TORONTO, Jan. 8 /CNW/ - Most businesses have improved access to
commercial insurance at more affordable prices than at any time in the past 4
years, according to recent surveys conducted by Insurance Bureau of Canada
"We've been working hard with stakeholders over the last few years to
make insurance more accessible for businesses," said Don Forgeron, IBC's
Vice-President for Ontario. "These surveys show that industry efforts have
IBC conducted two surveys to gauge the experiences of commercial
insurance consumers when insuring their businesses. One survey measured the
experiences of commercial insurance consumers directly. The other survey
involved speaking to brokers that sell commercial insurance, so that the
change in their clients' insurance rates could be tracked over time.
In 2002, the insurance industry produced the lowest earnings on record,
leading to premium increases that created difficulties for many businesses and
non-profit groups. A lack of basic information about insurance among
commercial insurance consumers was seen as a major factor in the availability
problem. To better educate commercial insurance consumers, IBC worked with its
partners to develop workshops, seminars, and industry-specific guidelines on
risk management. The results of the surveys reflect the success of these
"Insurance consumers have spoken, and we've heard them," says Forgeron.
"Our survey shows us that for the most part commercial insurance consumers are
satisfied with the insurance products available to them, but their knowledge
is still incomplete. With tough economic times ahead we'll be working hard to
make sure consumers better understand their insurance needs."
In the past year, IBC has revamped sections of its website and is now
offering a free home inventory tool for individual consumers. In 2009, IBC
will build on that success with a website update focused on making it easier
for businesses to build their insurance knowledge, and the release of free
business inventory software geared to small business users.
Insurance Bureau of Canada is the national industry association
representing Canada's private home, car and business insurers. Its member
companies represent nearly 95% of the property and casualty (P&C) insurance
market in Canada. The P&C insurance industry employs over 110,000 Canadians,
pays more than $6 billion in taxes to the federal, provincial and municipal
governments, and has a total premium base of $38 billion.
To view news releases and information, visit the media section of IBC's
website at www.ibc.ca.
For further information:
For further information: James Geuzebroek, (416) 362-2031 ext. 4364