The gross premium income of non-life insurance in Canada experienced fluctuations from 2013 to 2023, beginning at $75.0 billion in 2013, dipping to $64.5 billion in 2016, and then stabilizing around the mid-60s by 2023. By 2023, the premium income stood at $64.4 billion, marking a slight decrease of 0.31% from the previous year. Over the last five years leading up to 2023, the compound annual growth rate (CAGR) averaged -0.22%.
Future trends to watch for:
- Continued slight decrease: Forecasts suggest a marginal decline, with a 5-year CAGR of -0.16% and an overall 0.8% decrease from 2024 to 2028.
- Market adaptation: Industry is likely to adapt to emerging risks and technological advancements, potentially stabilizing the decline.
- Regulatory impact: Changes in regulatory frameworks may affect market dynamics and gross premium income.
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