The Gross Premium Income of life insurance in Canada stood at 49.7 billion USD in 2023. Examining the historical data, there was a relatively stable trend from 2013 to 2019, with values hovering around 50 billion USD. A notable decline was observed in 2020, dropping to 47.4 billion USD, likely impacted by the COVID-19 pandemic. Recovery was seen in subsequent years, reaching 49.7 billion USD in 2023.
Year-on-year variations for the past two years reflect:
- 2022: +5.05%
- 2023: 0%
The Compound Annual Growth Rate (CAGR) over the last five years (2018-2023) was -0.16%, indicating a slight overall decrease in premium income during this period.
Forecast data suggests a gradual decline from 49.4 billion USD in 2024 to 49.07 billion USD in 2028, with a forecasted 5-year CAGR of -0.13%, and a 5-year total growth rate of -0.67%.
Future trends to watch for include technological advancements impacting policy distribution, regulatory changes, and potential economic fluctuations that could influence consumer spending on life insurance products. Additionally, evolving demographics and health trends could also impact premium income trajectories.
