By Diane Suski CRM, CIP, CAIB
Executive Vice President
Nexus Canada Inc.
Ontario's Independent Insurance Brokers learned last week that Canada has emerged as a fundamentally strong global financial leader.
With Brokers from Sudbury, North Bay and Northern Ontario, among the 1500 brokers in Ontario represented at the 88'th Annual Convention of the Insurance Brokers Association of Ontario held in Toronto, Canada's financial strength was the underlying theme at the conclusion of a round table discussion.
Experts from Canada's leading Insurance Companies, which included Derek Iles, President, ING Canada, President and CEO Jean-Francois Blais of AXA Canada, George Cooke of Dominion of Canada insurance, and the President and CEO of Gore Mutual, Kevin McNeil, participated in a round table discussion to provide perspectives from Canada's leading insurance Companies on Canadian and World markets.
All confirmed the strength of their Companies as not only being well capitalized, but also expressed confidence in their financial health. Measures that have in part been a part of the financial institution of Canada and some to the credit of the federal Conservative Government in the last three years.
Each one of the CEO's were issuing a sigh of relief that they were part of the Canadian financial infrastructure, which is the envy of their European and American counterparts.
While the four company leaders debated many issues, and even contradicted each other on insurance related items of interest to the hundreds in attendance, they all agreed that Canada has just emerged as a fundamentally strong global financial leader.
These CEO's, who manage billions of dollars of assets, said that other Countries are now looking to Canada as a leader in their ability to provide strength in regulations and control of the financial market. All the eyes of the world are enviously studying the Canadian model.
Why? Doing business day to day requires diligence, control, and accountability that the Canadian Government insisted upon. For years the Canadian Government has insisted on blue chip investment income to support any policyholder premiums. The Government of Canada will not allow companies to deviate or compromise their customers for the sake of corporate empire building.
Furthermore, in the past, foreign companies fretted about the need adhere to strict regulatory requirements and ongoing compliance because it was onerous and required accountability. Some foreign companies chose to do their business elsewhere to escape the demands of federal regulation in Canada.
Consumers, including thousands in Sudbury and Northern Ontario, are benefitting from the legislative safeguards that the Federal Finance Minister instituted for our long-term survival and growth.
So today in during these turbulent economic times, it is a good news story that our government as financial gatekeeper has taken their role very seriously.
