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 - Starting a New Business Chapter
The Insurance Brokers and Agencies industry has relatively low barriers to entry. While requirements vary on a province-by-province basis, both corporate entities and their employees must obtain appropriate licences to initiate operations. Requirements for corporations and individuals include qualifying examinations, educational requirements, contracts with insurance underwriters, capitalization requirements and background checks, among others.
Perhaps the largest barriers to entry in the industry involve the necessary investments required to establish a distribution network with a significant retail presence. These investments are required to attract primary underwriters to the agent or brokers' panel, which represents a barrier to entry in and of itself... purchase to read more