Got you covered: Anticipated increases in per capita disposable income will boost revenue

In response to post-recessionary recovery and improved economic conditions, the Insurance Brokers and Agencies industry in Canada is expected to expand consistently over the five years to 2018. As the economy becomes further removed from the difficult conditions associated with the recession during the latter half of 2015, the industry is expected to benefit from increases in vehicle registrations and per capita disposable income, which are key drivers of industry performance. However, internal and external competition continues to intensify. Anticipated increases in vehicle registrations and per capita disposable income over the next five years will likely boost the assets of potential clients, making them more likely to demand P&C insurance. ...read more.

Industry Statistics & Market Size
Revenue
$7bn
Annual Growth 13-18
4.8%
Forecast Growth 18-23
Profit
Employment
63,176
Businesses
24,395
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • The industry is expected to benefit from increases in vehicle registrations and per capita disposable income
  • There has been considerable growth in private expenditure on health services
  • Employment levels will stay fairly stable
  • Industry Report - Industry Locations Chapter

    OntarioThe distribution of industry establishments closely follows domestic population trends. For example, Ontario accounts for 40.8% of industry establishments and 38.3% of the Canadian population in 2018. Industry players focus their operations here to take advantage of the large population base. However, the industry-specific regulatory environment surrounding Ontario is typically different than Canada's other provinces, increasing compliance costs for larger operators that provide services across the country.QuebecSimilar to Ontario, Quebec maintains a significant share of the industry's establishments due to its substantial population size. In 2018, Quebec houses 21.4% of industry establishments and 23.2% of the domestic population. Oth...purchase to read more.

    Additional Insights for the Insurance Brokers & Agencies Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Insurance Brokers & Agencies Industry are

  • Having links with suppliers
  • Having an extensive distribution network
  • Having a good technical knowledge of the product
  • IBISWorld analysts also discuss how external factors such as Housing starts and Number of motor vehicle registrations in the Insurance Brokers & Agencies industry impact industry performance..

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    What's in this report

    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 and other value-added services.

    Industry Products
  • Commercial P&C Insurance
  • Personal P&C insurance
  • Life and health insurance
  • Annuities
  • Industry Activities
  • Property and casualty insurance policy brokerage
  • Health and medical insurance brokerage
  • Life and accident insurance brokerage
  • Reinsurance brokerage and administration
  • Annuity brokerage
  • Risk management consulting
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Housing starts
  • Number of motor vehicle registrations
  • Per capita disposable income
  • Total health expenditure

  • Current Performance
  • P&C insurance market trends
  • Product evolution
  • Regulatory structure
  • Chart: Revenue Growth

  • Industry Outlook
  • Industry consolidation
  • Adapting to competition
  • Table: Insurance Brokers & Agencies Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Insurance Brokers & Agencies Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Oil Drilling & Gas Extraction in Canada
  • Industrial Building Construction in Canada
  • Plastic & Resin Manufacturing in Canada
  • Consumers in Canada

  • Key Selling Industries
  • Life Insurance & Annuities in Canada
  • Property, Casualty and Direct Insurance in Canada

  • Products & Services
  • Other
  • Personal P&C insurance
  • Life and health insurance
  • Annuities
  • Commercial P&C Insurance
  • Chart: Insurance Brokers & Agencies Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Household
  • Businesses
  • Other
  • Chart: Major Market Segmentation for the Insurance Brokers & Agencies Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Insurance Brokers & Agencies

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Insurance Brokers & Agencies Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Insurance Brokers & Agencies Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Insurance Brokers & Agencies Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Per capita disposable income (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Combined Ratio
  • A common measure of an insurer's profitability that is calculated by dividing incurred losses and expenses by earned premium.
  • Hard Market
  • A market in which insurance prices are increasing. Insurance markets harden when demand for insurance overshoots supply. The supply of insurance depends on insurers' capital positions.
  • Insurance Agent
  • An individual who is licenced by a province to sell insurance products and services for one or more specific insurance carriers or companies.
  • Insurance Broker
  • An independent agent who represents the buyer during an insurance transaction.
  • Soft Market
  • A market in which insurance prices are falling. Insurance markets soften when strong balance sheets cause the supply of insurance to exceed demand, allowing price wars to ensue.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Insurance Brokers & Agencies market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Insurance Brokers & Agencies:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Insurance Brokers & Agencies market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Insurance Brokers & Agencies, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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