The total hours worked in the insurance, reinsurance, and pension funding sector in Canada is expected to increase annually from 2024 to 2028, reaching 233.12 million hours by 2028. Compared to 2023, which is the baseline for these forecasts, there is an observed steady year-on-year growth of approximately 0.78% to 0.71% for each year in this period. The compound annual growth rate (CAGR) from 2024 to 2028 projects a consistent growth of about 0.76% annually over five years.
Future trends to watch for in the sector include the impact of technological adoption, such as artificial intelligence and automation, on workforce demands, as well as changes in regulatory frameworks and consumer behavior that could influence the total hours worked. Monitoring economic conditions that affect employment trends will also be crucial for understanding shifts in labor hours in this industry.
