For insurance brokers in British Columbia?

For insurance brokers in British Columbia?

I just became an insurance broker for personal lines and autoplan. How much does the average person make per year and do I get commission for autoplan renewals?

Fred

If you have your own broker's office you will get agency commission on renewals. I suggest if you are a new broker, you will be working for somebody else. You likely have a level 1 licence, in which case you will probably start out in the neighbourhood of 9 or 10 dollars an hour. You need a level 3 insurance licence (you earn that by passing CAIB 1 (or Fundamentals of Insurance), 2, 3, and 4) to run your own office, or be a manager for somebody else. You need a level 2 licence (CAIB 2 and 3) to be able to work without supervision in an office, and to sell outside the office. Note, CAIB is not the only road to licencing, there are equivalents, but CAIB is the route I took.I retired as a broker in Manitoba. My base salary was $30,000. I received commission on every personal and commercial lines policy I wrote, and auto policies other than basic Autopac. I received commission on basic Autopac for clients I actually brought into the office. There was no limit to my commissions, and, in slow months, no minimum quota to meet. I did receive a commission cheque every month, so I did not too bad financially.There are many similarities between BC and Manitoba as far as auto and personal lines insurance.For new brokers, the greatest part of your salary is your base salary, and you may not even qualify for commission from the agency owner until you reach a certain level. After a few years experience, your commissions for writing business become an important part of your income.

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