Insurance Bureau of Canada was created in 1964 at the suggestion of the Superintendent of Insurance for Canada, who was concerned that poor underwriting practices, caused by inadequate information, were threatening the ability of insurers to meet claims liabilities. Since then, IBC has addressed that concern by providing insurance information to consumers and businesses, and (until 1998) by collecting and analysing statistics for member companies and as contracted by government agencies. More recently, IBC has worked with government and industry to enhance the role of property and casualty insurance in Canada, notably through its five regional offices; a Policy Development Division, established in 1992; and, beginning in 1995, an office in Ottawa.
Before 1964, there had been two major insurer organisations, the All Canada Insurance Federation (which looked after legal matters, legislative monitoring and public relations) and the Canadian Underwriters Association (which collected statistics, developed commercial rating plans and prepared policy forms). These functions were consolidated in IBC until 1998, when IBC’s Statistical Services Division moved to the newly founded Insurance Information Centre of Canada, along with the Vehicle Information Centre of Canada, and the information and systems technology sections of both the Insurance Crime Prevention Bureau and Facility Association.
Also in 1998, IBC joined forces with the much older Insurance Crime Prevention Bureau. ICPB was founded in 1923, under the auspices of the Canadian Fire Underwriters Association in Montreal, as the Investigation and Loss Information Bureau, serving Quebec and Ontario. In 1926 it acquired a national mandate as the Fire Underwriters’ Investigation and Loss Information Bureau. On its fiftieth anniversary, after a variety of mergers and name changes, the organisation became the Insurance Crime Prevention Bureau in 1973, a name it retained until 2001, when it became the Investigative Services Division of Insurance Bureau of Canada.