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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 is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

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 - 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

 


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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