By: Don Forgeron
President and CEO
Insurance Bureau of Canada
It’s been said that times of crisis don’t change who we are – they reveal who we are.
In the face of challenge, Canada’s insurers have stepped up during the COVID-19 pandemic. The industry has taken swift action to help Canadians endure this ongoing period of uncertainty.
CONSUMER AND COMMERCIAL RELIEF
From the start, the insurance industry moved quickly to provide relief to consumers and commercial clients alike. Canadian insurers have already passed on more than $2 billion in savings – and that number will continue to grow over the coming months.
These is meaningful relief at a time when every dollar counts.
Insurers also immediately introduced flexible payment options for Canadians who have faced financial hardship due to the economic impact of COVID-19.
HELPING SMALL BUSINESSES
The COVID-19 pandemic has brought challenge and anxiety to small business owners – from coast to coast and in our own neighbourhoods.
These business owners have all been forced to adapt, perhaps none more so than those in the hospitality sector.
Canada’s insurers have put a priority on helping small businesses make it through this unprecedented moment.
In November, our industry came together in a spirit of cooperation to create a new Business Insurance Action Team. Every day, this team helps small business owners find the insurance they need to continue operating.
On its own, this collaborative effort won’t entirely lift the burden on small businesses across the country. But it can help make it possible for business owners to carry on.
Together through the Insurance Bureau of Canada, the industry has also expanded its roster of risk managers – experts in helping commercial clients access essential information and insight, so they can secure affordable insurance.
Any Canadian business can be connected with a risk manager through the IBC helpline. These trained professionals can answer pressing questions and offer risk management advice that is tailored to your specific needs and situation.
These new initiatives build on the spirt of IBC’s National Task Force of Commercial Insurance – which was launched before the pandemic but continues its work and has already provided a range of potential solutions for commercial clients.
THE MONTHS AHEAD
These are challenging times for all of us. As we enter a new year, we can see an end to the COVID-19 pandemic – but we also see the long months of difficulty that await us.
Canada’s insurers will continue to do their part.
To small business and commercial clients, our message in these hard times is clear: We are here for you. Our risk managers and our Business Insurance Action Team stand ready to assist. You can visit www.businessinsurancehelp.ca for more information, or call us at 1-844-2ask-IBC (1-844-227-5422).
It has been a stressful time for many – an anxious period for most.
Working together, we can endure the remainder of this crisis and eventually celebrate a return to normal.
For more information on the Insurance Bureau of Canada, visit ibc.ca.