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Insurance bureau sets up task force to examine rising commercial premiums


Toronto, ON — The Insurance Bureau of Canada (IBC) has established a task force to examine how rising commercial premiums is impacting Canadian companies and consumers.

The National Commercial Task Force will bring together insurers, brokers, chambers of commerce, small businesses, trucking stakeholders and risk experts to examine the impacts of the hardening global market, IBC said Monday.

The task force will develop recommendations to help keep insurance affordable and available across the country.

It will also examine ways to help consumers mitigate risk and manage costs. The report is due this fall.

“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 of IBC.

“We strongly believe that if all stakeholders work together, we can find solutions to control costs and, ultimately, improve insurance availability.”

The Canadian Trucking Alliance is a key member of the task force, which will hold its inaugural meeting in Edmonton this month.

“The Canadian Trucking Alliance thanks and applauds IBC for taking leadership on this issue and establishing this process,” said CTA president Stephen Laskowski.

“This is an opportunity to explore with the insurance industry what changes the membership would like to see in the area of commercial insurance.”

In preparation for this process, CTA said, it has begun surveying its membership on potential areas for improvement they would like to see in commercial insurance.

IBC is the national industry association representing Canada’s private home, auto and business insurers.

 


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