who we are and our role

For well over a century, hundreds of competing property and casualty insurance companies in Canada have honoured millions of claims - amounting to billions of dollars - promptly, and in full.

Insurance company failures, although rare, can and do occur. That's why Canada's property and casualty (P&C) insurance companies fund a special program, approved by government regulators, to protect policyholders and claimants.

In the unlikely event of the collapse of a P&C insurer in Canada, the industry-funded, non-profit Property and Casualty Insurance Compensation Corporation (PACICC) will respond to claims of policyholders under most policies issued by P&C insurance companies. You don't need to apply for protection; it is extended automatically to eligible policies.

Members of PACICC are the private companies which insure the homes, cars and other property of Canadians. Since April 1998, they have been contributing to a fund which at the end of three years will be sufficient to cover the early cash flow requirements of an insolvent insurer.