TORONTO, May 2 /CNW/ - As a long-time advocate for insurance modernization and harmonization in Canada, IBC is pleased the Governments of British Columbia and Alberta are proposing positive changes to their Insurance Acts. Last Wednesday, both governments jointly introduced harmonized amendments to their insurance Acts. IBC will be reviewing the proposed amendments, and will be working with government to identify the most effective way to implement changes. "IBC applauds the governments of British Columbia and Alberta for making long-awaited changes," said Lindsay Olson, V.P. British Columbia, Saskatchewan& Manitoba, IBC. "However, we are concerned that the proposed amendments lack certainty and clarity with regard to fire-following earthquake coverage, thereby inhibiting insurers ability to offer consumers the best coverage possible." IBC made extensive submissions to the B.C. government during consultations to ensure B.C. residents would have access to the best earthquake coverage possible. Currently, any changes that could allow insurers to offer a clear and unambiguous earthquake insurance product would have to be allowed by regulations, leaving homeowners vulnerable. We will continue to work with the government to ensure that these regulations provide clarity for consumers, not only at the time of sale, but also as claims are settled. This is in keeping with the property and casualty insurance industry's commitment to remain at the forefront of consumer protection. Each year in Canada, $21 billion in claims are paid out to those affected by losses, helping Canadians rebuild lives and communities. Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent nearly 95% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 104,000 Canadians, pays more than $6 billion in taxes to the federal and provincial governments, and has a total premium base of $35 billion. To view news releases and information, visit the media section of IBC's website at www.ibc.ca.