Over the past three years, the perfect storm of events conspired to prolong challenging conditions in the commercial insurance market. A global pandemic, record inflationary pressures, global instability, rising interest rates, the possibility of recession – the past few years have been unprecedented.
Insurance Bureau of Canada (IBC) and its members are here to help protect businesses from risks and find solutions to ensure commercial insurance remains affordable.
Since 2020, Insurance Bureau of Canada (IBC) has provided dedicated support to businesses across the country needing assistance navigating challenging commercial market conditions.
Recent data suggests that the commercial insurance market continues to stabilize. However, certain commercial insurance lines continue to face challenges from a number of complicating factors at play, including elevated inflation, rising interest rates, increasing reinsurance costs and persistent supply chain delays.
Without a doubt, the past four years has created unprecedented challenges for the entrepreneurs across the country that work every day to create jobs and drive the Canadian economy.
Considering the uncertainty that remains in the economy, IBC’s is committed to providing ongoing support to Canadian businesses in 2024.
IBC’s Business Insurance Helpline - 1-844-227-5422 - operates five days a week, and is staffed by trained insurance professionals who can provide support to help Canadian business owners navigate the commercial insurance market. It’s important to remember that your insurance representative or broker is the best resource for providing risk management advice. However, IBC will continue to be there for Canadian businesses needing assistance. We’re here to help!
News & Reports
Insurance Bureau of Canada (IBC) commissioned MNP LLP to conduct a review and jurisdictional scan of commercial truck driver training in various Canadian and international jurisdictions.
While premium rate increases across numerous commercial lines continue to stabilize or even decrease, commercial property insurance remains in challenging territory. Read the latest IBC commercial quarterly.
As cyber threats continue to evolve, businesses – particularly small and medium-sized enterprises – will need more education on cyber security, resilience and how to qualify for cyber insurance. Read the latest IBC report on the state of the Canadian cyber insurance market.
