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 Locations Chapter
The distribution of industry establishments closely follows domestic population trends. For example, Ontario is anticipated to account for 40.4% of industry establishments and 38.8% of the Canadian population in 2016. 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.
Similar to Ontario, Quebec maintains a significant share of the industry's establishments due to its substantial population size... purchase to read more