B.C. insurance brokerages post highest growth in three years

In 2019 firms grew nearly twice as fast on average than in 2018

The province’s largest insurance brokerages boasted their largest growth in three years, according to data collected on Business in Vancouver’s list of the biggest insurance brokerage firms in B.C.

Over the past year, the largest insurance brokerages in the province expanded their local employee base by an average of 6.3%, nearly twice as fast as the 3.7% growth posted the year before.

Median employment growth was 3.2%, suggesting that larger companies higher on the list grew at a faster rate than smaller companies lower on the list.

Despite doubling its pace, employment growth has yet to reach 2016 levels when local employment at the province’s largest insurance brokerages grew by an average of 9%.

In 2019, the top insurance brokerages in the province employed an average of 346.7 people, 16.8% higher than the 2015 average of 296.9 employees. Over the past year, the overall average employment grew 10% from 313.8 employees after falling 1.2% from 317.9 the year before.

Median employment growth over the five-year period was nearly double the pace of average employment growth, increasing 29.6% to 210 in 2019 from 162 in 2015. So, while larger companies higher on the list grew faster over the past year, smaller companies lower on the list have been growing faster over the longer term.

Marsh Canada Ltd. had the highest one-year employment growth, increasing 34.5% to 195 in 2019 from 145 in 2018. Schill Insurance Brokers Ltd. had the largest five-year growth, expanding its local employment by 89.2%.

Aon Canada had the steepest one-year decline, falling 10% to 260 in 2019 from 289 in 2018. BCAA had the steepest five-year employment decline, falling 23.5% to 722 in 2019 from 944 in 2015.