Brokers Own Majority of Market Share Across Most Major Categories
Market share and ranking information for every line of business across all provinces was recently released by MSA Research in their 2017 Market Share Report. The report included a breakdown of distribution type: broker writers vs agency and direct writers. In most major categories, insurers distributing through insurance brokers hold the majority of market share; this is particularly true in the Commercial Lines space.
However, market share trends year over year reflect a slow decline in market share in most major categories, specifically with respect to Personal Lines. While the value proposition of using an insurance broker may seem like an obvious choice, there’s still work to be done to adapt our service model to respond to evolving consumer needs and expectations. As your association we understand these trends and have created a strategic plan that focuses on technology, consumer awareness and insurance company advocacy. We’re confident that combined, these objectives will lead to growth in market share from the insurance broker channel in Ontario.