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Aviva Purchases RBC Insurance—Advocacy Outreach
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message from the IBAA CEO

From the CEO's Desk

Important information from my desk to yours, February 2, 2016.



George Hodgson
George Hodgson
Ph. 800.318.0197, ex. 194
ghodgson@ibaa.ca

Aviva Purchases RBC Insurance—Advocacy Outreach
The recent announcement that Aviva Canada purchased Royal Bank of Canada’s property and casualty business has created a lot of buzz in the industry. I have fielded a number of phone calls and emails from members regarding this matter. Discussion of this issue has also taken place with Aviva senior management and the CEOs of IBAC and the other provincial associations. IBAA is committed to continuing these discussions.

While this purchase is a little disconcerting in light of Aviva’s recent launch of its similarly branded direct line, Aviva has assured me that the RBC purchase has nothing to do with Aviva Direct. We have as yet no additional details such as pricing and distribution decisions to share regarding this announcement.

At this point, we are seeking information and doing all we can to ensure that communication channels remain open. If you have information to share, questions to ask, or concerns to air about this issue, please email them to me. If concerns arise, IBAA, as an association that represents more than 5300 insurance brokers, can give power to your voice. As we gather member feedback, we will pass it on to Aviva as appropriate and, as more information from Aviva becomes available, we will share it with you, our members.

Will this acquisition influence the banking industry’s position on and lobbying about the Federal Bank Act (up for review in 2017)? We continue to have strong, effective advocacy efforts that ensure we can react appropriately if so. In June of 2015 we met with Alberta Members of Parliament during IBAC’s Hill Day and will do so again this year. Some preliminary meetings have already been held with various ministries, including the Department of Finance in the new government in Ottawa. We have also held meetings at the provincial level and discussed the similar issue of insurance sold from credit unions (among other issues) with members from the Provincial Legislature in Edmonton.

IBAA will continue to keep on top of this development and report back to you.

Thank you,

George Hodgson

Please email me your questions, concerns, and information about Aviva’s purchase of RBC Insurance at ghogson@ibaa.ca.




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