IBC’s new CEO outlines her priorities for 2023

Having officially assumed her responsibilities as president and chief executive officer of the Insurance Bureau of Canada (IBC) earlier this year, Celyeste Power has outlined her immediate priorities as leader of the group this 2023.

According to Power, 2023 will be an “exceptionally important year” for the industry.

“I am honoured to lead one of Canada’s preeminent industry associations,” the chief executive said in a statement. “I look forward to working closely with the IBC team and our members to advance public policy solutions to address some of the most urgent challenges facing Canadians. The property and casualty insurance industry plays a vital role in our society and I’m committed to sharing our story with governments, consumers and stakeholders across the country.”

For 2023, Power outlined the following key areas of focus for IBC to address:

Improving affordability of auto insurance – The bureau will address broken auto insurance systems across the country. Approaches to reform broken systems include providing customers with more choice in coverage and access to more care and treatment options.
Adapting to Canada’s change climate – IBC will continue to advocate at all orders of government on the urgent need to adapt to the changing climate. The bureau will also help the federal government make its commitment to a national flood insurance program a reality in 2023.
Responding to emerging issues and an evolving regulatory environment – IBC will continue to educate customers and stakeholders on the impacts of inflation, labour shortages, global supply disruptions, and the challenging reinsurance market. The body will also advocate for any changes required by the industry arising from the new global accounting standard IFRS 17.
Fostering a sustainable commercial insurance market – IBC is focused on cooperating with stakeholders to create the conditions for a sustainable commercial insurance market. The association will also continue to convey to governments the urgent need to play a role in encouraging businesses to improve their cyber defences.

Power’s action plan builds upon the concepts she discussed in a previous interview with Insurance Business.

Insurance Business recently featured the previous CEO of IBC, Don Forgeron, in a two-part Q&A feature. In those features, the former chief executive talks about his experiences as the leader of the industry association, and the importance of communication between insurers and the governments.