Sept. 22, 2022 — A NEW partnership announced this month could create Canada’s first-ever non-profit Indigenous-owned insurance company for Indigenous communities and businesses.
The First Nations Finance Authority has signed a memorandum of understanding with brokerage BFL Canada to test the feasibility of such a model.
“Access to insurability is a major barrier facing First Nations in their efforts to build healthy and prosperous communities,” said Ernie Daniels, president and CEO of the FNFA.
“Providing Indigenous communities with access to broad insurance coverage at affordable rates would be a major step forward on the path to economic reconciliation.”
Mr. Daniels met recently with BFL Canada president and CEO Barry Lorenzetti to begin the work.
“We are committed to being a part of this project which will establish a collaborative alternative risk transfer model that serves communities effectively, creates new jobs and careers, and develops new sources of revenue for Indigenous communities,” Mr. Lorenzetti said.
“This is how we begin to take action toward economic reconciliation within the insurance industry.
“First Nations leaders from across Turtle Island have come forward in support of the initiative.”
The proposed model is intended to improve the options that First Nations communities and organizations have in finding insurance for community-owned assets and economic development initiatives, and enhance the economic strength and well-being of their communities.
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