OTTAWA, March 11, 2014 /CNW/ - The Canadian Life and Health Insurance Association (CLHIA) welcomes today's announcement of a free-trade agreement (FTA) between Canada and South Korea.
"As one of Canada's most internationally active business sectors, the life and health insurance industry is a major supporter of free-trade agreements. We are pleased that such an agreement has been reached with such a large and important market as Korea," noted CLHIA President Frank Swedlove.
The Canada-Korea FTA is the first of its kind with an Asian country -- a region where Canadian life insurers continue to have a strong and growing presence. The CLHIA commends the government for continuing to pursue new free-trade agreements and for identifying the Asia Pacific region as a key market of interest in its Global Markets Action Plan. "We are hopeful that this FTA with Korea will raise Canada's profile and further enhance our economic ties in the region," added Mr. Swedlove.
About CLHIA
Established in 1894, the CLHIA is a voluntary trade association that represents the collective interests of its member life and health insurers. The Association's membership accounts for 99 per cent of the life and health insurance in force in Canada and administers about two-thirds of Canada's pension plans. Internationally, Canadian life and health insurers have a presence in over 20 jurisdictions around the world. They hold roughly $600 billion worth of assets abroad and generate over $48 billion or 40 per cent of their total premiums from foreign operations.
SOURCE: Canadian Life and Health Insurance Association Inc.
Media enquiries contact: Janice Hilchie, Vice President, Government and International Relations (613) 230-0031
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