Established in 1964, Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $40 billion, approximately half of which is derived from automobile insurance.
The private (non-government-owned) home, car and business insurance industry in Canada provides insurance protection for most homes, motor vehicles and commercial enterprises throughout the country.
General insurance underpins much of the country's economy by assuming part of the financial risk inherent in running a business, driving a car or owning a home. While the basic theory is simple - the premiums of many policyholders pay a proportion of the compensation to the unfortunate few who suffer insured losses - some of the practicalities of measuring risk fairly and paying claims promptly are quite complicated. It is surprising to many, for example, that insurers pay out more in claims than they collect in premiums.
The grades prepared by FUS are published within the insurance industry and offer pertinent data for statistical and rating purposes. They also serve for premium calculation and for determining the amount of risk that insurance companies are willing to assume in a given community. Those grades are promulgated to IBC insurance companies' members, non-members and to insurance brokers.
The Insurance Bureau of Canada has provided its full support to Fire Underwriters Survey program that insures that gradings assigned to communities across Canada reflect the adequacy of public water supplies, fire departments, fire service communications, fire safety codes and other aspects of a community's fire defenses that have a significant influence on minimizing damage once a fire has occurred.
