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 SWOT Analysis Chapter
The Insurance Brokers and Agencies industry is in the mature stage of its economic life cycle; this stage is characterized by increasing merger and acquisition activity and the wholehearted market acceptance of the industry's services. Industry value added (IVA), which measures an industry's contribution to the overall economy, is expected to increase at an annualized rate of 3.9% over the 10 years to 2021. In contrast, Canadian GDP is projected to grow at an annualized rate of 1.8% during the same period. Typically, an industry is considered to be in the mature stage of its life cycle when growth in IVA trends with GDP growth during a 10-year period.
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