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Insurance Brokerage Industry Important to Quebec Economy

By Andrew Rickard | March 27 2015 01:59PM

The insurance brokerage industry is the main distribution model for damage insurance in Quebec, where it collects $4.48 billion in premiums every year and supports more than 10,000 jobs in the province.

A recent study sponsored by BMO Bank of Montreal and carried out by the firm Raymond Chabot Grant Thornton at the request of the Regroupement des cabinets de courtage d'assurance du Québec (RCCAQ) has found that the industry is directly responsible for 7,610 jobs across Quebec, and also supports another 2,746 jobs indirectly.

"In light of the very low unemployment rate, a higher average salary than the Quebec average (+$45,000) and the pressing need for labour in the future (due to the expected aging workforce), the broker profession still ranks among the most promising career choices," notes the report.

The study also points out that, unlike direct insurance companies, brokerage firms are present in all regions of Quebec.

As for the industry's contribution to government coffers, the authors say that the Quebec insurance brokerage business generates approximately $392 million in tax revenues for the province while the federal government collects more than $34 million.

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