Explore Careers - Job Market Report
Insurance agents and brokers sell life, automobile, property, health and other types of insurance to individuals, businesses and public institutions. Insurance agents are employed by individual insurance companies or are independent representatives of specific insurance companies. Insurance brokers are employed by brokerage firms, or may work in partnerships or hold sole proprietorship.
- Sell automobile, fire, health, life, property, marine, aircraft and other types of insurance to clients
- Establish client insurance coverage, calculate premiums and establish method of payment
- Provide information concerning group and individual insurance packages, the range of risk coverage, benefits paid and other policy features
- Ensure appropriate forms, medical examinations and other policy requirements are completed
- Monitor insurance claims and respond to clients' enquiries
- Identify and solicit potential clientele.
Toronto, Brampton, Mississauga, Oshawa, Vaughan, Ajax, Aurora, Beaverton, Bowmanville, Caledon, Cannington, East Gwillimbury, Halton Hills, King City, Markham, Milton, Newmarket, Oakville, Pickering, Port Perry, Richmond Hill, Whitby, Whitchurch-Stouffville, Acton, Algonquin Island, Bolton, Briars Park, Brooklin, Caledon East, Centre Island, Delrex, Dorset Park, Franklin Beach, Gaud Corners, Georgetown, Glen Williams, Jacksons Point, Marywood Meadows, Mono Road, Mossington Park, Newcastle, Nobleton, Norval, Orono, Port Darlington, Stouffville, Sutton, Toronto Islands, Uxbridge, Ward's Island, Wildwood, Wilmot Creek
Outlook & Prospects for Insurance Agents and Brokers in Toronto Region
The future forecast and current conditions for an occupation can vary based on location or due to changes in the economy, technology, or demand for a product or service.
Local Employment Potential Information
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In the Toronto region the outlook for insurance agents and brokers is expected to be fair for the period 2012-2013. According to the 2006 census, there were more than 11,400 workers in this region, representing almost one-half of all insurance agents and brokers in Ontario. This occupation is well represented in Toronto given the presence of a significant financial centre which includes large commercial banks, insurance and investment firms.
In Ontario, the outlook for insurance agents and brokers is expected to be fair for the period 2012-2013. According to the 2006 census, there were over 23,000 insurance agents and brokers in Ontario, representing an increase of almost 12% from the previous census.
Employment growth in this industry is influenced by population growth, consumer spending and the state of the economy. Over the past several years, commercial insurance has become an important element for insurance agents and brokers as many businesses are becoming risk averse. Based on current demographics, the growing and aging population in Ontario will continue to drive the demand for all types of insurance policies. One area of growth for insurance agents and brokers will be providing financial planning services related to retirement and estate planning.
Some job openings will become available in the next few years from the need to replace workers who retire or leave the workforce. In this occupation, commission is a prevalent form of compensation. New entrants in this profession may have difficulty establishing a client base and subsequently move into other types of work. Insurance agents and brokers, who are up to date with the changing regulatory environment and are proficient in financial information technology, will have better job prospects.
Local Labour Market News
Week of Nov 12 – Nov 16, 2012
Week of Nov 05 – Nov 09, 2012
- Wells Fargo & Company opened a new branch in Toronto as it expands its wholesale banking services in Canada
Week of Sep 10 – Sep 14, 2012
- In the three months ending July 31, major Canadian banks have hired new financial workers in Toronto and continue to expand
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