The life and health insurance industry reacts to measures announced in Quebec's economic plan update

MONTREAL, Oct. 25, 2016 /CNW/ - The life and health insurance industry welcomes the Quebec Government's objective to reduce taxpayers' burden, invest in public services and continue to pay off the debt. "Our industry employs nearly 30,000 Quebecers and insurance companies pay and collect $1.6 billion in taxes in the province, which is why they are greatly interested in Quebec's economic status," said Lyne Duhaime, President of ACCAP-Quebec, the Quebec branch of the Canadian Life and Health Insurance Association.

Facing an aging population together  
Insurance companies understand that the rising cost of health care, including prescription drugs, depends on various factors, chief among them being our aging population. "As a partner with the government in the area of health, we want to cooperate in developing and implementing products that can reduce seniors' financial burden arising from long-term care," explained Ms. Duhaime. Long-term care insurance would help minimize home care costs. To incent and provide financial assistance in purchasing such insurance, the CLHIA recommends introducing a non-refundable 15% tax credit against the premiums of qualifying long-term care insurance.

Modernizing our infrastructures
"Continued investment in infrastructure is good news. We have already invested more than $12 billion in Canada's infrastructure, and we can invest more. This is another good opportunity for cooperation between our industry and the government," added Ms. Duhaime.

About the CLHIA
The CLHIA is a voluntary association whose member companies account for 99 percent of Canada's life and health insurance business. The industry provides a wide range of financial security products such as life insurance, annuities and supplementary health insurance to more than 28 million Canadians. It administers more than two-thirds of pension plans for Canada's small and medium-sized businesses and the vast majority of group RRSPs.

SOURCE Canadian Life and Health Insurance Association Inc.

Suzie Pellerin, Assistant Vice President, Public Affairs and Government Relations (Quebec), 514-375-5076, cell: 514-235-3766, Email: [email protected]