As the driver behind damage insurance, Canada’s largest insurance market, the Quebec brokerage industry delivers extensive, widespread benefits to the region’s economic landscape.
In fact, brokers are directly responsible for creating 7,610 jobs throughout Quebec and have facilitated the tangential creation of 2,746 more, according to a new study sponsored by BMO Bank of Montreal and conducted by Raymond Chabot Grant Thornton
In addition, in evaluating the success of Regroupement des cabinets de courtage d'assurance du Québec (RCCAQ), the study also found that these jobs are “high-quality,” frequently pay above $45,000 and available province-wide.
"We're hearing the same message from the Coalition [pour la promotion des professions en assurance de dommages]," RCCAQ chair Vincent Gaudreau said in a statement. "According to a survey commissioned by the Coalition in 2013, a total of 1,452 posts must be filled in 2015 and 2016. The opportunities associated with the broker profession make it a guaranteed career choice."
Other noteworthy findings include:
- The brokerage sector generates an economic benefit of $657
- While Montreal, Quebec, and Montérégie are most prominent for employment, brokerage firms exist and provide benefit throughout the region
- Brokerage provides the Quebec government with $392 in tax revenues, and the federal government with over $34 million
- Brokerages encourage entrepreneurship, as most firms are locally-created small to medium-sized businesses, and facilitates close relationships with the community
While this sector remains filled with potential and mutually advantageous for local and regional economies, brokers are advised to be pragmatic and prepared for where the market is headed.
"We have to remain vigilant," Gaudreau said. "Thanks to the technological evolution and new consumer habits, we have seen major changes in our processes, although we are working tirelessly to renew our approach in keeping with our clients' expectations and needs. Brokers are involved in their communities and are always working on consumers' behalf."
