The Insurance, Reinsurance, and Pension Funding Gross Value Added (GVA) sector in Canada has seen significant fluctuations from 2013 to 2023. In 2023, the value stood at CAD 27.05 billion. Historical data shows periods of both contraction and expansion, including a notable decline of -13.23% in 2016, followed by a robust recovery with a 15.35% increase in 2017. Over the last two years, GVA growth was relatively moderate with increases of 3.04% in 2022 and 2.92% in 2023. The average annual growth rate over the past five years (CAGR) was 3.05%. Moving forward, the sector is expected to grow at a forecasted CAGR of 2.05% from 2024 to 2028.

Future trends to watch for include:

Technological advancements in the insurance and pension sectors, especially in digital infrastructure.
Regulatory changes that may impact reinsurance policies and pension funding rules.
Economic factors such as interest rates and inflation which could influence investment returns and funding levels.