The Value Added of Insurance, Reinsurance, and Pension Funding sector in Canada has demonstrated fluctuating growth patterns over the past decade. In 2023, it stood at 22.58 billion Canadian Dollars. The period from 2013 to 2023 saw both significant spikes and dips, with notable growth in 2020 at 9.96% and a sharp decline of 14.65% in 2016. Year-on-year growth rates over the last two years were modest, with increases of 1.68% in 2022 and 1.63% in 2023. The sector's compound annual growth rate (CAGR) over the last five years was 1.39%, indicating a steady yet slow growth trajectory.
Looking forward, from 2024 to 2028, the sector is anticipated to grow at a five-year CAGR of 1.19%, culminating in a total growth rate of 6.11% over the period. Future trends to watch for include:
- Technological advancements driving efficiencies and new product offerings.
- Regulatory changes that could impact market dynamics.
- Macro-economic factors such as inflation and interest rates affecting investment returns and insurance premiums.
