Association’s new president outlines priorities for 2023

The Insurance Bureau of Canada (IBC) has a new president, appointed to begin in the role at the start of this year, replacing outgoing president and CEO, Don Forgeron.

Celyeste Power, formerly IBC’s executive vice president of strategic initiatives and advocacy, is the association’s seventh president and the first woman to hold the position.

She made a statement January 31, outlining key areas of focus for the organization going forward. Calling 2023 an “exceptionally important year,” Power says she remains committed to sharing the property and casualty industry’s story with governments, consumer and stakeholders.

“IBC will address broken auto insurance systems across the country,” the association states. “The best way to keep auto insurance affordable is to reform systems across the country.” The statement goes on to say the IBC will also keep advocating at all levels of government for climate change adaptation.

It adds that the IBC will continue to help the federal government make its commitment to a national flood insurance program a reality in 2023. Once the public-private partnership is established, they add that this could be extended to address earthquake-related insurance gaps and other climate protection gaps that emerge in the future.

Inflation, labour shortages, global supply chain disruptions and a challenging reinsurance market, and their impacts on the industry will also be addressed with consumers and stakeholders, and commercial insurance will remain a focus. “Cyber risk posed by cyber attacks is a growing threat to businesses across the country,” they write. “IBC will continue to convey to governments the urgent need to play a role in encouraging businesses to improve their cyber defenses to manage and reduce the risk before cyber insurance is needed." 

Power’s progressive positions with the IBC, prior to her becoming president and CEO, included work as the association’s national corporate spokesperson, executive director and chief strategy officer.

“I am honoured to lead one of Canada’ preeminent industry associations. I look forward to working with the IBC team and our members to advance public policy solutions to address some of the most urgent challenges facing Canadians,” she states.