IBC ASKS FOR CONSUMER IMPACT
By Adnews Staff
Canadians don't know much about car, home or business insurance and the Insurance Bureau of Canada wants to do something about that. Traditionally, the IBC uses radio ads to educate consumers about insurance, but next month it will hold a consumer forum to find out what they need so they can be more informed about insurance. "We need to listen to consumers to find out what way they think we need to go," said external relations manager Helena Moncrief. The IBC expects to increase advertising, use a simple message, have better targeted brochures and tap into new technology. A speakers' tour will help individuals know what questions to ask when they buy insurance. Advertising for the IBC is done in-house. According to a recent IBC survey, Canadians spend $18 billion a year on car, home and business insurance, but know little about it. About 72% of Canadians admit they know very little about property and casualty insurance, yet individually, their premium bills could amount to thousands of dollars a year. Thirty-nine per cent of Canadians don't know why insurance premiums vary from one policy to another, however, 81% understand that fraud has a major impact on the cost of insurance.