Introduction

In the dynamic heart of Canada’s largest city Toronto, the insurance industry plays an indispensable role in maintaining and enhancing the city’s financial landscape. The industry exemplifies a unique blend of economic reliability and forward-thinking innovation. This report, delves into the multifaceted insurance industry of Toronto, aiming to highlight its influence on the city’s labour market landscape. By harnessing comprehensive data analysis on the industry’s employment trends, wages, business counts, and job counts, the report offers comprehensive insights that can aid policymakers, industry leaders, and stakeholders in making informed decisions fostering growth and innovation in the industry.

Additionally, this report highlights key occupations within Toronto’s insurance industry, providing valuable insights for current professionals, job seekers, and those considering a career pivot. By analyzing roles ranging from Insurance Agents and Underwriters to Claims Adjusters and Risk Managers, we aim to highlight the skills and qualifications most in demand. This analysis not only informs individuals about potential career opportunities but also helps them understand the evolving skills landscape.

To add a layer of depth to our quantitative data, the report also conducts one-on-one interviews with industry experts offering a narrative that captures the nuanced perspectives of those who steer and study this industry. This blend of quantitative analysis and qualitative insights depict what the insurance industry looks like today but also to envision what it could become tomorrow. These discussions provide invaluable insights into the challenges and opportunities that shape the industry.

Today, Toronto’s insurance industry has been shaped by centuries of adaptation and innovation. It is a broad ecosystem encompassing everything from major domestic and international insurers to innovative start-ups that leverage cutting-edge technology to redefine risk management. The industry not only protects against traditional risks but also addresses complex modern challenges such as cyber threats, climate change, and pandemics.

This report charts the current landscape of the insurance industry in Toronto, focusing on its impact on local employment and business dynamics. Through a detailed analysis of the trend in the labour force, employment distribution by gender and age within key segments of the industry namely, (i) Insurance Carriers, and (ii) Agencies, Brokerages, and Other Insurance-Related Activities, the report explores various occupations in the industry, wage patterns, and business operations. This analysis is designed to equip stakeholders with the knowledge to drive future growth and workforce development, ensuring a robust understanding of the industry’s trajectory and the challenges and opportunities that lie ahead.