Insurance Business Canada unveils top MGAs for 2024
Insurance Business Canada unveils top MGAs for 2024 | Insurance Business Canada
Insurance News
Insurance Business Canada unveils top MGAs for 2024
Brokers rated winners across 10 categories
Insurance News
By
Roxanne Libatique
Insurance Business Canada (IBC) has unveiled its rankings of the top Managing General Agents (MGAs) for 2024, following a year where firms in the sector had to navigate a competitive landscape.
Despite the challenges, a number of MGAs managed to strengthen their positions and increase their business.
Brokers’ engagement with MGAs in Canada
According to IBC’s report, the percentage of brokers who allocated less than 10% of their business to MGAs rose from 26% in 2023 to 32% in 2024. This shift suggests that brokers are spreading their business more thinly across fewer MGAs, creating a more competitive environment for larger business placements.
Broker engagement with MGAs remained relatively stable year-over-year, according to survey data. However, there was a noticeable shift in brokers working with a select group of three to five MGAs, indicating a trend toward consolidating relationships with trusted partners.
The 2024 Brokers on MGAs survey conducted by IBC highlights that top-performing MGAs continue to play a critical role in the insurance distribution network. The survey found that 77% of brokers place up to a quarter of their business with their MGAs, underscoring the importance of these partnerships in maintaining broker operations.
Selection process for IBC’s 5-Star Brokers on MGAs 2024 awards
To compile its rankings, IBC surveyed brokers across the country, asking them to evaluate their wholesale partners.
Brokers rated MGAs on a scale of 1 (poor) to 5 (excellent) across 10 categories:
ability to handle niche risks;
compensation;
geographic reach;
marketing support;
responsiveness;
pricing;
product range;
reputation;
technical knowledge; and
technology use.
MGAs that achieved an average score of 4.0 or higher in at least one category received a 5-Star designation. Those that scored 4.0 or higher across all categories earned the All-Star designation.
Additionally, brokers were asked to identify their top three MGAs in 20 insurance categories, with the top three in each receiving gold, silver, and bronze awards.
A special Brokers’ Pick award was also given to the top three insurance products offered by MGAs, based on broker votes.
Top MGAs in Canada for 2024
Among the standout performers this year were
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