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The insurance industry rejected the provincial budget 2019-2020


Andrea Lubeck

22 March 2019 11:30

Eric Girard, the new Finance minister of Quebec | Photo : Denis Méthot

Nine months after the adoption of act 141, which has reformed the Law on the distribution of financial products and services and the introduction of the sale of insurance products through the Internet, the first budget of the government of the Coalition avenir Québec (CAQ) does not deal with the insurance industry.

The related measures closer to the industry are those that focus on SMES, including investments in their digital transformation. The ministry of Finance proposes to invest $ 65 million over five years to increase the adoption of artificial intelligence in business.

In addition, the government plans to invest 730 Million over five years to promote a ” better integration within communities and in the labour market of immigrants “. “These are to be used in the implementation of a new course custom to accompany immigrants and refugees throughout their integration process in québec society, including the labour market,” says the ministry.

The insurance industry is one of the sectors greatly affected by the shortage of labour. In its pre-budget submission, the Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ) has published a recommendation on the subject. The agency requested that a measure which has encouraged the integration of newcomers in the regions of Quebec is to be put in place to address this need.

Minister of Finance of Québec, Éric Girard has also worked over 25 years in the banking industry, notably as vice-president and treasurer of the National Bank.

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