IBABC responds to national insurance broker report

Insurance Business America | April 26, 2019

The Insurance Brokers Association of BC (IBABC) has acknowledged the results of a recent report which measures the economic and social impact of P&C insurance brokers across Canada. The report was published by the Insurance Brokers Association of Canada (IBAC), with Deloitte Canada tapped to help analyze the economic contribution of the insurance brokering industry to both the national and provincial economies. According to the report, insurance brokers that are members of the IBAC contributed about $5.4 billion to the national GDP. Of that amount, approximately $3.3 billion was contribution to labour income. The national brokerage industry also sustained an estimated 58,300 FTE (full-time equivalent) jobs, which meant every dollar spent on broker business activities generated about $1.49 in total GDP in Canada’s economy. The report also went into detail regarding insurance brokers in British Columbia. Brokers in the province were nearly on par with the national average, with an estimated $1.43 of value-added to BC’s economy for every dollar spent on capital and operating expenses by member brokerages. In addition, the report found that the average annual wage in BC’s insurance brokerage sector was $49,000, compared to the national average of $58,300.

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