IBC wants Canadians “To Save And Protect” by understanding their insurance

Toronto (Nov. 6, 2012) – It’s Financial Literacy Month and Insurance Bureau of Canada is helping Canadians “To Save and Protect”: to save money by better understanding their auto, home and business insurance, and to protect their most valuable assets with the right insurance policies.

A recent Pollara survey commissioned by IBC shows that more than 50 per cent of Canadians want to know more about home and car insurance and how it fits into their financial plans. The survey also reveals that 88 per cent of Canadians think schools should include home and car insurance in any financial lessons.

“At a time when Governments are increasingly interested in protecting consumers the best consumer protection is financial literacy because educated, empowered consumers make smarter, more responsible decisions.” says Don Forgeron, President and CEO of IBC. “That’s why IBC believes so strongly in consumer education. Financial Literacy Month is a perfect opportunity to help Canadians better understand how insurance works and how to use this important tool in financial planning.”

Don Forgeron has been appointed to an advisory council, assembled by Financial Consumer Agency of Canada, that meets twice a year and looks at a range of issues including financial literacy. It’s another example of how the government recognizes the importance of home and auto insurance in financial literacy in Canada. IBC is supporting the national financial literacy program during November with community events, partnerships with key stakeholders, and public outreach through traditional and social media channels.

That is in addition to IBC’s ongoing consumer education and business and community outreach projects across Canada:

“Canadian families are working harder than ever.” Forgeron adds. “We want to help them spend those hard-earned dollars smarter when it comes to insurance. With a little more knowledge, people can often reduce their insurance costs and improve the protection for their most valuable possessions – their cars, homes and businesses.”

To find out more about how your home and auto insurance knowledge measures up, take our Insurance Literacy Quiz.

About IBC

Insurance Bureau of Canada is the national industry association representing Canada’s private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $40 billion.

To view media releases and information, visit the media section of IBC’s website at www.ibc.ca and for IBC on Twitter follow @insurancebureau.