The Canadian Life and Health Insurance Association (CLHIA) on Wednesday released the 2017 edition of Canadian Life and Health Insurance Facts.
This year's "factbook" shows that the industry continues to experience growth in both life and health insurance products.
"This speaks to Canadians' confidence in our industry's ongoing ability to provide financial security and health care support when they need it the most," says Stephen Frank, CLHIA president and CEO, in a statement.
In 2016, average life insurance protection owned by Canadians surpassed $400,000 per insured household, driven by a 5.2% year-over-year increase in individual life insurance owned.
In addition, extended health care coverage grew to almost 25 million Canadians, covering 80% of working Canadians and their families.
"The industry's products and services are a key complement to many of the public policy goals set by governments, and our continued strength and stability play a critical role in helping to build Canada's economy for the future," adds Frank.
The industry continues to be an important source of long-term capital, with total assets in Canada growing to over $810 billion in 2016, including $40 billion in infrastructure investments.