A new insurance association representing some of the largest commercial insurers from around the globe has been formed in Canada. The new Global Commercial Insurers Association (GCIA) has been established to provide a voice for foreign-owned commercial insurers operating in Canada, with founding members including giants such as
AIG,
Allianz Global Risks Insurance Company, CHUBB Insurance Company of Canada, Lloyds Underwriters and
Zurich Insurance company Ltd.
Together, the association accounts for 52% of all commercial insurance premiums in Canada.
The purpose of the association is to keep foreign-owned commercial insurance carriers informed of current regulatory developments and advocate on issues relevant to the commercial insurance industry.
“In many instances, member companies have a unique view of market and regulatory issues arising from the complex nature of the coverages that they write and their ownership,” says Patrick Lundy, chair of the newly formed Global Commercial Insurers Association. “The association’s work will complement the efforts of other industry associations for the betterment of our members, benefitting the property/casualty insurance industry and our clients.”
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