Analysis of the Canadian households’ life insurance and annuity entitlements shows a steady growth from 2013 to 2028, with a remarkable spike in 2020 possibly due to the pandemic’s impact. The year-on-year growth fluctuated, peaking significantly in 2020 before stabilizing. The Compound Annual Growth Rate (CAGR) over the last five years indicates a robust expansion, especially in 2023 with a CAGR of 14%, but is projected to moderate to a CAGR of 3.88% towards 2028, suggesting a stabilizing market.
Future trends to watch include demographic shifts, regulatory changes, and technological advancements which could influence market dynamics, with potential impacts on growth rates and product offerings in the life insurance and annuity sectors.
