Forecast: Production of Insurance, Reinsurance and Pension Funding in Canada

In Canada, the production of Insurance, Reinsurance, and Pension Funding has significantly evolved, with values escalating from 47.04 billion CAD in 2013 to 59.8 billion CAD in 2023. Starting at 47.04 billion CAD in 2013, the industry demonstrated vigorous growth, peaking in 2022 with a value increase of 6.95% year-on-year. The forecast suggests a sustained growth trajectory, projecting the value to reach 64.37 billion CAD by 2028. The compound annual growth rate (CAGR) over the last five years was 1.93%, while the forecasted CAGR for the next five years is anticipated to be 1.22%, reflecting a more conservative growth pace.

Future trends will likely be influenced by technological advancements affecting underwriting processes and customer engagement, evolving regulatory landscapes, and demographic shifts impacting pension fund allocations. Stakeholders should also monitor potential disruptions from fintech innovations and changes in global economic conditions impacting reinsurance dynamics.