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Life Insurance & Annuities in Ontario

Author.Name IBISWorld Canada Last Updated: August 2025 NAICS ON52411aCA

Life Insurance & Annuities in Ontario industry analysis

Revenue for the Life Insurance & Annuities industry in Ontario is expected to decline an annualized -x.x% to $x.x billion over the five years to 2025, while revenue for the national industry will likely decline at -x.x% during the same period. The number of industry establishments has increased an annualized x.x% to xxx locations over the past five years. Industry employment has increased an annualized x.x% to x,xxx workers during the period, while industry wages have increased an annualized x.x% to $x.x billion.

Over the five years to 2030, provincial industry revenue is expected to grow an annualized x.x% to $x.x billion, while revenue for the national industry will likely grow x.x%. The number of industry establishments is forecast to grow x.x% to xxx locations over the next five years. Industry employment is expected to increase an annualized x.x% to x,xxx workers during the outlook period, while industry wages likely increase x% to $x.x billion.

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About the Life Insurance & Annuities in Ontario Market Research Report

What’s Included in the Life Insurance & Annuities in Ontario Market Research Report

Definition of the Life Insurance & Annuities in Ontario?

Life insurance and annuity companies in Canada accept liability under annuities, life, disability income and accidental death and dismemberment insurance policies. Enterprises include fraternal organizations, privately held insurers, publicly traded insurers and mutual insurance companies.

What’s included in the Life Insurance & Annuities in Ontario?

The Life Insurance & Annuities in Ontario includes underwriting group life policies, underwriting individual life policies, underwriting group annuities and underwriting individual annuities. Related terms covered in the Life Insurance & Annuities in Ontario industry report includes a type of investment vehicle that guarantees a future stream of fixed payments. annuities transfer investment risk from the insured to the insurer, a policy that provides similar coverage as term life insurance but is meant to be held and paid for during the duration of the insured person's life, a policy that provides life insurance coverage at a fixed rate of payments over a limited period of time, usually one year. after the period, coverage at the previous rate is not guaranteed, a type of annuity that provides future payments to the contract holder, usually at retirement. payments are dependent on the performance of annuities' underlying portfolio of securities, a type of life insurance in which benefit payments are determined by the performance of underlying investments chosen by the policyholder and a permanent life insurance policy that remains in place for the insured person's whole life as long as premium payments remain current or on time.

Industry Performance of the Life Insurance & Annuities industry in Ontario

Benchmark the Life Insurance & Annuities in Ontario industry performance with all ON Census Metropolitan Area and national performance.

Life Insurance & Annuities in Ontario

#1 in Highest Revenue 38.4% of province's GDP
Revenue (2025)
Annual Growth (2020-25)
Annual Growth (2025-30)

Life Insurance & Annuities in Canada


Revenue (2024)
Annual Growth (2019-24)
Annual Growth (2024-29)

For the full list of industry drivers, see report purchase options.

Key Drivers of the Life Insurance & Annuities industry in Ontario

See how key industry drivers, such as gross domestic product, private investment in non-residential construction, bachelorsed, per capita disposable income, median age of population and number of adults aged 65 and older are impacting Life Insurance & Annuities in Ontario

Ontario Economic Indicators

Gross Domestic Product
Private Investment in Non-Residential Construction
BachelorsEd

View more economic information in ON State Economic profile

Canada Key External Drivers

Per capita disposable income
Median age of population
Number of adults aged 65 and older

For the full list of industry drivers, see report purchase options.

Census Metropolitan Area Data of the Life Insurance & Annuities industry in Ontario

Access proprietary data on Census Metropolitan Area in the Life Insurance & Annuities in Ontario, such as Toronto, Ottawa - Gatineau and Hamilton. Data includes figures on revenue, establishments, employees and wages by Census Metropolitan Areas.

Key Statistics of the Life Insurance & Annuities industry in Ontario

Download 18 years of historical data and 5 years of projected performance.

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Top Questions Answered in this Report

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What is the market size of the Life Insurance & Annuities industry in Ontario in 2025?

The market size of the Life Insurance & Annuities industry in Ontario is $37.9bn in 2025.

How many businesses are there in the Life Insurance & Annuities industry in Ontario in 2025?

There are 447 businesses in the Life Insurance & Annuities industry in Ontario, which has been growing at an average annual rate of 0.6% from 2020 to 2025.

Has the Life Insurance & Annuities industry in Ontario grown or declined over the past 5 years?

The market size of the Life Insurance & Annuities industry in Ontario has been declining at an average annual rate of -0.5% from 2020 to 2025.

How many employees in the Life Insurance & Annuities industry in Ontario in 2025?

There are 37,549 employees in the Life Insurance & Annuities industry in Ontario, which has been growing at an average annual rate of 0.8% from 2020 to 2025.