Ontario's top insurance brokerages for 2023 - revealed

Ontario’s top insurance brokerages for 2023 – revealed | Insurance Business Canada

Insurance News

Ontario’s top insurance brokerages for 2023 – revealed

Winners ranked based on eight criteria

Insurance News

By
Roxanne Libatique

Insurance Business Canada (IBC) has unveiled its newly named 5-Star Brokerages 2023 for Ontario.

The awards recognise brokerages that have solidified their position as industry leaders by setting new benchmarks in the province.

IBC identified this year’s winners by asking eligible brokerages to provide key details about their business in 2021 and 2022. To be eligible, brokerages must have three or more brokers.

Criteria

Each brokerage was ranked based on eight criteria:

revenue;
revenue growth;
revenue per broker;
number of clients;
number of new clients;
client growth;
policies written; and
policy growth.

Akin to a gold score, the brokerages with the lowest overall scores achieved the highest rankings. The ranking system rewarded brokerages based on business per broker rather than a critical mass to ensure that the best brokerages stood out, regardless of their size.