Forecast: Total Gross Insurance Premiums in Canada

The total gross insurance premiums in Canada stood at 87.48 billion USD in 2023.

From 2013 to 2023, the insurance market had fluctuations with periods of both decline and growth. The year-on-year variations indicate volatility, with significant drops in 2015 (-10.28%) and steadying numbers post-2018. The latest two-year variations show a relatively stable outlook with a slight increase in 2022 (5.42%) and a minor rise in 2023 (0.15%). Over the last five years, the Compound Annual Growth Rate (CAGR) shows a modest average annual increase of 0.11%.

The forecasted data from 2024 to 2028 suggests that the insurance premiums market will remain relatively stable, with a forecasted five-year CAGR of 0.13%, indicating a steady but slow growth rate of approximately 0.67% over the next five years.

Future trends to watch for include technological advancements in insurance offerings, evolving regulatory landscapes, and changing consumer behavior post-pandemic which could impact the demand for various insurance products.