What’s next for life insurance?
The Insurance Industry Association of Canada is calling on the federal government to make life insurance the first insurance industry to be allowed to raise rates to $10 per cent.
The move would allow insurance companies to charge premiums on a per-person basis.
The association, which represents insurance companies, said it’s also calling on Health Canada to review the impact of the move on the industry.
The federal government has so far refrained from releasing a rate proposal.
The Insurance Institute of Canada has been calling on Ottawa to bring in higher premiums, saying they’re needed to cover a higher number of enrollees.
The organization said it will be taking the issue up with Health Canada and the prime minister’s office.
Health Minister Jane Philpott has called the proposal “a great step forward” for life insurers.
With files from The Canadian Press