Archived - Minister of State (Finance) Meets With Insurance Brokers to Discuss Canada’s Economy
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Confirms the return to a balanced budget in 2015; highlights importance of insurance industry to jobs, growth and wealth
August 14, 2014 – Waterloo, Ontario – Department of Finance
Minister of State (Finance) Kevin Sorenson today welcomed the invitation from Member of Parliament Peter Braid (Kitchener–Waterloo) to meet with the Insurance Brokers Association of Waterloo Region. Minister Sorenson used the opportunity to discuss Canada’s economy and to confirm the return to a balanced budget in 2015. Minister Sorenson focused on the importance of the insurance industry to the Canadian economy, both in terms of its contributions to employment and to gross domestic product (GDP).
In addition, Minister Sorenson highlighted the insurance industry’s increased role in helping Canadians save for retirement and in explaining to Canadians the insurance products and services necessary for appropriate financial planning. Minister Sorenson stated that both industry and government have a role to play in helping Canadians make financial decisions that suit their needs. He added that improved financial literacy will contribute to growth, long-term prosperity and continued national economic success.
- The Canadian economy has posted one of the strongest job creation records in the Group of Seven (G-7) over the recovery, with more than 1 million jobs created since July 2009.
- Real GDP is significantly above pre-recession levels—the best performance in the G-7.
- According to the International Monetary Fund, the Canadian insurance industry manages more than $1.4 trillion in assets, which is equal to roughly three-quarters of Canada’s annual GDP.
- Statistics Canada estimates that over 200,000 people are employed by the insurance industry in Canada.
- With the introduction of the Pooled Registered Pension Plan, millions of small business owners and their employees will now have access to a private, low-cost pension plan.
- Recognizing that Canadians’ financial health affects the country’s financial health, the Government is working to improve Canadians’ financial literacy. In April 2014, the Government appointed Canada’s first Financial Literacy Leader and is working to develop a national strategy to increase the financial literacy of Canadians, with the first phase focused on seniors.
“The insurance industry is an important engine of growth for our economy. Brokers are key partners in ensuring consumers are well-informed about products and services crucial for sound financial planning. I welcomed the dialogue today with the Insurance Brokers Association of Waterloo Region on how industry and government can further work together toward common objectives on our path to a balanced budget in 2015.”
- Kevin Sorenson, Minister of State (Finance)
“I was pleased to welcome Minister Sorenson to Waterloo to discuss important issues relating to the insurance sector. As we endeavour to keep our economy on track, we recognize and value the jobs and opportunities that the insurance industry provides for Canadians across the country—a fact so clearly evidenced here in Waterloo.”
- Peter Braid, Member of Parliament (Kitchener–Waterloo) and Parliamentary Secretary for Infrastructure and Communities
Office of the Minister of State (Finance)
Department of Finance