From 2013 to 2023, the number of employees in the Insurance, Reinsurance, and Pension Funding sector in Canada has grown steadily, standing at 253.36 million hours in 2023. The data reveals a significant increase from 2013's 187.64 million hours. Over the last two years (2021-2023), the sector has shown a year-on-year increase of 5.16% and 2.31%, indicating consistent growth. The 5-year CAGR up to 2023 is 3.6%, reflecting a robust upward trend.
Looking ahead from 2024 to 2028, we expect the sector to continue growing but at a slower pace. Forecasts suggest a 5-year CAGR of 1.79% and a 9.25% growth rate by 2028. Watch for:
- Economic factors influencing insurance demand.
- Technological advancements and their impact on employment in the sector.
- Regulatory changes that may affect employment dynamics.
