How much do Canadian brokers earn across provinces?
Published: April 26, 2019
Updated: June 3, 2019
Author: Luke Jones
CATEGORY: Industry News
In which Canadian provinces are brokers earning the most money? A recent Deloitte study shows it pays to work for a brokerage in Alberta and Ontario.
Commissioned by the Insurance Brokers Association of Canada (IBAC), the study shows brokerage employees in Alberta a making the most money with an average annual wage of $70,800 during 2017. Ontario followed with an average of $67,500 over the same period.
For brokers in New Brunswick, the news is not so good as the Deloitte report shows brokerage employees in the province earned $44,300 on average in 2017, 4% lower than the average age in New Brunswick. Indeed, it is the only province in Canada where brokers earn less than the provincial average wage.
In 2017, the broker industry in Canada employed 58,300 full-time employees across the country. The sector has become a major contributor to the economy, adding $3.3 billion to Canada’s labour income during the same year.
In some provinces, brokers are earning far above the provincial average wage. Prince Edward Island is a notable example, where brokers make $57,100 average, 33% higher than the average $42,800 wage in the province.
Similarly, in Manitoba, brokerage employees earned $57,300 on average during 2017, 21% higher than the provincial average. In British Columbia, brokers earned 19% more than the provincial average with $49,000 per year. Quebec brokers earned on average $54,800 per year in 2017, 17% higher than the average.
New Brunswick is an exception, even amongst the Maritime provinces. In Newfoundland and Labrador, employees are picking up pay of $58,700, while in Nova Scotia brokers are paid $52,200.