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Commercial Non-Life Insurance Brokers in Canada

  • January 2015
  • -
  • Finaccord
  • -
  • 21 pages

Commercial Non-Life Insurance Brokers in Canada, plus the BrokerBASE™ and market data file that accompany it, investigate the importance of brokers in the distribution of property and casualty insurance for businesses in Canada. This report first provides unique data for the size, segmentation and growth of the Canadian commercial non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and, based on extensive primary research, it ranks the leading 50 brokers in Canada according to their revenues from commercial property and casualty insurance, excluding income from other activities such as personal lines and employee benefits.

Table Of Contents

Commercial Non-Life Insurance Brokers in Canada
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
What is this report about? 3
The focus is uniquely on commercial non-life insurance, excluding other types of business. 3
.and on brokerage, even where intermediaries can act as both agents and brokers. 3
Rationale 3
Methodology 4
Research program 4
Market data analysis 4
Definitions 4
Premiums 4
Abbreviations 4
Exchange rate 4
BrokerBASE 5
Finaccord 5
2.0 MARKET ANALYSIS 7
Introduction 7
Regulatory information 7
Insurance brokers are regulated at a provincial level 7
Associations belonging to IBAC represent around 35,000 insurance brokers 8
Commercial non-life insurance market 8
The Canadian commercial lines market grew at a fairly healthy rate between 2010 and 2014. 8
. most notably for property insurance among major classes 9
Commercial non-life insurance brokers 11
Overview of brokers' presence in the distribution of commercial non-life insurance 11
Brokers remain the dominant distribution channel for commercial non-life insurance in Canada 11
Competitor trends and specialisms 12
The combined share of the top ten brokers falls below 50% of the commercial lines broking market. 12
. although it has risen quite significantly in recent years. 12
. with HUB International having overtaken Aon and Marsh to be ranked first 13
Western Financial Group has become the dominant broker in Western Canada 13
Noraxis was acquired by Arthur J. Gallagher and Co in May 2014 14
BFL Canada may make acquisitions in the wake of new outside investment 14
BrokerLink Insurance Broker acquired MacDonald Chisholm Trask Insurance in early 2014 14
InsureBC secures most of its revenues from personal customers but is still substantial in commercial lines 14
Almost two thirds of the revenues of the top 50 competitors are due to commercial lines broking. 15
. although most are also active in personal insurance and employee benefits 15
Brokers' distribution strategies 18
A few of the top 50 commercial non-life insurance brokers can be described as product specialists. 18
. and over a half focus on a particular region 18
Among major international broker networks, Assurex claims the most members in Canada 18
Future outlook 20
Commercial lines insurance broking revenues will experience further growth up to 2018 20

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
Key market data for commercial non-life insurance brokers in Canada 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS 7
Segmentation of the commercial non-life insurance market in Canada, 2014 9
Growth in the commercial non-life insurance market in Canada by segment, 2010 to 2014 10
Size and growth of the commercial non-life insurance market in Canada by segment, 2010 to 2014 (table) 10
Brokers' share of the commercial non-life insurance market and revenues earned from it in Canada, 2010 and 2014 11
Brokers' share of the commercial non-life insurance market and revenues earned from it in Canada, 2010 and 2014 (table) 12
Market concentration for commercial non-life insurance broking in Canada, 2014 13
Market shares of commercial non-life insurance broking revenues of the top ten brokers in Canada, 2014 15
Importance of different types of insurance broking for the top 50 commercial non-life insurance brokers in Canada 16
Importance of different types of insurance broking for the top 50 commercial non-life insurance brokers in Canada (continued) 17
Partners of broker networks in Canada, 2014 19
Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Canada, 2018 20
Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Canada, 2018 (table) 21

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