IBC National Commercial Insurance Task Force Final Report

The Insurance Bureau of Canada (IBC) launched the National Commercial Insurance Task Force in January 2020 to address the challenges of finding affordable insurance options in a hardening commercial insurance market, particularly for businesses and organizations such as condominium and strata corporations. However, the task force's focus expanded when the COVID-19 pandemic hit, impacting various sectors such as restaurants, trucking carriers, and non-profits. The private insurance industry responded to the crisis by providing an unprecedented relief package of over $2.4 billion in personal and commercial insurance relief in 2020.

The task force comprised participants from affected sectors, governments, insurance companies, and other stakeholders. They engaged in in-person and virtual roundtable discussions, resulting in practical, regionalized, and sector-specific recommendations to alleviate challenges faced by commercial insurance consumers.

The report acknowledges the global trends and events influencing the challenges in Canada's commercial insurance market. It presents both short- and long-term solutions for the condominium, transportation, hospitality, and non-profit sectors. While this report is not the final solution, the P&C insurance industry, through IBC, plans to provide a follow-up report in a year, updating progress on the implementation of the recommendations and engaging with stakeholders regularly.

Additionally, IBC intends to collaborate with international counterparts, like the Insurance Council of Australia (ICA), to share efforts and success stories in addressing commercial insurance issues and reforms post-pandemic.