Insurance agents and brokers

Insurance agents and brokers

NOC
6231

Sell life, automobile, property, health and other types of insurance to individuals, businesses and public institutions.

Quick facts

3 Year Outlook

Good
Good

3 Year Job Openings

114
 

Median Hourly Wage

$22.67
$16.43
Low
$32.50
High

Median Salary

$42,180
 

Typically Required

College or apprenticeship

Employed

1,522
 

% Working Full Time

94%
 

% Working Full Year

74%
 
Job details

Full NOC Description

Insurance agents and brokers sell life, automobile, property, health and other types of insurance to individuals, businesses and public institutions. Insurance agents are employed by individual insurance companies or are independent representatives of specific insurance companies. Insurance brokers are employed by brokerage firms, or may work in partnerships or hold sole proprietorship. Supervisors of insurance agents are included in this unit group.

Main Duties

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

  • Sell automobile, fire, health, life, property, marine, aircraft and other types of insurance to clients
  • Establish client insurance coverage, calculate premiums and establish method of payment
  • Provide information concerning group and individual insurance packages, the range of risk coverage, benefits paid and other policy features
  • Ensure appropriate forms, medical examinations and other policy requirements are completed
  • Monitor insurance claims and respond to clients' enquiries
  • Identify and solicit potential clientele.

Also Known As

  • insurance agent
  • insurance broker
  • insurance sales representative
  • insurance sales supervisor
Requirements

Employment Requirements

  • Completion of secondary school is usually required.
  • On-the-job training and insurance industry courses and training programs are provided and are required for employment.
  • Licensure by the insurance governing body in the province or territory of employment is required.

Provincial Regulation

Not Provincially Regulated

Employment by Sex

The following graph shows the percentage of men and women working in this occupation in New Brunswick.

Data legend

63.6%
Female
36.4%
Male
Employment by age

The following graph shows the breakdown of all persons working in this occupation in New Brunswick by age group.

Data legend

8.5%
15-24
25.6%
25-34
28.2%
35-44
19.7%
45-54
14.1%
55-64
3.9%
65+
Employment by highest level of education

The following graph shows the breakdown of all persons working in this occupation in New Brunswick by highest level of education achieved.

Data legend

0.7%
No Certificate, Diploma or Degree
31.2%
High School, Diploma or Equivalent
5.9%
Apprenticeship or Trades Certificate or Diploma
40.0%
College or University Below Bachelor Level
22.3%
University - Bachelor Level or Above
Employment by Industry

The following graph shows the industry groups in which the largest shares of persons working in this occupation in New Brunswick are employed. Small percentages for all top three industry groups may suggest employment for this occupation is widely distributed amongst many industry groups.

Data legend

99.3%
Finance and insurance
0.7%
Professional, scientific and technical services
0.0%
N/A
0.0%
All Other Industries
Employment by Economic Regions

The following graph shows the breakdown of all persons employed in this occupation in New Brunswick by which economic region they reside in.

Data legend

12.40%
Northeast
30.60%
Southeast
36.50%
Southwest
12.10%
Central
8.50%
Northwest
Province of New Brunswick Economic Regions

Economic Regions

The following map displays New Brunswick’s five economic regions. An economic region (ER) is a grouping of counties, created as a standard unit for analysis of regional economic activity across Canada.

Annual Median Salary by Economic Regions

The following graph shows the median salary of all persons employed in this occupation in each of New Brunswick’s five economic regions.

Data legend

$37,082
Northeast
$43,914
Southeast
$41,722
Southwest
$45,691
Central
$36,187
Northwest
Province of New Brunswick Economic Regions

Economic Regions

The following map displays New Brunswick’s five economic regions. An economic region (ER) is a grouping of counties, created as a standard unit for analysis of regional economic activity across Canada.

Hourly Median Wages by Economic Regions

The following represents the median hourly wage of all persons employed in this occupation in each of New Brunswick’s five economic regions.

Northeast

$22.67
$16.43
Low
$32.50
High

Southeast

$20.00
$16.43
Low
$33.85
High

Southwest

$25.00
$18.29
Low
$30.22
High

Central

$22.67
$16.43
Low
$32.50
High

Northwest

$22.67
$16.43
Low
$32.50
High
Salary

This following represents the median salary of all persons employed in this occupation compared to the median salary of workers employed in this occupation that work full-time year-round.

All Workers Employed in this Occupation

$42,180

Workers Employed Full-time, Full-year

$44,842

This following represents the median salary of persons employed in this occupation across each of the Atlantic Provinces and nationally.

New Brunswick

$42,180

Newfoundland

$41,733

Prince Edward Island

$35,922

Nova Scotia

$40,689

Canada

$46,418
Employment Outlook

The following represents the number of job openings that are expected to occur in this occupation over the next three and ten years respectively, broken down by openings expected to result from growth (“new jobs”) and openings expected to result from attrition (death and retirements).

Three Year Outlook

Total Openings: 3 Year

114
 

New Jobs: 3 Year

22
 

Retirements/Deaths: 3 Year

92
 

Ten Year Outlook

Total Openings: 10 Year

415
 

New Jobs: 10 Year

107
 

Retirements/Deaths: 10 Year

311