Commercial Insurance

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.

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.