Insurance Bureau of Canada Update

The Insurance Bureau of Canada (IBC) represents the Canadian property and casualty insurance market, including condominium and strata coverage. Severe weather events in recent years have led to significant insured damage, making Canada a riskier place to live and insure. Rising claims costs and low investment returns have caused a "hard" market, impacting insurance availability and affordability for consumers. In response, the IBC has set up a commercial insurance task force and collaborated with stakeholders, including the Canadian Condominium Institute (CCI), to provide information and resources to consumers and condominium communities.