Earnings in the insurance sector are up 6.9% year-over-year, despite wages staying flat across the country in general, new research has shown.
Data from Statistics Canada shows that average weekly earnings in the insurance and finance sector are up from $1,193.85 in July 2015, to $1,276.62 in the same month in 2016.
Overall national earnings, however, increased by just 0.1% to $955 in July compared to 12 months earlier.
Earnings in insurance also grew by 2.9% between June and July 2016 – from $1,240.88 to $1,276.62 – an impressive figure in the face of disappointing growth nationally.
Out of Canada’s 10 largest sectors, just two – educational services and construction – saw an average increase in wages over the previous 12 months.
There were also variations from province to province. Prince Edward Island, Nova Scotia and New Brunswick were the only three areas to see growth in average weekly earnings.
The growth in Prince Edward Island, which was the strongest of the provinces with a 4.1% increase to $829 weekly, was attributed to strength in finance and insurance, along with manufacturing and wholesale trade.
Quebec and Alberta saw an average decline, attributed to notable declines in a number of sectors in Quebec, and a combination of employment and earnings losses in professional, scientific, and technical services, and wholesale trade in Alberta respectively.
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