Nine in ten credit protection insurance claims paid, and 95% of life coverage claims, as Canadians' satisfaction and perceived value climb

New national Pollara research commissioned by CAFII finds Canadians are getting paid at the highest rate on record, with satisfaction and perceived value both up significantly

TORONTO, Sept. 23, 2026 /CNW/ -- Canadians who hold Credit Protection Insurance (CPI) on their mortgage or Home Equity Line of Credit (HELOC) are seeing their claims paid at the highest rate on record, according to new national research from Pollara Strategic Insights commissioned by the Canadian Association of Financial Institutions in Insurance (CAFII). Among Canadians surveyed in 2026 who have made a CPI claim, nine in ten processed claims were paid, including 95% of life insurance claims specifically, and confidence, perceived value and complaint satisfaction have all climbed.

Canadians who hold Credit Protection Insurance (CPI) on their mortgage or Home Equity Line of Credit (HELOC) are seeing their claims paid at the highest rate on record, according to new national research from Pollara Strategic Insights commissioned by the Canadian Association of Financial Institutions in Insurance (CAFII).

The 2026 study surveyed 1,482 Canadians nationally April 13-30, 2026, including 1,007 current CPI holders and 484 Canadians who have ever made a CPI claim, regardless of when that claim occurred.

"A 95% payout rate on life coverage claims tied to a mortgage or HELOC is an excellent result, and it's one of several data points in this study showing that Credit Protection Insurance is delivering for Canadian families at a difficult time," said Keith Martin, Executive Director, CAFII. "We're also seeing more Canadians agree the product is good value, more doing their own research before they buy, and more confidence in coverage overall. These gains reflect real work by the industry to close the gaps consumers and regulators identified."

Claims from the 2026 survey are being paid more often, and paid faster

• 90% of processed CPI claims were paid, up from 83% in 2022 and 78% in 2018
• 95% of processed life coverage claims, the most commonly held form of CPI, were paid
• 90% of claimants were satisfied with their overall claims experience, up from 79% in 2022
• 89% rated their insurer's explanation of the claim outcome as good, up from 79% in 2022
• Claim incidence itself is also up: more than one-third of CPI holders have now made a claim, an increase since 2022

Complaint satisfaction rebounds to 2018 levels

Among the claimants who did file a complaint during the claims process, 85% said they were satisfied with how it was handled, matching the 85% recorded in CAFII's 2018 study and a sharp rebound from just 62% in 2022.

"In 2022, this research showed a real decline in how satisfied people were with complaint handling, and we didn't sit on that result," said Martin. "We shared those findings with regulators, and we said publicly that closing that gap was a priority for the industry. Seeing satisfaction back to 2018 levels this year tells us that commitment translated into real improvement for consumers."

Perceived value for money up significantly

Overall impressions of CPI have improved across the board since 2022, with the industry's own analysis of the data describing the gains in value perception as significant:

• 78% of holders agree CPI provides good value for the money, up from 66% in both 2022 and 2018
• 91% agree CPI is a convenient way to protect themselves and their family (up from 87%)
• 91% agree CPI effectively protects them and their family (up from 84%)
• 76% agree CPI is an affordable insurance option (up from 69%)

More Canadians are doing their own research before they buy

Seventy-four per cent of CPI holders said they did additional research beyond speaking with their financial institution representative before purchasing, comparing options with a co-borrower, family or friends, researching online, or speaking with another institution, up from 56% in 2022 and 54% in 2018.

About the Study

The 2026 CPI study was conducted by Pollara Strategic Insights on behalf of CAFII via an online survey of 1,482 Canadians aged 18 and over, fielded between April 13 and 30, 2026. The sample included 1,007 respondents who currently hold Credit Protection Insurance on a mortgage or HELOC, 475 who have a mortgage or HELOC but do not hold CPI, and 484 who have made a CPI claim. Results are compared against prior CAFII-commissioned research: CPI Wave 1 (2018), a study of purchase behaviour changes due to COVID-19 (2021), and CPI Wave 2 (2022).

About CAFII

The Canadian Association of Financial Institutions in Insurance is a not-for-profit industry association dedicated to the development of an open and flexible insurance marketplace. CAFII believes that consumers are best served when they have meaningful choice in the purchase of insurance products and services. CAFII's 14 members include the insurance arms of Canada's major financial institutions -- BMO Insurance, CIBC Insurance, Desjardins Insurance, National Bank Insurance, RBC Insurance, Scotia Insurance, and TD Insurance -- along with major industry players Assurant Canada, The Canada Life Assurance Company, Canadian Tire Bank, Chubb Life Insurance Company of Canada, CUMIS Services Incorporated, Manulife (The Manufacturers Life Insurance Company), and Securian Canada.

SOURCE CAFII

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