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Insurance Agents and Brokers

What they do?

Insurance agents and brokers perform some or all of the following duties:

A. Sell automobile, fire, health, life, property, marine, aircraft and other types of insurance to clients

B. Establish client insurance coverage, calculate premiums and establish method of payment

C. Provide information concerning group and individual insurance packages, the range of risk coverage, benefits paid and other policy features

D. Ensure appropriate forms, medical examinations and other policy requirements are completed

E. Monitor insurance claims and respond to clients' enquiries

F. Identify and solicit potential clientele.

Where they find work?

1. Finance and insurance - 95.0%

What education do I need?

1. To be an insurance agent or broker, you usually need to finish high school, on-the-job training, and insurance industry courses/training programs. You may need a licence in the province/territory where you'll be working.

2. You may also receive professional recognition by completing educational programs through the Insurance Institute of Canada or its provincial counterpart such as Associate of The Insurance Institute of Canada (A.I.I.C.) or Fellow of The Insurance Institute of Canada (F.I.I.C.).

3. Completion of educational programs through the Canadian Association of Insurance and Financial Advisors allows for various levels of professional designation for insurance and financial advisors.

4. With experience, you may move up the ranks to become a manager.

5. Most recent entrants have an undergraduate university degree, and almost 3 in 10 have a community college diploma .

High School Subject that will help:

1. Math
2. English
3. Business
4. Computer-related courses

What can you expect to make:

The average hourly wages for Insurance Agents and Brokers is $18.37/HR, which is above average for occupations in the sale and service sector and are close to the average for all technical, professional, and skilled occupations. These wages grew at a below-average rate from 2002 to 2004.

Average Wage

Insurance Agents and Brokers wages

Expected Wage by Age

Insurance Agents and Brokers Wage By Age

Unemployment:

3% of Insurance Agents and Brokers are unemployed. This rate is close to the average for technical, professional, and skilled occupations.

Unemployment

Insurance Agents and Brokers Unemployment

Trends in Unemployment

Insurance Agents and Brokers Trends in Unemployment

Current Job Outlook:

The job outlook for Insurance Agents and Brokers is considered Average because:

1. Employment grew at an average rate.

2. The retirement rate is above average, and the number of retiring workers contributes to job openings.

3. Hourly wages ($18.37) are close to the average ($18.07), and the rate of wage growth is below average.

4. The unemployment rate (3%) is close to the 2004 average (7%).

Future Job Prospects:

Your job outlook will continue to be Average because:

1. The employment growth rate will likely be close to the average.

2. The retirement rate will likely be above average and the number of retiring workers should contribute to job openings.

3. The number of job openings will likely exceed the number of job seekers. This will not be significant enough to have an impact on the work prospects.

Highest Concetration:

The highest concentrations Insurance Agents and Brokers are found in Quebec and British Columbia while the lowest concentrations are in Prince Edward Island and Newfoundland.

Useful Experience:

1. Communication skills

2. Selling

3. Researching

Part Time Workers

Insurance Agents and Brokers Part Time Workers

Part time workers:


9% of Insurance Agents and Brokers are employed only on a part-time basis. There were 61,600 workers employed in these occupations in 2004, a decrease of 9% since 1997.

Age Demographics

Insurance Agents and Brokers Age Demographics

Age Demographics:


The older-than-average age (45) of worker will likely result in an above-average retirement rate to 2009.

Self Employed

Insurance Agents and Brokers Self Employed

Self Employed:


Roughly 32% of Insurance Agents and Brokers are self-employed. This is considered Above average for the industry as a whole.

Men vs Women

Insurance Agents and Brokers Men vs Women

Men vs Women:


60% of the individuals employed as Insurance Agents and Brokers are women. Compared to other industries, this is Average.