Insurance Bureau of Canada (IBC) is proud to welcome Celyeste Power as its new President and CEO. Power's appointment was announced in November of 2022, and her tenure officially began on January 1. Power is IBC's seventh president and the first woman to hold the association's top position.
"I am honoured to lead one of Canada's preeminent industry associations. I look forward to working closely with the IBC team and our members to advance public policy solutions to address some of the most urgent challenges facing Canadians. The property and casualty insurance industry plays a vital role in our society and I'm committed to sharing our story with governments, consumers and stakeholders across the country," said Power.
Power believes 2023 will be an exceptionally important year for the industry and has outlined a number of key areas of focus for IBC:
Improving Affordability of Auto Insurance
- IBC will address broken auto insurance systems across the country. Insurance, like so many other sectors, is not immune to the cost pressures associated with inflation, as evidenced by the increasing auto insurance claims costs insurers are currently seeing. The best way to keep auto insurance affordable is to reform systems across the country. This includes providing consumers with more choice in their auto insurance coverage and access to more care and treatment options if they are injured in a collision.
Adapting to Canada's Changing Climate
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IBC will keep advocating at all orders of government on the urgent need to adapt to, and better protect families and communities from, the changing climate. As climate disasters hit Canadians harder than ever before, it is clear we need to do more to build our resilience.
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Specifically, IBC will help the federal government make its commitment for a national flood insurance program a reality in 2023. The program will aim to offer more affordable insurance to all residents at high risk of overland flooding, including flooding caused by storm surge, through a public-private partnership. Once established, the program could be extended to address earthquake-related insurance gaps and other climate-related protection gaps that emerge in future.
Responding to Emerging Issues and an Evolving Regulatory Environment
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Inflation, labour shortages, global supply chain disruptions and a challenging reinsurance market are creating significant uncertainty in the insurance system. IBC will continue to educate consumers and stakeholders on the impacts these challenges have on the insurance industry, while working closely with regulators across the country on an evolving regulatory landscape.
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As well, IBC will continue to advocate for any changes required by the industry for the smooth implementation of the accounting, tax and capital changes arising from the new global accounting standard IFRS 17, effective January 1, 2023. Principles-based regulation will be critical given the challenges on the horizon. It will encourage insurer-led innovation that focuses on the best outcomes for consumers.
Fostering a Sustainable Commercial Insurance Market
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IBC is focused on working with all stakeholders to help create the conditions for a sustainable commercial insurance market -- one that remains a foundation for a strong economy and that encourages innovation and smart risk-taking in all economic sectors.
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Cyber risk posed by cyber attacks is a growing threat to businesses across the country. While cyber insurance is important for risk mitigation, it is only one tool in the toolbox. IBC will continue to convey to governments the urgent need to play a role in encouraging businesses to improve their cyber defences to manage and reduce the risk before cyber insurance is needed.
Prior to her appointment as President and CEO, Power served as IBC's Executive Vice-President, Strategic Initiatives and Advocacy, where she advanced the organization's national advocacy priorities through insightful, strategic management of issues affecting Canada's property and casualty insurance industry. Before that, she held progressively senior positions at IBC, developing strong relationships with the executive leadership team, IBC members, insurance stakeholders and consumers. Her previous IBC roles include National Corporate Spokesperson; Executive Director, Strategy and Member Engagement; Vice-President, Western; and Chief Strategy Officer.
Power is passionate about mentorship, diversity and inclusion. She is an active member of the Insurance Supper Club Canada, an organization that supports the advancement of women to senior positions across the insurance industry. She also recently completed a program with Women Get on Board.
