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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 | Jul 2015

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

IBISWorld’s Insurance Brokers & Agencies market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Market Share of Companies
There are no companies with a dominant market share
Industry Statistics & Market Size
Revenue
$12bn
Annual Growth 10-15
2.4%
Annual Growth 15-20
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Profit
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Employment
80,926
Businesses
12,490
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 Key Buyers Chapter

The Insurance Brokers and Agencies industry operates with a low level of market share concentration. The top four companies are estimated to account for 4.1% of total industry revenue in 2015. According to the latest available data from Statistics Canada, 57.0% of the industry's employer establishments rely on four or fewer individuals, with only 0.5% of these establishments employing 100 or more individuals. Consequently, the industry is highly fragmented, with a large number of enterprises relying on small workforces.

Yet, the industry's market share concentration has continued to increase, a trend that is anticipated to continue over the five years to 2020. Consolidation in the industry is most easily seen through the transactions of the largest players... 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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