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Insurance Brokers & Agencies in Canada Industry Data and Analysis
During the current period, Canadian insurance brokers and agencies have experienced considerable fluctuations due to economic factors and regulatory changes. Concerns at the onset of the period arose as corporate profit dwindled, reducing insurance spending by businesses. Nevertheless, government aid helped bolster disposable income levels, spurring demand from households. Following the economic downturn, the relaxation of restrictions facilitated a rebound in corporate profitability, supporting a fragile yet positive trajectory for industry growth. The combination of high inflation and elevated interest rates offered a mixed bag of outcomes. While higher interest rates cooled investment in property insurance, stable per capita disposable incomes kept demand from individuals fairly elevated, ensuring positive revenue growth during the current period.
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What's included in this industry analysis
IBISWorld's research coverage on the Insurance Brokers & Agencies industry in Canada includes market sizing, forecasting, data and analysis from 2016-2031. The most recent publication was released February 2026.
About this industry
What's this industry report about?
The Insurance Brokers & Agencies industry in Canada operates under the NAICS industry code 52421CA. Canadian insurance brokers and agencies includes individuals and businesses that primarily act as agents or brokers in selling annuities and insurance policies. Providers earn commission income, mostly as a percentage of the premium of insurance policies sold. Companies also earn fee income for providing risk management and other value-added services. Related terms covered in the Insurance Brokers & Agencies industry in Canada include insurance broker, insurance agent, hard market, soft market and combined ratio.
What's included in this industry?
Products and services covered in Insurance Brokers & Agencies industry in Canada include Commercial P&C Insurance, Personal P&C insurance and Life and health insurance.
What companies are included in this industry?
Companies covered in the Insurance Brokers & Agencies industry in Canada include Arthur J. Gallagher and Company, Aon PLC and Marsh & McLennan Companies Inc.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Insurance Brokers & Agencies industry in Canada.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Insurance Brokers & Agencies industry in Canada.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Insurance Brokers & Agencies industry in Canada.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Insurance Brokers & Agencies industry in Canada. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Insurance Brokers & Agencies industry in Canada. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Insurance Brokers & Agencies industry in Canada. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Insurance Brokers & Agencies industry in Canada. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Insurance Brokers & Agencies industry in Canada.
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Frequently Asked Questions
What is the market size of the Insurance Brokers & Agencies industry in Canada in 2026?
The market size of the Insurance Brokers & Agencies industry in Canada is $12.9bn in 2026.
How many businesses are there in the Insurance Brokers & Agencies industry in Canada in 2026?
There are 23,392 businesses in the Insurance Brokers & Agencies industry in Canada, which has grown at a CAGR of 1.2 % between 2021 and 2026.
How may import tariffs affect the Insurance Brokers & Agencies industry in Canada?
The Insurance Brokers & Agencies industry in Canada is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Insurance Brokers & Agencies industry in Canada?
The Insurance Brokers & Agencies industry in Canada is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Insurance Brokers & Agencies industry in Canada grown or declined over the past 5 years?
The market size of the Insurance Brokers & Agencies industry in Canada has been growing at a CAGR of 4.6 % between 2021 and 2026.
What is the forecast growth of the Insurance Brokers & Agencies industry in Canada over the next 5 years?
Over the next five years, the Insurance Brokers & Agencies industry in Canada is expected to grow.
What are the biggest companies in the Insurance Brokers & Agencies industry in Canada?
The biggest companies operating in the Insurance Brokers & Agencies industry in Canada are Arthur J. Gallagher and Company, Aon PLC and Marsh & McLennan Companies Inc.
What does the Insurance Brokers & Agencies industry in Canada include?
Property and casualty insurance policy brokerage and Health and medical insurance brokerage are part of the Insurance Brokers & Agencies industry in Canada.
Which companies have the highest market share in the Insurance Brokers & Agencies industry in Canada?
The company holding the most market share in the Insurance Brokers & Agencies industry in Canada is Arthur J. Gallagher and Company.
How competitive is the Insurance Brokers & Agencies industry in Canada?
The level of competition is high and increasing in the Insurance Brokers & Agencies industry in Canada.
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