February 21, 2023 – In 2020, Insurance Bureau of Canada (IBC) launched the National Commercial Insurance Task Force (the “Task Force”) to address consumer concerns about the availability and affordability of commercial insurance due to the hard commercial insurance market.
In May 2021, the Task Force released a report outlining a suite of recommendations for improving the commercial insurance market in the short, medium and long term. In that report, IBC committed to issuing a progress update that would touch on its engagement with governments and stakeholders on commercial insurance challenges, progress on the implementation of the Task Force’s recommendations, and identify any impacts on the availability and affordability of commercial insurance for businesses and organizations.
