Insurance Brokers & Agencies in Canada - Industry Market Research Report

Insurance Brokers & Agencies in Canada - Industry Market Research Report

  • September 2020 •
  • 45 pages •
  • Report ID: 4564357 •
  • Format: PDF
All covered: Intensifying industry-specific regulations are expected to temper profit gains

Abstract

Insurance Brokers & Agencies in Canada
In response to post-recessionary recovery and improved economic conditions, the Insurance Brokers and Agencies industry in Canada is expected to expand over the five years to 2019. As industry operators garner their revenue from property and casualty (P&C) products in 2019, rising premiums directly increase brokerage commissions and fees. As the economy becomes further removed from the difficult conditions associated with the recession in the latter half of 2016, the industry is expected to benefit from increases in vehicle registrations and per capita disposable income, which are key drivers of industry performance. Anticipated increases in vehicle registrations and per capita disposable income during the period will likely boost the assets of potential clients. Moreover, despite government-subsidized healthcare, private expenditure has continued to grow as a share of total health expenditure in Canada, making commissions from health insurance brokerage a potential source of revenue growth over the next years.

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.
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