Catastrophic Loss Reduction (ICLR).

Description

The Institute for Catastrophic Loss Reduction began operations in Toronto in January 1998 as an independent, not-for-profit research institute. Letters Patent were received in July 1999 and the Institute was incorporated in September 1999 under the Canada Corporations Act. Also in 1999 ICLR established a formal partnership with the University of Western Ontario, opening an office on campus in September 1999. Oversight of the Institute is the responsibility of a Board of Directors.

Trained as an economist, Paul Kovacs has 26 years of work experience in public policy formation. In 1977, he was an economic policy advisor to the Premier of Saskatchewan. In 1978, he joined the Economic Council of Canada, where he authored a number of publications identifying actions to reduce unemployment in Eastern Canada.

The Insurance Advisory Committee was established in late 2008 to provide a forum for ICLR’s senior researchers to work directly with leaders from the insurance industry. The Committee meets quarterly in Toronto or London. All of ICLR’s senior researchers attend Committee meetings, depending on the subject addressed. All ICLR member insurers are invited to send staff to Committee meetings and presently almost 80 percent chose to do so regularly. Most industry participation is from senior officials involved in underwriting or claims.

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