Revealed – Canada's best MGAs for 2023

Revealed – Canada’s best MGAs for 2023 | Insurance Business Canada

Insurance News

Revealed – Canada’s best MGAs for 2023

Insurance brokers have spoken…

Insurance News

By
Roxanne Libatique

Insurance Business has identified this year’s best businesses in the Canadian wholesale distribution channel, thanks to the help of the nation’s insurance brokers.

Insurance Business Canada (IBC) found this year’s best MGAs by asking respondents to rate the performance and service of their wholesale partners on a scale of 1 (poor) to 5 (excellent) against 10 criteria:

ability to place niche or emerging risks;
compensation;
geographical reach;
marketing support;
responsiveness;
pricing;
range of products;
reputation;
technical expertise and product knowledge; and
technology.

Read the full Brokers on MGAs 2023 report now.

The MGAs with an average score of 4 or greater in at least one category received a 5-Star designation. Those that received an average score of 4 or greater in all categories received an All-Star designation.

The IBC team also asked brokers to rank their top three MGAs across 20 major types of insurance and then share the top insurance products offered by an MGA.

Based on broker feedback, the IBC team then calculated the top three MGAs for each insurance type and awarded them with gold, silver, and bronze medals. Meanwhile, three businesses whose insurance products received the most votes from brokers received the Brokers’ Pick medal.