Institute for Catastrophic Loss Reduction

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. The Board includes up to nine members – between three and five members elected by members of the Institute; between one and three members appointed by the President of the University of Western Ontario; and the Executive Director. Directors are elected annually at the annual meeting of members.

The Board sets the strategic direction of the Institute; prioritizes issues to be addressed; builds consensus among the membership; represents the interests of the industry; ensures that the operations of the Institute are effective and efficient and guided by the Institute’s mission; and, evaluates, on a regular basis, the performance of the Executive Director.

The Board has established two Committees. The Insurance Advisory Committee was established in 2008 and provides a forum for the Institute’s senior researchers to work directly with insurance industry leaders to guide ICLR’s research and communications work. The Research Advisory Committee is presently inactive. It was established in 1999 to help the Board manage the allocation of $2.5 million in research funds provided to the Institute between 1999 and 2004. The Board has retainedresponsibility for audit, nominations and all other governance activities.

Board Guidelines set out how business is conducted by the Board. The Guidelines were prepared to assist all Directors, with a particular focus on new Directors, as they work to ensure that the Board is run effectively and that the interests of the membership are protected.

In January of each year, the Chair asks directors, via a questionnaire, to make comments as to whether the Board of Directors has fulfilled its objectives. Directors are asked to comment on the performance of the Board as a whole. The Chair summarizes the input of all directors on an anonymous basis and reports to the full Board of Directors at the May meeting. Time is set aside at that meeting for a discussion of Board performance. The questions raised are suggestions of the types of issues Directors may want to consider, however, Directors are encouraged to comment on any issue regarding Board of Directors performance.

Finally, the Board is continuously involved in strategic planning for the Institute. Each spring the Board reviews the Institute’s performance with respect to its finances, human resources, research and communications. In January 2010, the Board dedicated a full day to strategic planning, working to establish a new five-year strategic plan. Each fall the Board discusses and determines the plan and budget for the coming year, within the context of the established five-year strategy.