The Workforce Behind the Premiums:
Insurance Industry Labour Market Dynamics in Toronto
Acknowledgements
I would like to extend my sincere appreciation to the individuals who contributed to the development of the report, “The Workforce Behind the Premiums: Insurance Industry Labour Market Dynamics in Toronto”. Within our own organization, I am grateful for the guidance and support provided by John MacLaughlin, Kevin Stolarick, Megha Parhar and Dominic Chan. Their expertise and commitment have been invaluable in shaping the trajectory of this report. I would also like to express my gratitude to the external stakeholders and insurance industry experts who generously dedicated their time and resources to this study enriching our research through interviews and engaging conversations via email or phone. It is important to emphasize that any mistakes or inconsistencies found in the report are solely the fault of the author and are not a reflection of the excellent insights provided by these esteemed individuals. Their collective efforts have significantly contributed to the depth and quality of our findings.
Author’s Bio
Mahjabeen Mamoon is an economist by training with experience in socio-economic research and teaching. Her extensive academic background in Economic Development and Policy Analysis and research experience in Development Economics, the Canadian labour market and other social issues allows her to provide clearly thought-out recommendations to senior management. She has a proven track record of using data from a diverse business and functional areas through insightful ways to aid informed action. Mahjabeen has been involved in the workforce development policy and programs since 2016 and has the capacity to engage stakeholders to develop innovative solutions to complex issues facing the Canadian labour market. Working at TWIG, she has had the opportunity to cultivate strong connections with different levels of government, unions, employment service providers, educational and training institutions. She has an international experience working as a lecturer in economics, teaching undergraduate level Applied Mathematics and Development Economics courses. Her research works have appeared in the International Journal of Economics and Finance and the World Review of Business Research.
About the Toronto Workforce Innovation Group
Toronto Workforce Innovation Group (TWIG) is a non-profit and independent research organization devoted to finding and promoting solutions to employment-related problems in the Toronto Region. Our Board of Directors is comprised of passionate leaders from Toronto’s business, industry, and non-profit communities. Our staff are committed to action-based research and data analysis that can be used by the workforce development system to support Toronto’s vibrant and diverse economy. Toronto Workforce Innovation Group (TWIG) is a leading-edge research and partnership organization responding to the diverse needs of local communities and businesses in the area of workforce development. It is one of the 26 similar planning groups tasked by the Ministry of Labour, Immigration, Training and Skills Development (MLITSD) of Ontario to work closely with our local economies. As Toronto’s Workforce Planning Board, we conduct dynamic labour market research, disseminate information and convene stakeholders to address workforce development trends, gaps and opportunities. Among similar organizations in Toronto, our multistakeholder approach is unique, we work on issues across many sectors and engage stakeholders from a wide range of perspectives including federal government departments, provincial government departments, industry, training institutes, labour groups, and special interest groups to address skills and labour market information needs. Our research is an on-going and continuous process that includes our numerous consultations and focus groups with employment/training service providers and job seekers in addition to the deep data dive that informs our publications. We work to ensure that Toronto’s workforce has the skills and talent it needs to meet the demands of a changing economy.
Table of Contents
- Acknowledgement & Author’s Bio
- Preface
- Introduction
- Executive Summary
- The Transformation of Toronto’s Insurance Landscape
- Leading Trends in Today’s Insurance Industry
- Understanding Insurance: A Simple Guide
- Understanding the Insurance Industry Classifications
- Analysis of Labour Distribution Trends Across Key Segments of the Insurance Industry
- Trend in Insurance Industry Wage Across Regions
- Toronto’s Insurance Industry: A Detailed Look at Key Occupations and Labour Market Insights
- Insurance Industry Business Counts by Employee Size
- Job Posting Dynamics in the Insurance Industry, City of Toronto
- Conclusion