Regulation plays an important role in achieving financial system safety and stability, but another key function is “to ensure that the financial sector does its job effectively and efficiently to support a healthy economy,” says Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC).
Speaking at IBC’s 19th Annual Financial Affairs Symposium in downtown Toronto Wednesday, Forgeron cited the critical need for insurers and regulators alike to ensure that the property and casualty insurance industry continues its historical role of promoting economic growth.
As part of its annual ranking of economic performance for 144 countries last year, the World Economic Forum (WEF) dropped Canada to 15th place, down from 9th position in 2009, and its lowest ranking since 2006, he said. “Among other things, WEF says Canada is underperforming in business innovation.”
Angela Stelmakowich – CANADIAN UNDERWRITER.CA – APRIL 22, 2015.
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