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Insurance Brokers & Agencies in Canada: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Insurance Brokers & Agencies in Canada Market Research Report | NAICS 52421CA | Mar 2016

Rest insured: Demand will increase with economic recovery and an aging population

IBISWorld’s Insurance Brokers & Agencies market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

Report Snapshot
Market Share of Companies
There are no companies with a dominant market share
Industry Statistics & Market Size
Revenue
$11bn
Annual Growth 11-16
3.3%
Annual Growth 16-21
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Profit
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Employment
86,771
Businesses
12,054
Industry Analysis & Industry Trends

The industry experienced slow, steady growth over the past five years. Increased competition from insurance carriers that hire their own sales forces or use online platforms has threatened industry participants during this time, prompting brokers and agents to focus on expanding their level of expertise, as well as their product line, to include risk management and insurance consulting services. However, economic improvements for households and businesses over the next five years are expected to push demand and industry revenue up... purchase to read more

Industry Report - Industry Products Chapter

Commercial and personal property and casualty insurance

Property and casualty (P&C) insurance covers the property and liability losses of businesses and individuals, with losses ranging from car accidents to the cost of lawsuits from faulty products and professional misconduct. The largest segments under commercial P&C insurance are workers' compensation, general liability, reinsurance and commercial automobile. Commissions and fees for commercial P&C insurance are anticipated to account for 32.4% of total industry revenue in 2016. Commercial P&C insurance is often purchased through brokers and agents because of the complexity and costs associated with these products... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Insurance Brokers & Agencies Industry?

This industry includes individuals and businesses that primarily act as agents or brokers in selling annuities and insurance policies. Industry participants earn commission income, mostly as a percentage of the premium of insurance policies sold. They also earn fee income for providing risk management consulting and other value-added services.

Industry Products
Commercial P&C InsurancePersonal P&C insuranceLife and health insuranceOther annuity and insuranceInsurance administration and risk consultingAnnuities Title insurance
 
Industry Activities
Property and casualty insurance policy brokerageHealth and medical insurance brokerageLife and accident insurance brokerageReinsurance brokerage and administrationAnnuity brokerageRisk management consulting


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