The Canadian Life and Health Insurance Association (CLHIA) congratulates the federal government on reaching an agreement to sign the new Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the association announced Wednesday.
“The CPTPP will secure access for Canadian companies to some of the fastest growing markets in the world and will provide strong, transparent rules to govern international trade in the region. The fast-growing economies of the Asia-Pacific region are of particular interest to the life and health insurance sector,” CLHIA says in its announcement.
Canadian life and health insurers are active in over 20 countries, CLHIA notes, with three Canadian companies being amongst the 15 largest in the world. Canadian life and health insurers also hold over $855 billion in assets for their international operations all across the globe.
“Our industry is a strong supporter of free and transparent trade. This gives us the opportunity to continue to grow as a significant exporter of life and health insurance products and expertise” says Stephen Frank, CLHIA president and CEO, in a statement. “The CPTPP will permit companies to compete and grow internationally, which will benefit all Canadians,” he adds.