Insurance Brokers & Agencies in Canada - Industry Market Research Report

Insurance Brokers & Agencies in Canada - Industry Market Research Report

Insurance Brokers & Agencies in Canada

In response to a post-recessionary recovery and improved economic conditions, the Insurance Brokers and Agencies industry in Canada has expanded over the past five years. Since industry operators garner a significant portion of their revenue from property and casualty (P&C) products, rising premiums directly increase brokerage commissions and fees. Moreover, the industry tends to grow when new policies are generated. As a result, expenditure growth on health that has driven up consumer debt has ultimately benefited the industry. Overall industry revenue has increased at an estimated CAGR of 1.3% to $9.5 billion over the five years to 2023, including an estimated 0.8% increase in 2023 alone.

The Insurance Brokers and Agencies industry in Canada 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. Operators also earn fee income for providing risk management and other value-added services.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.