Insurance Agents and Brokers

(NOC 6231)

in All Sales and Service

Insurance agents and brokers sell life, car, property, health, and other types of insurance to individuals, businesses, and public institutions. Insurance agents work for individual insurance companies or are independent representatives of specific insurance companies. Insurance brokers work for 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 Stable employment change, 2019-2021
  • Estimate 120 openings due to growth and retirements, 2018-2020
  • Estimate Low rate of unemployment in 2019

Compared to: All Sales and Service

  • Estimate -505 employment change, 2019-2021
  • Estimate 6125 openings due to growth and retirements, 2018-2020
  • Estimate rate of unemployment not available for these occupation.

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 remain largely the same over the next few years. With a moderate percent of workers being 55 years of age and older, retirements are expected to contribute somewhat to employment opportunities over the coming years. Insurance Agents and Brokers most commonly work full-time hours.

The median employment income for 70% 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

$13.20

Minimum

$20.24

Median

$28.85

Maximum

Annual Pay

$10,504

Minimum

$40,567

Median

$93,318

Maximum

Compared to: All Sales and Service

Hourly Pay

$12.55

Minimum

$18.36

Median

$22.50

Maximum

Annual Pay

$2,949

Minimum

$16,629

Median

$45,086

Maximum

About the job

Nature of work

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

Job duties

Insurance agents:

  • Sell car, truck, fire, health, life, property, marine, aircraft and other types of insurance to clients.
  • Establish client insurance coverage, calculate premiums, and determine method of payment.
  • Provide information concerning group and individual insurance packages, the range of risk coverage, benefits paid and other policy features.
  • Make sure appropriate forms, medical examinations and other policy requirements are completed.
  • Monitor insurance claims and respond to clients' questions.
  • 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

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

  • 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

1,795

employed in 2016

90.3%

employed full-time

7.5%

self employed

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

median age

Compared to: All Sales and Service

102,605

employed in 2016

56.4%

employed full-time

5.8%

self employed

60.1%
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39.9%
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37

median age

Where will I likely work?

56.3%

Halifax

13.1%

North Shore

11.4%

Southern

10.6%

Annapolis Valley

8.6%

Cape Breton

Compared to: All NS Occupations

47.0%

Halifax

15.6%

North Shore

12.9%

Annapolis Valley

12.7%

Cape Breton

11.8%

Southern

Top Industries of Employment

98.8%

Finance and insurance

0.6%

Real estate and rental and leasing

0.6%

Administrative and support, waste management and remediation services

What is the age of Employment?

24.0%

35-44

24.0%

25-34

21.0%

45-54

18.0%

55-64

7.0%

65+

6.0%

15-24

Compared to: All Sales and Service

30.0%

15-24

17.2%

45-54

17.2%

25-34

16.1%

55-64

13.8%

35-44

Top levels of education

33.1%

College Diploma

$40,218 median annual income
27.5%

High school

$41,086 median annual income
23.6%

Bachelor

$41,808 median annual income
6.7%

Apprenticeship

$39,284 median annual income
4.4%

Diploma Below Bachelor

$52,648 median annual income

Compared to: All Sales and Service

39.8%

High school

$15,705 median annual income
19.7%

Less than high school

$9,866 median annual income
19.5%

College Diploma

$20,644 median annual income
9.9%

Bachelor

$21,262 median annual income
8.0%

Apprenticeship

$21,234 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. The job title is protected, and you may not use it without a professional licence. A licence shows that the holder has met provincial requirements and is required to legally do this work.

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
Halifax, NS
Insurance Institute of Nova Scotia
Nova Scotia, Canada