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IBABC Information & Media Reference
Media Contact
Sarah Polson, Communications Director
spolson@ibabc.org
604-606-8008
About IBABC
The Insurance Brokers Association of B.C. was founded in 1918 under the name Vancouver Fire Insurance Agents Association. The association serves as the voice of the general insurance brokerage industry and promotes its members as the premier distributors of insurance products and services in B.C.
IBABC represents over 870 property and casualty insurance brokerages that in turn employ more than 8,400 people in approximately 140 B.C. communities.
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.
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Role of a Broker
P&C insurance brokers are independent intermediaries serving as the link between insurance companies and customers. They 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. B
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.
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
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