Independent brokers provide socio-economic support to communities, study finds

Independent research released by the Insurance Brokers Association of Ontario (IBAO) shows that independent brokers continue to have strong socio-economic impacts on the communities in which they operate, the association says.
The bi-annual study was conducted in the winter of 2008. It was sent to 10,442 licensed brokers employed in 1,252 offices representing 715 brokerage firms.
The research found the average IBAO brokerage employs 14.8 people and purchases 75% of its personal goods and services from within its local community, an IBAO release says.
The remaining 25% of the goods and services purchased by the brokerage are purchased within the province of Ontario.
Ninety-six per cent of respondents indicated they were involved with various non-profit, charitable, educational and/or sports-related organizations. Annually, IBAO principals and employees give 4.6% of their personal income to charity.
The study also found that many IBAO brokerage firms have been in business for an average of 50 years. Most IBAO insurance brokers and employees have spent more than 19 years in the industry, “showing a high degree of community stability,” the release says.
“Independent insurance brokers are committed to their communities,” said IBAO CEO Randy Carroll. “Not only by the economic contributions they make, by employing local staff and purchasing business needs locally, but also by the contributions they make in time and money to various charities, as well as to non-profit and political organizations.”