When Canada's property and casualty (P&C) insurance industry launched its National Commercial Insurance Task Force (Task Force) in January 2020, its initial focus was to help those businesses and organizations, such as condominium and strata corporations, struggling to find affordable insurance options in a hardening commercial insurance market. Then COVID-19 hit. All at once, many more businesses and organizations – restaurants, trucking carriers, non-profits – were hurting and asking to be heard.
In May 2021, the Task Force released a report outlining a suite of recommendations for improving the commercial insurance market in the short, medium and long term. In that report, IBC committed to issuing a progress update that would touch on its engagement with governments and stakeholders on commercial insurance challenges, progress on the implementation of the Task Force's recommendations, and identify any impacts on the availability and affordability of commercial insurance for businesses and organizations.