Insurance Brokers & Agencies in Canada - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)| IBISWorld (2024)

Industry Statistics and Trends

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Insurance Brokers & Agencies in Canada

Industry Revenue

Total value and annual change from . Includes 5-year outlook.

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Trends and Insights

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Market size is projected to over the next five years.

Trends and Insights

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    Market share concentration for the Insurance Brokers & Agencies industry in Canada is , which means the top four companies generate of industry revenue.

    The average concentration in the sector in Canada is .

    Trends and Insights

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    Insurance Brokers & Agencies in Canada

    Products & Services Segmentation

    Industry revenue broken down by key product and services lines.

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    Table of Contents

    About this industry

    Industry definition

    What's included in this industry?

    Companies

    Industry Code

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    Related Industries

    Domestic industries
    Competitors
      Complementors
        International Industries

          Performance

          insights

          charts

          Revenue Highlights

          Trends

            Employment Highlights

            Trends

              Business Highlights

              Trends

                Profit Highlights

                Trends

                  Current Performance

                  Charts
                    Analysis

                    What's driving current industry performance in the Insurance Brokers & Agencies in Canada industry?

                    + insights available

                    Outlook

                    Analysis

                    What's driving the Insurance Brokers & Agencies in Canada industry outlook?

                    + insights available

                    Volatility

                    Analysis

                    What influences volatility in the Insurance Brokers & Agencies in Canada industry?

                    + insights available

                    Charts
                    • Industry Volatility vs. Revenue Growth Matrix

                    Life Cycle

                    Analysis

                    What determines the industry life cycle stage in the Insurance Brokers & Agencies in Canada industry?

                    Charts
                    • Industry Life Cycle Matrix

                    + insights available

                    Products and Markets

                    insights

                    charts

                    Highlights

                    Trends

                      Key Takeaways

                      insights available

                      Products and Services

                      Charts
                      • Products and Services Segmentation
                      Analysis

                      How are the Insurance Brokers & Agencies in Canada industry's products and services performing?

                      + insights available

                      Analysis

                      What are innovations in the Insurance Brokers & Agencies in Canada industry's products and services?

                      + insights available

                      Major Markets

                      Charts
                      • Major Market Segmentation
                      Analysis

                      What influences demand in the Insurance Brokers & Agencies in Canada industry?

                      + insights available

                      International Trade

                      Heat maps
                      • Industry Concentration of Imports by Country
                      • Industry Concentration of Exports by Country
                      • Industry Trade Balance by Country
                      Analysis

                      What are the import trends in the Insurance Brokers & Agencies in Canada industry?

                      + insights available

                      Analysis

                      What are the export trends in the Insurance Brokers & Agencies in Canada industry?

                      + insights available

                      Key Takeaways

                      insights available

                      Business Locations

                      Heat maps
                      • Share of Total Industry Establishments by Region ()
                      Data Tables
                      • Number of Establishments by Region ()
                      Charts
                      • Share of Establishments vs. Population of Each Region
                      Analysis

                      What regions are businesses in the Insurance Brokers & Agencies in Canada industry located?

                      + insights available

                      Competitive Forces

                      insights

                      charts

                      Highlights

                      Trends

                        Key Takeaways

                        insights available

                        Concentration

                        Charts
                        • Combined Market Share of the Four Largest Companies in This Industry ()
                        • Share of Total Enterprises by Employment Size
                        Analysis

                        What impacts market share in the Insurance Brokers & Agencies in Canada industry?

                        + insights available

                        Barriers to Entry

                        Charts
                          Analysis

                          What challenges do potential entrants in the Insurance Brokers & Agencies in Canada industry?

                          + insights available

                          Substitutes

                          Analysis

                          What are substitutes in the Insurance Brokers & Agencies in Canada industry?

                          + insights available

                          Buyer and Supplier Power

                          Charts
                          • Upstream Buyers and Downstream Suppliers in the Insurance Brokers & Agencies in Canada industry
                          Analysis

                          What power do buyers and suppliers have over the Insurance Brokers & Agencies industry in Canada?

                          + insights available

                          Companies

                          insights

                          charts

                          data table

                          Key Takeaways

                          insights available

                          Market Share

                          Charts

                          Companies

                          Data Tables

                          Top companies by market share:

                          • Market share
                          • Revenue
                          • Profit
                          • Profit Margin

                          Company Snapshots

                          Company details, summary, charts and analysis available for

                          Company Details
                          • Total revenue
                          • Total operating income
                          • Total employees
                          • Industry market share
                          Company Summary
                          • Description
                          • Brands and trading names
                          • Other industries
                          Analysis

                          What's influencing the company's performance?

                          + insights available

                          External Environment

                          insights

                          charts

                          Highlights

                          Trends

                            Key Takeaways

                            insights available

                            External Drivers

                            Charts
                              Analysis

                              What demographic and macroeconomic factors impact the Insurance Brokers & Agencies in Canada industry?

                              + insights available

                              Regulation and Policy

                              Analysis

                              What regulations impact the Insurance Brokers & Agencies in Canada industry?

                              + insights available

                              Assistance

                              Analysis

                              What assistance is available to the Insurance Brokers & Agencies in Canada industry?

                              + insights available

                              Financial Benchmarks

                              insights

                              charts

                              data tables

                              Highlights

                              Trends

                              Key Takeaways

                              insights available

                              Cost Structure

                              Charts
                              • Share of Economy vs. Investment Matrix
                              • Industry Cost Structure Benchmarks:
                                • Marketing
                                • Depreciation
                                • Profit
                                • Purchases
                                • Wages
                                • Rent
                                • Utilities
                                • Other
                              Analysis

                              What trends impact cost in the Insurance Brokers & Agencies in Canada industry?

                              + insights available

                              Financial Ratios

                              Charts
                              • 3-4 Industry Multiples (2018-2023)
                              • 15-20 Income Statement Line Items (2018-2023)
                              • 20-30 Balance Sheet Line Items (2018-2023)
                              • 7-10 Liquidity Ratios (2018-2023)
                              • 1-5 Coverage Ratios (2018-2023)
                              • 3-4 Leverage Ratios (2018-2023)
                              • 3-5 Operating Ratios (2018-2023)
                              • 5 Cash Flow and Debt Service Ratios (2018-2023)
                              • 1 Tax Structure Ratio (2018-2023)

                              Key Ratios

                              Data tables
                              • IVA/Revenue ()
                              • Imports/Demand ()
                              • Exports/Revenue ()
                              • Revenue per Employee ()
                              • Wages/Revenue ()
                              • Employees per Establishment ()
                              • Average Wage ()

                              Key Statistics

                              2 data tables

                              Industry Data

                              Data Tables

                              Including values and annual change:

                              • Revenue ()
                              • IVA ()
                              • Establishments ()
                              • Enterprises ()
                              • Employment ()
                              • Exports ()
                              • Imports ()
                              • Wages ()

                              Ready to keep reading?

                              Unlock the full report for instant access to 30+ charts and tables paired with detailed analysis.

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                              Or contact us for multi-user and corporate license options

                              Frequently Asked Questions

                              What is the market size of the Insurance Brokers & Agencies industry in Canada?

                              The market size of the Insurance Brokers & Agencies industry in Canada is measured at in .

                              How fast is the Insurance Brokers & Agencies in Canada market projected to grow in the future?

                              Over the next five years, the Insurance Brokers & Agencies in Canada market is expected to . See purchase options to view the full report and get access to IBISWorld's forecast for the Insurance Brokers & Agencies in Canada from up to .

                              What factors are influencing the Insurance Brokers & Agencies industry in Canada market trends?

                              Key drivers of the Insurance Brokers & Agencies in Canada market include .

                              What are the main product lines for the Insurance Brokers & Agencies in Canada market?

                              The Insurance Brokers & Agencies in Canada market offers products and services including .

                              Which companies are the largest players in the Insurance Brokers & Agencies industry in Canada?

                              Top companies in the Insurance Brokers & Agencies industry in Canada, based on the revenue generated within the industry, includes .

                              How many people are employed in the Insurance Brokers & Agencies industry in Canada?

                              The Insurance Brokers & Agencies industry in Canada has employees in Canada in .

                              How concentrated is the Insurance Brokers & Agencies market in Canada?

                              Market share concentration is for the Insurance Brokers & Agencies industry in Canada, with the top four companies generating of market revenue in Canada in . The level of competition is overall, but is highest among smaller industry players.

                              Methodology

                              Where does IBISWorld source its data?

                              IBISWorld is a world-leading provider of business information, with reports on 5,000+ industries in Australia, New Zealand, North America, Europe and China. Our expert industry analysts start with official, verified and publicly available sources of data to build an accurate picture of each industry.

                              Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

                              IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools.

                              To learn more about specific data sources used by IBISWorld's analysts globally, including how industry data forecasts are produced, visit our Help Center.

                              Insurance Brokers & Agencies in Canada - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)| IBISWorld (2024)

                              FAQs

                              How many insurance brokers are there in Canada? ›

                              About the Insurance Brokers Association of Canada

                              Representing more than 38,000 insurance brokers across Canada, IBAC acts as the national voice of property and casualty brokers as well as advocating for insurance consumers.

                              What is the market size of P&C insurance in Canada? ›

                              What is the market size of the Property, Casualty and Direct Insurance industry in Canada? The market size of the Property, Casualty and Direct Insurance industry in Canada is measured at $79.0bn in 2024.

                              What is the outlook for the insurance broker market? ›

                              Global Insurance Brokerage Market Outlook:- The global Insurance Brokerage market size was valued at USD 285147.0 million in 2022 and is expected to expand at a CAGR of 6.47% during the forecast period, reaching USD 415272.0 million by 2028. An insurance broker sells, solicits, or negotiates insurance for compensation.

                              What are the top P&C insurance companies in Canada? ›

                              Intact Group, Aviva Group, Desjardins Group, Co-operators Group and TD Insurance Group are the major companies operating in the Property and Casualty Insurance Market.

                              Are insurance brokers in demand in Canada? ›

                              Over the period 2022-2031, the number of job openings (arising from expansion demand and replacement demand) for Insurance agents and brokers are expected to total 40,500, while the number of job seekers (arising from school leavers, immigration and mobility) is expected to total 50,600.

                              Are insurance brokers regulated in Canada? ›

                              The federal and provincial governments regulate the P&C insurance industry. The provincial governments regulate market conduct, and the federal Office of the Superintendent of Financial Institutions (OSFI) is the industry's primary prudential (solvency) regulator.

                              What is the size of the insurance industry in Canada? ›

                              The market size, measured by revenue, of the Property, Casualty and Direct Insurance industry in Canada was $77.6bn in 2023.

                              What are the top insurance companies in Canada by market share? ›

                              According to AM Best, the Top 3 Canadian P&C insurers by DPW are Intact Group (17.2% market share), Desjardins Group (7.6%) and Aviva Canada Group (7.5%). These carriers now control just over 32% of premium, up slightly from 30% last year.

                              Who is the largest general insurer in Canada? ›

                              Key Takeaways. Manulife Financial is the largest insurance provider in Canada and offers a broad range of financial services.

                              How big is the insurance brokerage industry? ›

                              Insurance Brokerage Market Analysis

                              The Insurance Brokerage Market size is estimated at USD 320.55 billion in 2024, and is expected to reach USD 381.81 billion by 2029, growing at a CAGR of 3.56% during the forecast period (2024-2029).

                              Who is biggest insurance broker? ›

                              The largest insurance brokerage by revenue is Marsh McLennan. The 15 largest insurance brokerages earned over $82 billion in combined revenue in 2022. Large brokerages provide a wider range of services than smaller brokerage firms.

                              What type of insurance broker makes the most money? ›

                              While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.

                              What are the big 4 insurance companies in Canada? ›

                              Canada Life, Manulife, Sun Life, Industrial Alliance, and Desjardins are Canada's biggest life insurers, but you should look at more than just size when deciding which provider would be best for your coverage needs.

                              How many insurance agencies are there in Canada? ›

                              Insurance carriers - 5241 - Businesses - Canadian Industry Statistics - Innovation, Science and Economic Development Canada.

                              What are the top 5 insurance rating agencies? ›

                              Five independent agencies—A.M. Best, Fitch, Kroll Bond Rating Agency (KBRA), Moody's and Standard & Poor's—rate the financial strength of insurance companies. Each has its own rating scale, its own rating standards, its own population of rated companies, and its own distribution of companies across its scale.

                              How many customs brokers are in Canada? ›

                              There are 291 Licensed Customs Brokers in Canada and Here's A List of All of Them.

                              How much do insurance brokers make in Canada? ›

                              The average insurance broker salary in Canada is $60,000 per year or $30.77 per hour. Entry-level positions start at $50,000 per year, while most experienced workers make up to $88,768 per year.

                              How many insurance brokers are there in the US? ›

                              There are 417,730 Insurance Brokers & Agencies businesses in the US as of 2023, an increase of 0.2% from 2022.

                              How big is the insurance broker market? ›

                              Insurance Brokerage Market Size
                              Study Period2020-2029
                              Market Size (2029)USD 381.81 Billion
                              CAGR (2024 - 2029)3.56 %
                              Fastest Growing MarketAsia-Pacific
                              Largest MarketNorth America
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