In 2023, the labour costs in the Insurance, Reinsurance, and Pension Funding sector stood at 207.36 billion USD. In the forecasts for 2024 to 2028, the costs are expected to rise steadily each year, with values of 211.23 billion USD in 2024, 215.42 billion USD in 2025, 219.53 billion USD in 2026, 223.56 billion USD in 2027, and 227.51 billion USD in 2028. This represents consistent year-on-year increases, reflective of broader economic and sectoral trends. Over the two most recent years, the year-on-year variation was roughly 2%, and the compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 is projected to be approximately 2% per year.
Future trends to watch for include the potential impact of automation and AI on labour costs, shifts in regulatory environments, and economic fluctuations affecting labour markets. These factors could alter the forecast trajectory and require close monitoring to adjust strategies accordingly.
