The Insurance Bureau of Canada (IBC) is aware of concerns related to rising insurance costs for certain lines of business, such as commercial condominium, commercial trucking and school boards. Consumers in other sectors may also experience similar challenges.
To address the concerns, IBC has created a National Commercial Insurance Task Force to examine the current commercial insurance availability and affordability concerns developing across Canada.
The Task Force is holding a series of roundtable discussions across Canada to learn about the challenges confronting business owners and operators, and to recommend solutions that consumers, insurers and insurance brokers, and government can implement. The discussions will inform the Task Force’s recommendations and final report, which will be released in late 2020.
VRCA member companies have an opportunity to share their concerns with IBC in two ways:
- Contribute to a written submission being considered by VRCA; or
- Attend an event hosted by IBC on March 17 at the Fairmont Waterfront Hotel.
VRCA member companies wishing to have their concerns included in a written submission being considered by VRCA should send details of those concerns to David Weir, Manager, Industry and Government Relations, no later than March 13.
If your company wishes to attend the March 17 event, please let us know and VRCA will arrange for you to be added to the invitation list.
Please note: IBC’s consultation is in relation to commercial insurance only and does not include auto insurance changes announced by the Insurance Corporation of B.C. (ICBC).