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How big is Canadian Insurance Industry?

January 24, 2013

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.

Gross Domestic Product (GDP)

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.

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