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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 2014

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
$9bn
Annual Growth 09-14
1.7%
Annual Growth 14-19
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Profit
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Employment
73,642
Businesses
12,913
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 and expanding 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 Locations Chapter

Ontario

The distribution of industry establishments closely follows domestic population trends. For example, Ontario is anticipated to account for 40.2% of industry establishments and 38.8% of the Canadian population in 2014. To take advantage of this large population base, some of the industry's largest players focus on the province for revenue. However, the industry-specific regulatory environment surrounding Ontario is typically different than Canada's other provinces, increasing compliance costs for larger operators that provide services throughout the country to a certain degree.

Quebec

Similar to Ontario, Quebec maintains a significant share of the industry's establishments due to its substantial population size... 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 some 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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