COVID-19: Canadian home, auto and business insurance information

COVID-19 is altering the social and economic landscape of our country and our world.  In these uncertain and challenging times, we understand many Canadians will have questions related to their personal or business insurance. On this page you'll find answers to FAQs about insurance.

Updated: February 17, 2021

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Business Insurance

  • Canada's commercial insurance industry was challenged coming into 2020 from the following main contributing factors:
  • An extended period of weather-related claims that were both more severe and more frequent
  • Record low interest rates (affecting investment income) and capacity withdrawal in certain commercial product lines

The challenges affecting the availability of commercial insurance are global and the ongoing COVID-19 pandemic has compounded this issue.

Despite challenging market conditions, Canada's insurers are pulling together to find creative solutions to ensure Canadian businesses can access the insurance they need while also making sure commercial insurance remains affordable – even in a time of heightened uncertainty and risk.

Insurance Bureau of Canada (IBC) recently announced the launch of its Business Insurance Action Team (BIAT) to help to find viable insurance for small businesses in Ontario's hospitality sector – specifically restaurants, bars, pubs and banquet halls - amid the economic challenges the COVID-19 pandemic has created.

A recent analysis by Deloitte shows that the challenges affecting the availability of commercial insurance are global and that the ongoing COVID-19 pandemic has compounded this issue.

Commercial insurance is complex and specialized, which makes it important that you speak to your insurance representative if you have any questions or need clarification about your coverage.

IBC encourages small business owners facing challenges to visit businessinsurancehelp.ca or call the Business Insurance Helpline at 1-844-2ask-IBC.