Insurance Industry to increase salaries by 2.7% in 2017, second highest in Canada
Published: September 21, 2016
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
Employees in the Canadian insurance industry will undoubtedly be happy with news that average salaries will increase next year. According to new statistics, the insurance sector will have some of the highest salary increase in Canada throughout 2017.
A report by the Conference Board of Canada explains that Canadian organizations and employers in general will raise salaries by an average of 2.2 per cent next year. That is a small percentage increase from the 2.1 per cent salary bump this year. Manitoba is expected to offer the most growth, with a 2.7 per cent rise in salaries, with British Columbia and Quebec tying at 2.5 per cent.
The insurance industry will be in particularly generous mood next year, with an average growth of 2.7 per cent, a full 0.5 per cent above the national average. This rise will match other leading sectors like real estate and finance. The only industry that will top insurance is the tech industry, which is currently in a global boom.
Tech companies will increase averages by 2.8 per cent on average in 2017. However, the poor economic situation in Alberta, mixed with other factors, means the province will be unable to match Canadian average for salary increase.
Indeed the province is expected to have a 1.4 per cent growth. This low rate is due to a struggling energy sector because of lowering oil prices and the recent Fort McMurray wildfire has contributed to an uncertain outlook for Alberta.