In 2023, primary insurance penetration in Canada was at 7.5%. The forecast from 2024 to 2028 suggests a marginal increase, with the penetration rate reaching a steady 7.7% from 2025 onwards. This indicates a slight uptick and stabilization in the market.
No significant year-on-year changes are expected over the forecast period, and the 5-year CAGR is minimal, reflecting modest growth. Future trends to watch include digital transformation in insurance, evolving consumer expectations, and regulatory impacts, which could enhance or hinder this growth trajectory.
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