The Gross Value Added (GVA) by the Financial Services and Insurance sector in Canada stood at 120 billion USD in 2023. Forecasts for the next five years indicate a steady upward trend: 121.86 billion USD in 2024, 123.23 billion USD in 2025, 124.58 billion USD in 2026, 125.91 billion USD in 2027, and 127.2 billion USD in 2028. Year-on-year changes show modest growth, with annual increases of around 1.1% to 1.3%. The Compound Annual Growth Rate (CAGR) over the five-year period stands at approximately 1.2%.
For future trends, watch for the impact of digital transformation, regulatory changes, and economic shifts which could further influence the sector. Additionally, the increasing adoption of fintech and insurtech could drive efficiency and innovation, potentially altering future projections and growth rates.
