Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national trade association of non-government property and casualty (“P&C” or “non-life”) insurers, the private companies which insure the cars, homes and businesses of Canadians. Member insurance companies provide about 90 per cent of the non-government P&C insurance sold in Canada. Associate membership in IBC is available to other industry stakeholders.
A key component of IBC is the Investigative Services Division (which also operates as Insurance Crime Prevention Bureau). Other important elements of IBC are the Association of Canadian Insurers (ACI) and the Canadian Coalition Against Insurance Fraud.
IBC works with its members to improve communication with public and government, news media and other industry associations. IBC Investigative Services Division works in co-operation with insurers, law enforcement agencies, and the Canadian Coalition Against Insurance Fraud to detect and prevent insurance crime and to gather evidence in aid of prosecuting offenders and securing restitution.
IBC’s legal staff keep member companies informed of developments in case law and proposed federal, provincial and territorial legislation which could affect them.
More than 120 IBC member companies and groups of companies directly employ or contract services from the full-time equivalent of about 100,000 people coast to coast. With registered annual sales $18 billion, and controlling assets of more than $40 billion, the industry is a major component of the social and financial fabric of Canada. P&C insurers in Canada invest mainly in domestic government and corporate bonds and in preferred and common stocks. Return on these investments helps to reduce premiums.
Automobile insurance continues to be the largest single class of general insurance in Canada, and total premiums are greater than all other classes combined. Property insurance ranks second. Another category is liability insurance — protecting insured individuals and companies for legal liability to others for injury, death and/or damage to their property caused through or by the insured person’s or company’s actions. Liability insurance includes product liability, which protects the public for injury suffered from the use of goods and services. It also includes employers’ liability to employees.
IBC member companies write most kinds of insurance except life and surety (a few Bureau member companies sell a limited amount of sickness and accident insurance). The Canadian Life and Health Insurance Association Inc. (CLHIA) represents, as its name implies, life and health insurers. The Surety Association of Canada represents insurers who guarantee that their clients will perform an expressed obligation — such as completing a construction project on time.