Insurance Agents and Brokers

(NOC 6231)

in All Sales and Service

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 group.

Job Outlook

Average

Read more

  • Estimate Moderate growth employment change, 2017-2019
  • Estimate 260 openings due to growth and retirements, 2017-2019
  • Estimate Low rate of unemployment in 2016

Compared to: All Sales and Service

  • Estimate Decline slightly employment change, 2017-2019
  • Estimate 5260 openings due to growth and retirements, 2017-2019
  • Estimate Moderate rate of unemployment in 2016

The employment outlook over the next few years for this occupational group is “average”, which indicates the chances of a qualified individual finding work is comparable to the average for all occupations in Nova Scotia. This is a fairly large occupation in Nova Scotia so job opportunities occur fairly regularly. The number employed in this occupation is expected to grow moderately over the next few years, which will likely provide some additional opportunities for employment. With a large percent of workers being 55 years of age and older, retirements are expected to be a key contributor to employment opportunities over the coming years. Insurance Agents and Brokers most commonly work full-time hours. Furthermore, the jobs are typically permanent positions. With employment conditions being somewhat seasonal, periods of downtime or layoff throughout the year affect some workers.

The median employment income for 72% of Insurance Agents and Brokers who worked full-time, year-round in 2015 was $45,517. Across all occupations in Nova Scotia, 59% of those who worked full-time year round had a median employment income of $43,600.
(Source: 2016 Census)

Hourly Pay

$12.75

Minimum

$20.19

Median

$28.85

Maximum

Annual Pay

$10,504

Minimum

$40,567

Median

$93,318

Maximum

Compared to: All Sales and Service

Hourly Pay

$10.70

Minimum

$12.50

Median

$21.17

Maximum

Annual Pay

$2,949

Minimum

$16,629

Median

$45,086

Maximum

About the job

Nature of work

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 group.

Job 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.

Sample job titles

  • automobile insurance agent
  • general insurance representative
  • group insurance representative
  • insurance agent
  • insurance broker
  • insurance sales representative
  • insurance sales supervisor
  • life insurance agent

Skills

To work in this field you need excellent communication and negotiation skills. The ability to analyze complex information accurately and quickly is necessary for decision-making. Computer skills would be a definite asset.

Job requirements

  • Completion of high 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.

Other considerations

Progression to insurance management positions is possible through experience. Completion of educational programs through the Insurance Institute of Canada or its provincial counterpart entitles agents to professional recognition as an Associate of the Insurance Institute of Canada (A.I.I.C.) or Fellow of the Insurance Institute of Canada (F.I.I.C.). Completion of educational courses through the Canadian Association of Insurance and Financial Advisors allows for various levels of professional designations for insurance and financial advisors.

By the numbers

Quick look

1,670

employed in 2016

92.0%

employed full-time

8.1%

self employed

60.7%
Icons/female Created with Sketch.
39.3%
Icons/male Created with Sketch.
43.8

median age

Compared to: All Sales and Service

102,605

employed in 2016

59.4%

employed full-time

6.2%

self employed

60.1%
Icons/female Created with Sketch.
39.9%
Icons/male Created with Sketch.
37

median age

Where will I likely work?

56.3%

Halifax

13.1%

Northern

11.4%

Southern

10.6%

Annapolis Valley

8.6%

Cape Breton

Compared to: All NS Occupations

47.0%

Halifax

15.6%

Northern

12.9%

Annapolis Valley

12.7%

Cape Breton

11.8%

Southern

Top Industries of Employment

99.1%

Finance, Insurance, Real Estate & Leasing

0.6%

Management, Admin & Other Support

0.3%

Other Industries

What is the age of Employment?

22.9%

45-54

22.3%

35-44

21.7%

25-34

18.5%

55-64

9.6%

65+

5.7%

15-24

Compared to: All Sales and Service

35.7%

25-34

28.6%

35-44

21.4%

55-64

Top levels of education

33.0%

College certificate or diploma

$38,260 median annual income
27.4%

High school

$36,991 median annual income
23.6%

Bachelor's degree

$41,891 median annual income
6.8%

Trades certificate

$34,857 median annual income
4.6%

University certificate or diploma

$43,123 median annual income

Compared to: All Sales and Service

40.4%

High school

$12,982 median annual income
19.9%

College certificate or diploma

$19,514 median annual income
18.8%

Less than high school

$9,486 median annual income
10.0%

Bachelor's degree

$20,807 median annual income
8.0%

Trades certificate

$18,797 median annual income

Education & training

There is no information to display in this section

Employment requirements & contacts

Regulations

Insurance Agent

Right to Title and Practice: This job is regulated and the job title is protected in Nova Scotia (you may not use this job title without holding a provincial licence). A licence shows that the holder has met provincial requirements and is required to work in this job.

Regulating body:
Nova Scotia Department of Finance - Office of the Superintendent of Insurance
PO Box 2271
Halifax, NS B3J 3C8
(902) 424-6331
(902) 424-1298

Contacts

Insurance Brokers Association of Nova Scotia
380 Bedford Highway
Halifax, NS B3M 2L4
Tel: (902) 876-0526
Fax: (902) 876-0527
Insurance Institute of Nova Scotia
250 Baker Drive Suite 220
Dartmouth, NS B2W 6L4
Tel: (902) 433-0070
Fax: (902) 433-0072

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