Canada Healthcare Spending Accounted for Around 11% of GDP in 2011, Informs Timetric11 Jan 2013 • by Natalie Aster
In Canada, government programs are the primary source of healthcare. Canada’s national health insurance program, known as ‘medicare’, provides universal coverage for physician and hospital services. Healthcare spending accounted for around 11.0% of GDP in Canada in 2011, higher than the OECD average of 9.5%. Personal accident and health insurance is the third-largest segment in Canada’s insurance industry, and accounted for 20.7% of the total industry’s gross written premiums in 2011. The Canadian personal accident and health insurance segment registered strong growth during the review period, with the gross written premium recording a CAGR of 6.3%.
The new report "Personal Accident and Health Insurance in Canada, Key Trends and Opportunities to 2016" by Timetric states that the strong public sector control over the healthcare system has come under pressure in recent years, and an increase in the role played by the private sector in healthcare in Canada is being advocated by both industry operators and customers. The rapidly rising healthcare costs and aging baby boomers, together with increasingly diverse and complex healthcare needs, are expected to drive the growth of the personal accident and health insurance segment in the coming years.
Personal Accident and Health Insurance in Canada, Key Trends and Opportunities to 2016
Published: November, 2012
Price: US$ 1,950.00
Canada has experienced a sharp increase in the number of people above 60 years of age. According to census data, the population aged above 60 years accounted for 15.9% of the total population in 2011, up from 14.6% in 2007. This rise is expected to impact the health insurance category over the forecast period, as the older population typically requires more healthcare services younger age groups.
Increasing healthcare costs
Canada has the one of the highest healthcare expenditures in the world, second only to the US according to 2011 research by the OECD. Government spending on healthcare as a percentage of GDP was around 11.0% in 2011. Rising healthcare expenditure generally encourages people to purchase healthcare insurance, benefiting the personal accident and health insurance segment.
More information can be found in the report “Personal Accident and Health Insurance in Canada, Key Trends and Opportunities to 2016” by Timetric.
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