February 15, 2005 by Canadian Underwriter
The Insurance Bureau of Canada (IBC) has set up a task force to address availability and affordability of commercial insurance in Atlantic Canada.
The “Atlantic Task Force” includes insurance industry and government representatives, as well as representatives of commercial and not-for-profit customer segments. IBC Atlantic region vice president Don Forgeron, who will chair the task force, says the group originates from a series of meetings the IBC held with stakeholders in the last half of 2004. “Many organizations are concerned about insurance matters and want to know what can be done to overcome the problem,” he says.
“Insurance costs have created a serious issue for services offered by our organizations,” adds Jamie Ferguson, CEO of Sport Nova Scotia and a task force member. “We can’t fix the problem in isolation so it’s great that all parties are making an effort to come together.”
Stephane Robichaud, Atlantic region vice president for the Canadian Federation of Independent Business (CFIB) says one important feature of the task force is that it will be working quickly, with a report expected by this summer. “We have been involved in this issue for three years and are looking forward to developing concrete and practical solutions for our members.
Other task force members include real estate, tourism, recreation and community service representatives, insurance regulators, insurers and a broker representative.