Insurance businesses are spread across 80 communities in New Brunswick
The insurance industry is widely distributed throughout New Brunswick. According to Statistics Canada, there is at least one company (provider, brokerage/agency, claims adjustor, etc.) in more than 80 communities around the province.
New Brunswick has the fastest growing insurance industry in Canada
New Brunswick has the fastest growing insurance sector in Canada, driven mainly by the expansion of firms serving regional and national markets. There are four broad categories of growth potential for the insurance industry in New Brunswick:
- Organic growth
- Expanding the national footprint
- Expanding the scope of the industry/building the cluster
- Attracting international firms
For every direct job in the New Brunswick insurance sector, three jobs are created in other sectors
The insurance industry has one of the largest employment multipliers of any industry in New Brunswick. For every direct job in the insurance carrier sector, three jobs are created across the economy. Industries such as the film sector, software publishing and engineering services have much smaller employment multipliers across the province.
For every $1 spent on insurance premiums, 77¢ stays in New Brunswick
For every dollar of premium paid by a customer, 77 cents worth of gross domestic product (GDP) is created in the province either directly through the cost of operations (payroll, facilities, etc.), or indirectly through the supply chain.
When a New Brunswicker purchases an iPod or television, buys clothing or goes to the movies, most of the economic activity associated with those purchases leaves the province to support economic development elsewhere. Not so with the insurance industry. The insurance industry is one where the bulk of the economic activity stays within the province.
1,600 new jobs were created in the New Brunswick insurance industry from 2004 to 2010 – a 49% increase
From 2004 to 2010, total employment in the insurance industry across New Brunswick grew by 49 per cent – faster than all other provinces in Canada, adding 1,600 new jobs. The next closest province for insurance industry employment growth was British Columbia at only 19 per cent.
The insurance industry in New Brunswick is made up of 385 business establishments directly employing approximately 5,000 people. More than 3,600 of these jobs are in the insurance carrier sector and another 1,300 are in the insurance agencies, brokerages and other insurance related activities sector. More than two out of every hundred people employed in the private sector in New Brunswick work for the insurance industry. This is more employed New Brunswickers than in either the real estate sector, the accommodation sector or the architectural, engineering and related services sector, to name a few.
97% of New Brunswick insurance brokerages support local charities and 86% sponsor local sports or cultural events
In addition to the economic impact, insurance brokers are active supporters of their local communities. The survey of insurance brokerages conducted for this report found that 97 per cent support local charities, 86 per cent sponsor local sporting or cultural events and more than three-fourths encourage staff to volunteer in their local community.