How big is Canadian Insurance Industry?

The insurance and financial services industry is the highest contributor for Canada’s GDP, and there is constant growth observed year by year. In 2011, $84.2 bn of the total GDP was contributed by the Insurance & Financial Services sector.

The following graph shows how the GDP contribution has been steadily increasing.

Source: Industry Canada

Property & Casualty Insurance is one of the vital sector in Canadian Insurance industry, employing nearly 115,000 Canadians, and paying more than $7 bn in taxes alone ,and a premium base totaling $44 bn [Source: Insurance Bureau of Canada]

In 2009, the total GDP contribution by the property & casualty insurers to just the Ontario province is $7.5 billion, which is substantial.