That's excellent.
Thank you, Mr. Chair.
Please let me begin by thanking all committee members for their service to their constituents and communities during this past challenging year.
I am Peter Braid, CEO of the Insurance Brokers Association of Canada, also known as IBAC. Joining me today is IBAC's president-elect, Robyn Young. Robyn is also the president and CEO of Excel & Y, based in Calgary.
We are here today to provide our support for Bill C-208 on behalf of IBAC's 11 member associations and 38,000 insurance brokers.
Our member associations represent approximately 3,400 brokerage firms located in every riding across the country. Many committee members will know an insurance broker in their community, and have likely met with them during our annual Hill Day.
Insurance brokers work for their clients, not for insurance companies. They provide consumers with choice, advice and advocacy, while directly serving the best interests of their customers.
Insurance brokerages make an important contribution to the Canadian economy. Member brokerages are primarily small enterprises that employ between one and 15 people. They contribute $5.4 billion to the national GDP, and are responsible for over 58,000 full-time jobs. Many of these businesses are family owned and operated.
In provinces such as Ontario, Quebec and British Columbia, up to 25% of member brokerages are family owned. In smaller provinces and more rural parts of Canada, this number is much higher. In Nova Scotia and Newfoundland and Labrador, for example, the number of family-owned brokerages is 40% and 50% respectively. The changes proposed in Bill C-208 would have a direct benefit for brokerage owners who want to keep the business in the family.
I will now turn it over to Robyn. In addition to serving as IBAC's president-elect, Robyn has experience purchasing and running a family-owned brokerage and will be able to speak to the importance of the intergenerational transfer of businesses.