Insurance brokers contribute $5.4 billion to Canada's GDP

Insurance Business America | April 23, 2019

Insurance brokers contribute $5.4 billion to Canada's GDP
Brokers are pulling their weight in the Canadian economy. The Insurance Brokers Association of Canada (IBAC) today released the results of a study that measured the economic and social impacts of property and casualty insurance brokers, finding that in 2017, member brokerages contributed around $5.4 billion to Canada's GDP. “We know that insurance brokers’ business operations add value to the provincial and national economies,” said IBAC CEO’s Peter Braid. “We also know that virtually every community across Canada benefits from the volunteer and philanthropic contributions of brokers and their employees.” IBAC engaged Deloitte Canada to analyze the economic contribution of the insurance brokering industry to both national and provincial economies, as well as identify a spectrum of social contributions this group makes.

Spotlight

The average insured adult has 3.6 times his or her annual income in life insurance coverage or $166.800. That may seem like a lot but is it really enough to provide for all of your family's needs? MANY EXPERTS RECOMMEND AT LEAST. When you consider all the things you need life insurance for (e.g.. funeral expenses. pay off debts, money for everyday living needs. college funding. etc.). you begin to realize that your true need for coverage is often 10 times your annual income.

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Sapiens ReinsurancePro is Selected by Clear Blue Insurance Group

Sapiens, Clear Blue Insurance Group | April 29, 2021

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Spotlight

The average insured adult has 3.6 times his or her annual income in life insurance coverage or $166.800. That may seem like a lot but is it really enough to provide for all of your family's needs? MANY EXPERTS RECOMMEND AT LEAST. When you consider all the things you need life insurance for (e.g.. funeral expenses. pay off debts, money for everyday living needs. college funding. etc.). you begin to realize that your true need for coverage is often 10 times your annual income.