Insurance Brokers Association of Canada : Everything you need to know

Insurance Brokers Association of Canada: Everything you need to know

About the Insurance Brokers Association of Canada

The Insurance Brokers Association of Canada (IBAC) is a cooperative network of brokers’ associations in 10 Canadian provinces that represents the insurance-buying interests of Canadians to the federal government. Representing more than 38,000 insurance brokers across Canada, IBAC acts as the national voice of property and casualty brokers as well as advocating for insurance consumers.

On its website, IBAC provides consumer-facing resources on insurance coverage and the value of brokers, as well as outlining the process of becoming a broker for interested individuals. The association is involved in a number of initiatives that include the data exchange working group, the professional development of the broker workforce, and advocacy to maintain the separation of banking and insurance, as well as the Broker Identity Program (BIP), which is a national advertising campaign that raises awareness of the value that insurance brokers provide for their clients.

History of the Insurance Brokers Association of Canada

IBAC’s origins date back to the 1920s when many provinces already had brokers’ associations. However, some were intended for provincial general brokers while others embraced local brokers or those living and working in certain cities. Around this time, Jean-Charles d’Auteuil, secretary to the Québec Brokers Association, determined that these associations should be united into more cohesive units.

He travelled from coast to coast to rally brokers from fragmented associations around this cause and by doing so, he helped to establish the national organization known as the Canadian Federation of Insurance Agents and Brokers Associations. The first meeting of this association, which later took on its current name, was held in the Windsor Hotel in Montreal in January 1922.

According to IBAC, 12 associations were represented at the inaugural meeting and an additional seven sent letters of support. Today, IBAC is comprised of 11 member associations.

Leadership at the Insurance Brokers Association of Canada

Peter Braid was appointed CEO of IBAC in February 2017. Before joining IBAC, he served for seven years as a member of Parliament, representing the riding of Kitchener-Waterloo, and was appointed as parliamentary secretary for infrastructure and communities. Braid has a diverse background in government, public service, and private industry, and he has gained extensive experience in policy making and consensus building.

Under Braid’s leadership, IBAC has implemented an enhanced advocacy and public policy agenda, as well as a new national advertising program to support and promote insurance brokers. Braid holds a Bachelor of Arts in International Relations from the University of Toronto and completed the Not-for-Profit Governance Essentials Program at the Rotman School of Management.

Culture at the Insurance Brokers Association of Canada

Distracted driving not only has an emotional cost, but also a financial cost since auto insurance premiums can rise sharply if an individual is found to have been driving while distracted. IBAC has gotten involved in speaking out against this dangerous behaviour.

“Insurance is all about risk, and distracted driving is an extremely risky behaviour,” said IBAC’s Braid, commenting on the issues during National Safe Driving Week in December 2019. “That’s why insurance brokers [partnered] with the Canada Safety Council to raise awareness of the danger and encourage drivers to keep their eyes on the road. The stakes are high – death, injury, property damage, fines and rising insurance premiums. Whatever the distraction, it’s not worth the risk.”

IBAC released a resource outlining the various types of distraction as well as tips to avoid distraction behind the wheel that consumers could apply in their own lives and that brokers can refer their clients to.