Canada Banking & Financial Services Q4 2019
Canada's banning and financial services industry is highly competitive on a global scale and we remain positive in ourforecasts for the development, across our forecast period, of the four sub-sectors we track. The biggest changes since our lastupdate have been predominantly twofold. First, our bullish growth forecasts, for the banking sector in particular, have become moremuted and face greater downside risks due to souring economic growth forecasts and the fallout form the ongoing trade war, whichis hurting business confidence. Second, we have seen a continued strengthening of focus on regulation across all sub-sectors, withthe OSFI introducing higher domestic stability buffers for the risk-weighted assets of banks a key development. In the insurancemarket, we forecast the smaller non-life market - which is dominated by motor and property - to record higher average annualgrowth in premiums over the next decade, thanks to strong growth in private consumption, while the larger life market willcontinue to write high volumes of premiums. In the asset management market, we expect to see the industry continuing toundergo a period of concentration after multiple years of expansion. Meanwhile we see Canada's stock exchanges remaining strongand continuing to attract a steady flow of new listings.
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