Fuelled by its many successes over the past 12 months, the Insurance Bureau of Canada is gearing up to meet many new challenges in the coming year.

At the annual general meeting today in Toronto, IBC Chairman George Cooke touched briefly on the events of September 11, and IBC’s role in developing some of the P&C insurance industry’s responses to the terrorist attacks.

“As the respected voice of Canada’s P&C insurance industry, IBC formed a special task force of insurer and reinsurer representatives to develop a short- term response to the potential shortage of terrorism catastrophe reinsurance next year,” said Cooke. “The task force has been working very hard and has been engaged in discussions with the federal government.

“The industry responded quickly and responsibly,” said George Anderson, President and CEO of IBC. “Industry leaders have worked remarkably well together through these difficult times.”

Anderson has outlined a number of prominent issues including auto insurance reform in Ontario, the rising costs of health care to insurers and their customers, and the regulatory burden on the P&C insurance industry.

“While our industry has perhaps been most vocal about the growing regulatory burden, all of the industries in the financial services sector share this concern,” Anderson said. “It’s time for the pendulum of regulation to begin to swing back towards balance and equilibrium – a priority item that will occupy much of our time next year.”

IBC’s priorities for 2002 will include: educating officials about the benefits to consumers by easing the heavy tax burden on insurance; launching a new national road safety campaign; and acting as a key contributor to the important effort to lessen the effects of natural disasters in communities across Canada.

Also at today’s annual general meeting, 17 individuals were elected to the IBC Board of Directors.