IBC appoints new provincial executive

Insurance Bureau of Canada (IBC) has appointed Laurent Fafard as vice president of its Quebec region.

“Mr. Fafard will lead IBC’s activities in Quebec and will continue the work accomplished in government relations, notably by strengthening IBC’s links with its various contacts, in government and elsewhere, on behalf of property and casualty insurers,” IBC/Bureau d’assurance du Canada said in French and English language press releases.

Fafard has a rich professional background at the Montreal Port Authority, the Office of the Quebec Premier and various government departments, and the Chamber of Commerce of Metropolitan Montreal. Along with a firm specializing in public and government affairs, “Mr. Fafard exercised his skills in various fields, including public policy, government relations and economic development.”

A law graduate from Université de Montreal, Fafard is a member of the Quebec Bar. He also holds an MBA from business school HEC Montreal.

“I’m delighted to welcome Laurent to IBC where he will lead the industry’s efforts to advance solutions on a number of fronts, including the impact of severe weather, in Quebec,” says IBC president and CEO Celyeste Power. “I look forward to working with Laurent as we support the efforts of governments and regulators to build a stronger economy and a more competitive regulatory environment to benefit consumers in Quebec.

“We have important work ahead of us.”

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Last year was record-setting for the Canadian P&C insurance industry, with nearly $9 billion in insured damage claims. One of the largest events of the year was remnants of Hurricane Debby, which cost $2.7 billion in losses in Quebec.

Government backstops for flood and earthquake remain a key priority for the industry.

At the annual general meeting of the Property and Casualty Insurance Compensation Corporation (PACICC) last month, board chair Dave Oakden said one of the first orders of business with Canada’s new minority Liberal government would be to promote the establishment of a federal earthquake backstop program.

IBC also tried to establish a flood backstop before the federal election. The Liberal platform says it will “stand up Canada’s high-risk flood insurance program by April 2026 to support homeowners to reduce their exposure to future climate risk. We will expedite work with provinces, territories, and industry to finalize this low-cost program.”

Jason Contant

Jason has been an award-winning journalist with Canadian Underwriter for more than a decade, including the past three years as associate editor and, before that, as digital editor for seven years.