IBAC stresses importance of brokers to Members of Parliament

The Insurance Brokers Association of Canada (IBAC) went to Parliament Hill on June 12 to emphasize the importance of more than 30,000 independent brokers across the country.
Members of Parliament and Senators met with 50 insurance brokers across the country, as brokers sought to build an awareness of the role they play in small communities and the importance of small business.
Brokers are the backbone of so many community endeavours across Canada, IBAC CEO Dan Danyluk said in a release. Not only do our members support charity and community events, but we also financially contribute to the viability of thousands of small communities from coast to coast.
IBAC presented to MPs and senators its recent findings in a socio-economic study the association conducts once every two years.
The study found that:
The average broker purchases 87% of his or her personal goods and services within their local community and approximately 90% within their home province.
The average brokerage firm purchases more than 88% of its goods and services within their local community.
Insurance brokers contribute more than 2.5 million volunteer hours annually
IBAC principals and employees will give 4% of their personal income to charity.
Ensuring brokers play a viable role in the ever globalizing financial services market is an important role for government to play, Danyluk said. When the Parliament of Canada passed bill C-37 this spring, they ensured that there continued to be a level playing field between the banks and small business when retailing insurance. We applaud the government of Canada for keeping a promise made to maintain the rules governing insurance retailing.