The insurance, reinsurance, and pension funding output in Canada has shown varied growth over the years. Starting at 42.6 billion CAD in 2013, it increased modestly each year, reaching 55.57 billion CAD in 2023. The year-on-year variation peaked in 2020 at 5.95% but also saw periodic declines, such as in 2016 (-4.62%) and 2021 (-0.93%). Over the past five years, the compound annual growth rate (CAGR) settled at 2.46%, reflecting steady but moderate growth.

Looking forward, the forecasted data suggests a continued growth trend, albeit at a slower pace, reaching 61.56 billion CAD by 2028 with a five-year forecasted CAGR of 1.63%.

Future trends to watch for:

Increased digital transformation and automation in insurance processes.
An evolving regulatory environment and its impacts on reinsurance strategies.
Growth in demand for personalized pension funding options due to an aging population.
Potential impacts of macroeconomic factors, including inflation and interest rates, on investment returns.