The employment trend in the Insurance, Reinsurance, and Pension Funding Sector in Canada has seen a steady increase from 2013 to 2023, growing from 109.28 thousand jobs to 148.44 thousand jobs. This pattern includes some fluctuations, such as the drop in 2020, but overall shows positive growth. Particularly notable is the significant rise from 2021 to 2022, indicating robust sector performance post-pandemic. The year-on-year growth rate stood at 2.23% in 2023, and the five-year CAGR remained strong at 3.55%, reflecting consistent sector expansion.
Looking ahead, forecast data suggest that employment in this sector will continue to grow at a more moderate rate, with a forecasted CAGR of 1.37% from 2024 to 2028. By 2028, the sector is expected to reach 162.39 thousand jobs, marking a 7.04% growth from 2023.
- Steady year-on-year growth, with occasional declines, notably in 2020.
- Significant post-pandemic recovery, with noticeable employment growth rates in 2021 and 2022.
- Moderate growth forecasted for the next five years, signaling a stabilizing trend in sector employment.
Future trends to watch for include the potential impacts of technological advancements and automation on employment, evolving regulatory landscapes, and demographic shifts affecting demand for insurance and pension funding services.
