Toronto, ON (Feb. 10, 2020) – Media headlines about increased commercial insurance premiums have grabbed the attention of many Canadians over the past few months. Commercial insurance is becoming challenging on a global level following years of significant losses. Insurance Bureau of Canada (IBC) is launching the National Commercial Insurance Task Force to examine how this is impacting Canadian companies and consumers.
National Commercial Task Force
The task force will bring together insurers, insurance brokers, local chambers of commerce, small businesses, trucking stakeholders, and risk experts to examine the impacts of the hardening global market and develop recommendations to help keep insurance affordable and available across the country. The task force will examine ways to help consumers mitigate risk and manage costs.
“We’ve heard from concerned parties across the country about challenges with finding affordable insurance and we want to know what can be done to overcome the problems,” said Don Forgeron, President and CEO, IBC. “We strongly believe that if all stakeholders work together, we can find solutions to control costs and, ultimately, improve insurance availability.”
The task force includes representatives from Canadian Condominium Institute, Canadian Trucking Alliance, Canadian Federation of Independent Business, Insurance Brokers Association of Canada, Risk and Insurance Management Society, IBC, the insurance industry and other stakeholders.
The task force will hold its inaugural meeting in Edmonton in February, followed by meetings in Vancouver, Halifax, Toronto and Montreal in the coming months. Its report providing recommendations is due this fall.
Condominium Action Plan
In Alberta, to further assist affected condominium corporations, IBC is developing a Condominium Action Plan that includes:
- Engaging a risk manager to assist condominium corporations find reasonable insurance;
- Providing education and information on insurance and the importance of risk management and loss prevention strategies for condominiums;
- Providing the government with best practices used in other jurisdictions;
- Engaging insurers, stakeholders and government to directly assist condominium corporations facing issues in the marketplace.
“The industry wants to work with all stakeholders to help condominium corporations find adequate and affordable insurance,” stated Forgeron. “The Condominium Action Plan is a multi-faceted approach that will help consumers directly, ensure everyone has the best up-to-date information available and promote the critical importance of risk mitigation and loss prevention in condominiums in Alberta and across the country.”
Learn more: How insurance for condominium corporations works.
Consumers who have questions or want to learn more about commercial insurance, risk management or factors that impact premiums can call 1-844-2ASK-IBC or visit ibc.ca.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 128,000 Canadians, pays $9.4 billion in taxes and has a total premium base of $59.6 billion.
For more information, visit www.ibc.ca.
Source: Insurance Bureau of Canada (IBC)Tags: Alberta, commercial lines, commercial property insurance, Insurance Bureau of Canada (IBC)