insurance declined from ** percent in 2006 to ** percent in 2022.

This table contains 6 series, with data for years 1982 - 1997 (not all combinations necessarily have data for all years), and was last released on 2007-01-25. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 items: Canada ...), Type of sales (6 items: Annualised premium sales; total; Premiums per $1000 insurance; total; Number of policies sold; total; Face amount sales; total ...).

Graph and download economic data for Life Insurance Premium Volume to GDP for Canada (DDDI09CAA156NWDB) from 1992 to 2019 about premium, life, insurance, Canada, and GDP.

This table contains 12 series, with data for years 1946 - 1982 (not all combinations necessarily have data for all years), and was last released on 2007-01-25. This table contains data described by the following dimensions (Not all combinations are available): Geography (11 items: Canada; Nova Scotia; Newfoundland and Labrador; Prince Edward Island ...), Life insurance sales (2 items: Total; life insurance sales; Total; group and wholesale insurance sales ...).

Graph and download economic data for Non-Life Insurance Premium Volume to GDP for Canada (DDDI10CAA156NWDB) from 1990 to 2020 about premium, life, Canada, insurance, and GDP.

In 2022, group life insurance premiums accounted for ** percent of all life insurance premiums in Canada, while individual life insurance premiums made up remaining ** percent. Life insurance premiums are additional benefits that can be added to life insurance products, providing benefits and payment in case of an accidental death, disability, and critical illness.

Canada: Life insurance premium volume, percent of GDP: The latest value from 2019 is 3.19 percent, an increase from 3.15 percent in 2018. In comparison, the world average is 1.74 percent, based on data from 131 countries. Historically, the average for Canada from 1992 to 2019 is 2.95 percent. The minimum value, 2.57 percent, was reached in 1995 while the maximum of 3.28 percent was recorded in 2009.

This table contains 27 series, with data for years 1966 - 1997 (not all combinations necessarily have data for all years), and was last released on 2008-10-08. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 items: Canada ...), Net investments (27 items: Total; net investment; Net investment; total Government of Canada securities; Net investment; Government of Canada Treasury Bills; Net investment; cash ...).

This table contains 60 series, with data for years 1990 - 2012 (not all combinations necessarily have data for all years), and is no longer being released. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada); Valuation (2 items: Book value; Market value); Categories (30 items: Total assets; Non-financial assets; Non-residential structures; Machinery and equipment; ...).

In 2022, the value of supplementary health insurance benefits amounted to **** billion Canadian dollars. Although more individuals were covered by accident and other insurance than disability, *** billion Canadian dollars were paid out as disability benefits, compared to *** billion Canadian dollars being paid out to accident and other insurance.

Life insurance premium volume to GDP (%) in Canada was reported at 3.1948 % in 2019, according to the World Bank collection of development indicators, compiled from officially recognized sources. Canada - Life insurance premium volume to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on November of 2025.

Market Size statistics on the Life Insurance & Annuities industry in Canada

Canada CA: Household Credit: sa: Consumer: Life Insurance Companies data was reported at 7,356.000 CAD mn in Jan 2018. This records an increase from the previous number of 7,339.000 CAD mn for Dec 2017. Canada CA: Household Credit: sa: Consumer: Life Insurance Companies data is updated monthly, averaging 3,314.000 CAD mn from Jan 1971 (Median) to Jan 2018, with 565 observations. The data reached an all-time high of 7,356.000 CAD mn in Jan 2018 and a record low of 761.000 CAD mn in Jan 1971. Canada CA: Household Credit: sa: Consumer: Life Insurance Companies data remains active status in CEIC and is reported by Bank of Canada. The data is categorized under Global Database’s Canada – Table CA.KB003: Business and Household Credit (Discontinued).

The statistic presents the value of premiums written by non-life insurance companies in Canada from 2009 to 2014 and a forecast thereof until 2025. The value of non-life insurance sector in Canada amounted to approximately ***** billion U.S. dollars in 2014 and it was projected to grow to approximately ***** billion U.S. dollars in 2025.

Number of Businesses statistics on the Life Insurance & Annuities industry in Canada

All publicly available financial data as filed by federally regulated life insurance companies are available free of charge from the Beyond 20/20 Web site. Industry Totals: Please note that to determine total industry data, you must add "Total Canadian Life Companies" and "Total Foreign Life Companies". (For 2023 reporting year, insurers with a December fiscal year-end will begin filing the new IFRS 17 return versions effective Q1 2023 and insurers with an October fiscal year-end are required to continue filing the existing Life returns until they implement IFRS 17 effective with their Q1 2024 filing period. As a result of this transition year, total industry and Total Canadian Life data may not be available.) Data aggregated under "Total Canadian Life Companies" do not include data reported by insurance holding companies, or by Life companies that are subsidiaries of other Life companies (that are not insurance holding companies), since these data are already accounted for in the consolidated data reported by the parent companies. Third-Party Information Liability Disclaimer For periods beginning in fiscal 2023 (January 2023 for calendar year-ends; November 2023 for October year-ends) Financial data for insurers reflect IFRS 17 insurance contract accounting and prior periods reflect IFRS 4. Some of the information on this Web page has been provided by external sources. The Government of Canada is not responsible for the accuracy, reliability or currency of the information supplied by external sources. Users wishing to rely upon this information should consult directly with the source of the information. Content provided by external sources is not subject to official languages, privacy and accessibility requirements.

GlobalData’s 'Canada Life Insurance: Key Trends and Opportunities to 2025’ report provides in-depth market analysis, information and insights into Canadian life insurance segment. Read More

This table contains 42 series, with data for years 1990 - 2012 (not all combinations necessarily have data for all years), and is no longer being released. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada); Valuation (2 items: Book value; Market value); Categories (21 items: Total assets; Non-financial assets; Non-residential structures; Machinery and equipment; ...).

The Canadian insurance market is projected to be valued at CAD 70 billion in 2024, driven by factors such as increasing consumer awareness and the rising prevalence of industry-specific trends. The market is expected to grow at a CAGR of 3.5%, reaching approximately CAD 100 billion by 2034.