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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 | Jan 2017

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
$13bn
Annual Growth 11-16
3.2%
Annual Growth 16-21
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Profit
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Employment
86,069
Businesses
13,931
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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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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