Okanagan-banner-image.jpg

IBABC Fact Sheet & Media Reference

 

MEDIA CONTACT Trudy Lancelynm ABC, Deputy Executive Director
604 606 8008,
FOUNDED 1918 under the name Vancouver Fire Insurance Agents Association
NUMBER OF MEMBERS IBABC represents 850 property and casualty (P&C) insurance brokerages that in turn employ more than 8,400 licensed brokers in approximately 140 B.C. communities.
MEMBERSHIP CRITERIA Membership in IBABC is voluntary and conditional upon receipt of annual membership dues paid annually to the association. Voting members of IBABC are P&C insurance brokerages, licensed in B.C. and privately owned, and their branch or affiliate offices. Non-voting members are licensed P&C brokerages that are outside the requirements for membership as determined by the board.
ASSOCIATION PURPOSE The Insurance Brokers Association of B.C. promotes its members as the premier distributors of insurance products and services in British Columbia. IBABC provides pre-licensing and continuing professional education for the general insurance brokers in B.C. and represents the interests of the public and its member brokers to government and to industry stakeholders.
ROLE OF A BROKER P&C insurance brokers are independent intermediaries who work in the interest of their clients, recommending coverage based on the client's stated needs, and helping clients manage their risk and ensure that their assets are adequately protected, now and for the future. As the link between insurance companies and customers, brokers extend to clients a duty of care that is well established in law, and meeting regulatory requirements for conduct, privacy and disclosure. Regulations require insurance brokers to have a P&C insurance licence, to maintain high professional and ethical standards, to stay current with new developments in the industry through continuing education, and to hold the interests of the customer paramount in all aspects of sales and services. Brokers are either "agents" or "salespersons" as defined by the Financial Institutions Act, Sec. 168.

P&C insurance brokers:

  • Provide personal property (home and auto), business, liability, marine, aircraft and other types of insurance to their clients
  • Recommend and implement clients' insurance coverages, premiums and methods of payment
  • Provide information on varying insurance policies, including risk coverages, limitations and other features
  • Work with clients to manage and reduce their risk
  • Respond to emergencies and assist clients with their claims

More about the services an insurance broker performs

More consumer information

IBABC EMPLOYEES 10
   
CHIEF STAFF EXCUTIVE Chuck Byrne, CIP, Executive Director/COO
Board & Staff
MORE HELPFUL LINKS Consumer tips, road safety, emergency planning, homeowner information and other topics related to insurance and risk managment.