Financial & Insurance Sector Employment in Canada (2002–2024)

The finance and insurance sector remains a cornerstone of the Canadian economy, providing jobs to hundreds of thousands of professionals in banking, investment, and risk management services. Over the past two decades, employment in this sector has shown steady growth, reflecting the expanding financial landscape in Canada.

Key Employment Trends in Canada’s Finance and Insurance Sector

• In 2002, Canada’s finance and insurance industry employed 561,244 people.
• By 2024, the workforce is projected to grow to 849,610 employees, representing a 51% increase over 22 years.
• The most notable annual growth occurred in:
  • 2006-2008, where the sector grew consistently by 4% annually.
  • 2022, marking a significant 6% growth, the highest single-year increase in the period.
• Employment dipped slightly in 2020 by -2%, influenced by economic slowdowns during the global pandemic, but rebounded strongly in subsequent years.

Recent Growth and Recovery

Post-pandemic recovery has been robust:

• 2021: 4% growth
• 2022: 6% growth
• 2023: 3% growth
• 2024: 1% growth (stabilization phase)

Factors Driving Growth

• Technological advancements: Fintech and digital banking have expanded job roles beyond traditional finance.
• Increased demand for insurance: As financial planning becomes a priority, the insurance sector continues to hire.
• Economic resilience: Canada’s financial system remained strong through global downturns, supporting stable employment.
• Aging population: Leading to higher demand for financial advisory, retirement planning, and risk management services.

Future Outlook

The finance and insurance sector is expected to:

• Offer stable employment opportunities, particularly in urban centers like Toronto, Vancouver, and Montreal.
• Continue modest growth driven by digital transformation.
• See rising demand in cybersecurity, compliance, and environmental, social, and governance (ESG) investing.

Number of People Employed in Financial & Insurance Sector in Canada (2001-2024)

Year	Total Employees in Finance and insurance	Growth YoY
2002	561,244
2003	564,023	0%
2004	572,913	2%
2005	588,758	3%
2006	611,437	4%
2007	637,835	4%
2008	662,331	4%
2009	670,697	1%
2010	683,127	2%
2011	685,464	0%
2012	693,582	1%
2013	699,020	1%
2014	704,903	1%
2015	711,437	1%
2016	721,305	1%
2017	725,636	1%
2018	734,840	1%
2019	750,006	2%
2020	736,766	-2%
2021	764,436	4%
2022	810,706	6%
2023	838,210	3%
2024	849,610	1%

Source:

Statistics Canada. Table 14-10-0202-01  Employment by industry, annual