Life and health insurers welcome renewed commitment to infrastructure in budget

OTTAWA, Feb. 11, 2014 /CNW/ - The Canadian life and health insurance industry welcomes this year's Budget, in particular the government's commitment to investing in Canada's infrastructure.

"We are very pleased to see the government's renewed commitment to taking a leadership role in promoting and encouraging P3s," said President of the Canadian Life and Health Insurance Association (CLHIA) Frank Swedlove. "Long-term investment is crucial to this country's economic growth and stability and P3s can play a major role in providing necessary funding. The commitment of $1.25 billion over the next 5 years, and the welcome additional efforts to assist municipalities in taking advantage of P3s, will be significant in supporting long-term investing." The life and health insurance industry is one of Canada's largest long-term institutional investors and holds more than 90 per cent of its $540 billion in long-term assets.

The industry also welcomes other elements of the Budget including:

i)     holding the course and eliminating the deficit by 2015;
ii)    taking steps to make the anti-money laundering regime more efficient and easier to administer; and
iii)   addressing the governance of the Canadian Payments Association.

About CLHIA

The Canadian life and health insurance industry provides a wide range of financial security products, including life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance, to almost 27 million Canadians and their dependents.  Established in 1894, the CLHIA is a voluntary association whose member companies account for 99 per cent of Canada's life and health insurance business.

SOURCE: Canadian Life and Health Insurance Association Inc.

Media enquiries contact:  Wendy Hope, Vice President, External Relations [phone]