About B.C.'s P&C insurance brokers

Property and casualty (P&C) insurance brokers are very active in their communities, often taking leadership roles. They live and work in the same community; they have invested heavily in their locations and homes, and they buy locally. They are stable, and bring decades of experience to their service to consumers. They are upgrading their office technology.

These were some of the conclusions in a socio-economic survey conducted by CV Marketing Research Inc., an independent research firm based in Abbotsford, for the Insurance Brokers Association of B.C. in June 2001.

Extensive industry experience

Broker principals have an average of 24.8 years in the industry. More than a third of respondents have worked 21 to 30 years in insurance. More than 20% were in each of the groups on either side of this category: 11 to 20, or 31 to 40 years. Broker licensees have an average of 13.6 years in the industry; 29% have 11 to 20 years experience and 72% of the licensees surveyed had six to 30 years of experience.

Involved in their communities

Over 90% of broker principals are involved in community activities, mainly in business groups and amateur sports. Brokers often play a leadership role. Of the principals involved in community groups, 24% said they were currently involved as a chairman. The average number of years they spent as a chairman, currently or in the past, was 6.17 years. A third of respondents have volunteered 10 to 20 years, with another third volunteering longer.

For principals, an average of 98% of the goods respondents purchased were acquired in the province in which they live. More specifically, an average of 86.6% of family goods and services purchased by respondents were acquired in the community in which they live. Licensee responses were within two percentage points of these figures.

Committed to their businesses and their future

Brokers are embracing new office technology. Nearly all brokerages operate differently today than they did five years ago. Changes, not surprisingly, are mainly in the areas of technology, marketing, expanded product lines, automation and management.

Most brokerages lease office space in high-traffic commercial areas. It is estimated that collectively IBABC members pay approximately $45.5 million annually in premises leasing and $7.4 million in business property taxes.