Continued action and collaboration will be key to tackling fraud and protecting Canadians
Last week, the Government of Canada released its Plan for a Stronger Canada. Following the plan’s release, Liam McGuinty, Vice-President, Federal Affairs, Insurance Bureau of Canada (IBC), issued the following statement:
“IBC commends the Government of Canada for its continued efforts to strengthen Canada’s security, resilience and prosperity through the updated National Security Strategy: Plan for a Stronger Canada.
“The strategy’s focus on combatting financial crime and fraud, enhancing public safety and strengthening Canada’s cyber resilience is commendable. Fraud continues to have a significant impact on Canadians. The property and casualty insurance industry estimates the costs of insurance fraud at $3 billion to $5 billion annually. These costs can place upward pressure on the cost of insurance for consumers, underscoring the importance of continued action and strong partnerships between all levels of government, law enforcement and the insurance industry to disrupt criminal activity and better protect Canadians.
“IBC is encouraged by the government’s commitment to work with partners to combat fraud, disrupt organized criminal activity and better protect Canadians. Fraud and organized crime are complex threats that require a coordinated national response, bringing together all levels of governments, law enforcement, the insurance industry and other private-sector partners. Continued support for improved information sharing and partnership will be critical to achieving meaningful results.
“IBC is particularly pleased to see the government reaffirm its commitment to combatting financial crime through the proposed creation of the Financial Crimes Agency. We look forward to the agency becoming operational following the passage of Bill C-29 and to working with government and enforcement partners to strengthen Canada’s efforts to combat financial crime in Canada.
“We also welcome the government’s commitment to strengthening cyber security and implementing the National Cyber Security Strategy. As cyber threats continue to evolve, and new technologies are emerging, improving the cyber resilience of individuals, businesses and critical infrastructure will be essential to protecting economic security and public confidence.
“IBC looks forward to continuing to work with the Government of Canada, law enforcement and other partners to advance efforts that combat fraud, strengthen cyber resilience and enhance public safety for Canadians.”
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