Why brokers are optimistic about 2025

Optimism for 2025 runs strong among respondents to our annual National Broker Survey.

Seventy-four percent say business performance will be better this year than last (split at 19% saying it will be ‘much better’ and 55% calling for it to be ‘somewhat better’).

That’s solidly ahead of the 62% predicting better performance in 2024 and in line with 73% who said 2023 would be prosperous.

Canadian Underwriter’s 2025 National Broker Survey was fielded between Jan. 22 and Feb. 20, with 165 responses. For most question sets, respondents were able to choose multiple answers, so totals will not always equal 100%. The survey is supported by Sovereign Insurance.

Related: What’s worrying Canada’s brokers now?

Verbatim survey responses wave off concerns about tariffs or other economic threats, with one veteran broker owner saying, “Regardless of the economy, clients still need protection.”

Another responding to the survey says, “Due to the client mix I have, my portfolio is fairly resistant to the economic cycle.”

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Twenty-three percent of brokers believe their financial performance will be flat this year (compared with 37% in 2024 and 27% in 2023). And those predicting poorer results in 2025 came in at 3%, a statistical tie with last year’s 2%.

Both men (76%) and women (80%) express high levels of optimism for 2025.

Brokers at smaller firms, those with fewer than 20 employees, have the strongest outlooks (82%), while brokers at mid-sized firms (20 to 99 employees) are somewhat weaker at 64%. And those at large firms (67%) call for strong 2025 performance.

Even if the economy leads to increased premiums, that can cut both ways for brokers. As one broker with between 16 and 30 years in the business says, “Price consciousness may lead to additional opportunities from poorly serviced customers.”

And a veteran broker at a smaller firm says, “We just keep persevering despite our small size, and we seem to be holding our own with some progress.”

This article is excerpted from one that appeared in the April-May 2025 print edition of Canadian Underwriter.

Phil Porado

Phil, an award-winning journalist with over 30 years of experience in financial topics, has been managing editor of Canadian Underwriter for more than three years.