We pay our brokers a commission - as do most insurers - in exchange for the services they provide. In addition to providing professional advice and arranging insurance coverage, those services also include tasks like processing your policy changes and assisting you in the event of a claim.
The commissions we pay to brokers are based on a percentage of premiums written for SGI CANADA Insurance Services Ltd.
- 20% standard personal and commercial
- 10 to 12.5% personal
- 10 to 12.5% commercial
- 10% recreational
- 15 to 30% all bonds
Our brokers are eligible for a contingent commission when they write profitable business for the corporation. Contingent commissions are paid once a year and are based on the overall premiums and financial results generated by a broker for SGI CANADA Insurance Services Ltd. products and not on any particular account or group of accounts.
SGI CANADA Insurance Services Ltd. has an equity investment in the common shares of one publicly traded brokerage representing less than 5% of the outstanding equity of that broker. There are no premium commitments and this investment doesn’t influence the day-to-day operations of that brokerage.
Training and conferences
As part of normal business practice, brokers and their staff are invited to participate in training and entertainment events. Brokers pay a fee to attend the annual SGI CANADA Insurance Services Ltd. Brokers’ Convention, which is primarily an educational event, but also includes social activities.