CASH IN THE FURNACE
The Insurance Bureau of Canada (IBC) says the Insurance Corporation of British Columbia is on track to record a financial loss of $298 million for 2022. Vice president of IBC’s western and Pacific regions, Aaron Sutherland, called this update from the ICBC “incredibly disappointing” and said that taxpayers will likely face the brunt of this poor performance. Sutherland’s chief complaint with ICBC is that despite recent changes made by the insurer, such as the no-fault claims system designed to streamline processes and save money, the corporation continues to bleed financially. “After years of financial turmoil, the introduction of no-fault was supposed to help stabilize ICBC’s financial situation by eliminating the right to sue in most cases and introducing strict limits on the care and recovery benefits it provides. As a result, the first year of no-fault saw ICBC spend 30 percent less helping accident victims recover from their injuries. Despite this, ICBC is once again forecasting a financial loss,” he said.
A photo tweeted from Aaron Sutherland’s Twitter account alongside the IBC findings. “…And the financial dumpster fire is burning once again,” he wrote.
NEW NAMES
The Insurance Bureau of Canada (IBC) will have a new CEO and president effective Jan. 1 as Celyeste Power assumes the role. Power is currently the executive vice president of strategic initiatives and advocacy at IBC and will take over the helm from Don Forgeron, who will retire from his post at the end of 2022. Power is known to be an advocate for diversity, equity and inclusion and is an active member of the Insurance Supper Club Canada, which supports the advancement of women to senior positions across the insurance sector.
“I’m thrilled about the opportunity to lead one of Canada’s preeminent industry associations,” said Power. Heather Masterson, president and CEO of Travelers Canada, said the insurer was “pleased” with the announcement and that Power will bring “a wealth of experience” to the role.
