Toronto’s Life Insurance Industry

Protection for the People

Canada’s life insurance industry has a significant impact on the well-being of the people of the Toronto area. This industry provides a range of financial products that are critical to protecting the financial future of nearly 4.5 million people living in the GTA.

The industry…

  • Provides about 3.5 million people in the Greater Toronto Area (GTA) with $608 billion in life insurance coverage.  The average amount of coverage for each insured individual is about $178,000, compared with $164,500 across the country.  Of the total life insurance coverage, about ½ is group insurance.
  • Administers more than half of the pension plans in Canada, with about 1.2 million members across the country.
  • Manages investments in RRSPs of nearly $72 billion.
  • Reimburses GTA residents for health care expenses not covered by government programs.
  • Provides 2.3 million employees and workers in the GTA with disability income protection.  During 2008, $1.1 billion was received by GTA residents in disability payments under these plans.
  • Provides 4.1 million people in the GTA with supplementary health benefits.  This covers prescription drugs and other medical expenses. In 2008 supplementary health insurance plans paid GTA residents over $3.7 billion for health care expenses not covered by the public health care system:
    • $350 million to GTA public hospitals for private and semi-private rooms
    • Almost $1.6 billion towards prescription drugs.
    • $90 million in health expenses for out-of-country expenses.
    • Nearly $1.3 billion for dental care expenses.
    • Over $300 million for other health care items like vision care, nursing and physiotherapy services, and chiropractic.

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