Absorbing the shocks along the road to sustained economic growth
Commercial insurance acts as the bedrock of the Canadian economy.
Insurers protect the economic system from failure by assuming some of the risks inherent in producing goods and services. This transfer of risk frees insured companies from the fear that an accident or mistake could lead to large financial losses or even financial ruin.
There are approximately 1.3 million businesses in Canada. All have one thing in common: Without adequate insurance coverage, each could be wiped out by a disaster or significant lawsuit.
Over the past few years, the P&C insurance industry has been confronted with the dual challenge of a hard global commercial market and the COVID-19 pandemic. Now that the pandemic has largely abated, uncertainty remains as new cost pressures arise, including sustained inflation, supply chain disruptions, labour shortages and growing reinsurance costs. Some lines of business – including cyber and property – will face continued challenges in 2023.
IBC is a leading voice and trusted source to governments and stakeholders on all issues relating to the commercial insurance market. Throughout these challenging times, IBC will remain steadfast in its commitment to be transparent about market conditions, and in its commitment to assist insurance customers.
IBC offers many resources for individuals and businesses looking for ways to reduce their risk. This includes a dedicated business insurance website with up-to-date quarterly reports on market conditions and industry specific and general risk management resources.
IBC continues to offer free business risk management services for businesses and organizations across Canada. This service is available to any Canadian business and provides general information on managing business risk at no cost.
Even before the hard market conditions emerged over the past few years, IBC has been working with stakeholders in challenged sectors to address commercial insurance issues.
IBC has put forth recommendations to governments across Canada, in consort with stakeholder groups that, if implemented, would improve the risk factors that have long lingered for these sectors.
Another priority for IBC is to educate and help protect Canadian businesses against the growing threat of cyber-related crimes. IBC sponsors the cyber education efforts of the Canadian Federation of Independent Business (CFIB), through financial support of CFIB’s Business Advisor helpline.
Lastly, as new challenges emerge for personal and commercial property insurance, IBC will continue to educate the public and government about global challenges – including the impact of natural disasters – that are having a severe impact on how these polices are being assessed and priced.
Explore our Work
National Commercial Insurance Progress Report – 2023
Read the National Commercial Insurance Task Force report outlining comprehensive recommendations for improving the commercial insurance market in the short, medium and long term.
State of the Canadian Commercial Property & Casualty Insurance Market
Read Deloitte’s report on the current state and future prospects of the P&C insurance industry. In addition to research on key trends and analysis of industry performance, we spoke with a panel of industry experts to get their perspectives on the challenges and opportunities facing the industry.
Commercial Trucking Recommendations
The commercial trucking sector in Canada is facing a tsunami of converging issues that, if not addressed, will threaten the stability of Canada’s supply chain. Read more about how we’re helping tackle these issues to affect long term change.
Business Insurance Help
We’re working together with our members to help protect businesses from risks and find solutions to help ensure commercial insurance remains affordable. Learn how we’re here to help your business.
Be Cyber Savvy at Work
As cyber threats increase and criminals become more sophisticated, it’s more important than ever for businesses to be proactive. Are Canadians staying cyber safe at work? Check out our new Cyber Savvy Report Card.
IBC’s Risk Manager
We’ve worked with our members to implement an action plan that supports commercial clients and business owners during challenging times. A key part of this plan includes a risk manager service that will work with you, at no charge, to help find a path to available and affordable insurance in the current economic climate.
Providing lifeline for hospitality sectorAug 21, 2023 | Written by BY: ROB DE PRUIS, NATIONAL DIRECTOR, CONSUMER & INDUSTRY RELATIONS, INSURANCE BUREAU OF CANADA (IBC)
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34% SMB employees get mandatory cyber trainingSep 22, 2022 | NATIONAL
Small businesses vulnerable to cyber attacks.Oct 5, 2021 | NATIONAL
Business Insurance Action Team reaches new milestoneOct 1, 2021 | ON
Insurers support small businesses with Business Insurance Action TeamNov 23, 2020 | ON