Insurance Agents and Brokers
(NOC 6231)
in All Sales and ServiceInsurance 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
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Compared to: All Sales and Service
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
MaximumAnnual Pay
$10,504
Minimum$40,567
Median$93,318
MaximumCompared to: All Sales and Service
Hourly Pay
$11.55
Minimum$12.50
Median$21.17
MaximumAnnual Pay
$2,949
Minimum$16,629
Median$45,086
MaximumAbout 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
employed in 2016
employed full-time
self employed
median age
Compared to: All Sales and Service
employed in 2016
employed full-time
self employed
median age
Where will I likely work?
Halifax
Northern
Southern
Annapolis Valley
Cape Breton
Compared to: All NS Occupations
Halifax
Northern
Annapolis Valley
Cape Breton
Southern
Top Industries of Employment
Finance, Insurance, Real Estate & Leasing
Management, Admin & Other Support
Other Industries
What is the age of Employment?
45-54
35-44
25-34
55-64
65+
15-24
Compared to: All Sales and Service
25-34
35-44
55-64
Top levels of education
College certificate or diploma
$38,260 median annual incomeHigh school
$36,991 median annual incomeBachelor's degree
$41,891 median annual incomeTrades certificate
$34,857 median annual incomeUniversity certificate or diploma
$43,123 median annual incomeCompared to: All Sales and Service
High school
$12,982 median annual incomeCollege certificate or diploma
$19,514 median annual incomeLess than high school
$9,486 median annual incomeBachelor's degree
$20,807 median annual incomeTrades certificate
$18,797 median annual incomeEducation & training
Employment requirements & contacts
Regulations
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.