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Insurance is a complex financial product. Get the expert help of a licensed insurance broker to better understand your risk, explain your options, and select the coverage that is right for you.

What is an insurance broker exactly?


An insurance broker is a key advisor to you, your family, and/or your business — similar to a lawyer or financial advisor. Insurance brokering is a regulated, licensed profession in Saskatchewan and, as such, meets high standards for education, integrity, and consumer protection.

An insurance broker represents you. They get to know your unique circumstances and present you with coverage options to suit your individual needs. Brokers sell insurance products from multiple different insurance carriers, providing you with choice as well as unbiased service and advice.

Insurance carriers, meanwhile, create the insurance products (think of them as the manufacturers) and sell their products through brokers or directly to consumers — or both. An insurance agent is an individual who sells insurance products from only one carrier. Agents may work directly for the carrier or they may operate an independent business.

Does purchasing coverage through an insurance broker cost additional money?

Insurance brokers are generally compensated through commissions paid by insurance companies — not by individual customers.

This method of distribution has many inherent benefits to consumers and insurance companies alike. For example, it allows carriers to focus their resources on underwriting and claims, while allowing brokers to serve customers with choice and independent advice.

Any fees paid by consumers to insurance brokers over and above policy premiums must be disclosed and agreed prior to issuing a policy.

How do I find a qualified insurance broker?

The Insurance Brokers Association of Saskatchewan (IBAS) represents more than 98% of all property and casualty insurance brokerages located in the province. A list of members can be found by clicking the button below.

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