Forecast: Insurance, Reinsurance and Pension Funding Output in Canada

The output of the insurance, reinsurance, and pension funding sector in Canada has shown a steady increase over the past decade. From 2013 to 2023, with few fluctuations, the value rose from 47.41 billion CAD to 63.0 billion CAD, a notable increase. Year-on-year variations have generally been positive, with significant growth in 2017 at 10.08% and a minor dip in 2016 at -4.02%. Over the last two years, the growth was moderate with 2.69% in 2022 and 2.59% in 2023. The compounded annual growth rate (CAGR) for the last five years stood at 2.82%.

Looking ahead, the forecast indicates continued growth, reaching 70.72 billion CAD by 2028, marking a forecast 5-year growth rate of 9.52% and a CAGR of 1.84%. This suggests a deceleration compared to previous years but still represents positive growth for the sector.

Future trends to watch for include digital transformation in insurance, increasing demand for customized pension plans, and the impact of economic changes on reinsurance activities. Observing how these factors interact will be critical for stakeholders in the industry.