Topic
Associations
Regulatory risk on the rise, notes IBC CEO
November 1, 2013 Angela Stelmakowich, EditorThe events of 2013 have demonstrated the insurance industry in Canada is facing a significant tide of risks, including regulatory risks, Don Forgeron, president and CEO of the Insurance Bureau of Canada, noted at IBC’s 2013 Regulatory Affairs Symposium in…
IBC backs Ontario bill to require CO detectors in homes
October 29, 2013 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has thrown its support behind an Ontario bill that would make carbon monoxide detectors mandatory in homes across the province. Bill 77 expands the scope of the Fire Protection and Prevention Act, 1997 so…
New Brunswick Insurance Board to release auto premium guidance with increased minor injury cap
October 10, 2013 Greg Meckbach, Associate EditorAs the New Brunswick Insurance Board winds up a hearing on a new cap on minor injuries that took effect July 1, the Insurance Bureau of Canada is encouraging the board to let carriers base their private passenger vehicle rate…
New non-profit uses analytics on pooled company data to fight auto insurance fraud in Canada
October 4, 2013 by Canadian UnderwriterThe insurance industry has formed a new not-for-profit organization focused on using analytical tools to identify suspicious claims in the industry’s pooled data, to facilitate further investigation. Canadian National Insurance Crime Services, or CANATICS, will provide insurance companies with a…
B.C. earthquake drill event set for Oct. 17
October 2, 2013 by Canadian UnderwriterCanada’s largest earthquake preparedness drill is set for Oct. 17. As part of this year’s Great British Columbia ShakeOut, thousands of BCers will “drop, cover and hold on” as part of an earthquake drill, with other similar events taking place…
Alberta stakeholders say overhaul of residential property insurance needed
September 25, 2013 by Canadian UnderwriterChanges need to be made to the current property insurance product for it to be sustainable, especially in the wake of major flooding in Alberta, several industry participants agreed during a recent event held by the Insurance Brokers Association of…
Earthquake risk model coming for Canada, no flood model yet
September 24, 2013 Harmeet Singh, Online EditorNICC 2013 – Catastrophe modelling firm AIR Worldwide will be launching an earthquake risk model for Canada next year, after it conducted a major analysis for a study commissioned by the Insurance Bureau of Canada. In June 2014, the firm…
Fighting $600-million tab for auto theft demands co-operation: IBC
September 24, 2013 by Canadian UnderwriterChanging trends and the complexity of auto theft in the country, estimated to cost Canadians $600 million annually, demands the co-operation and involvement of many partners, notes a statement from the Insurance Bureau of Canada (IBC). On average, about 420…
P&C industry must start dialogue on major earthquake risk in Canada, IBC says
September 23, 2013 Harmeet Singh, Online EditorNICC 2013- A major earthquake is the most significant threat that the property and casualty insurance industry in Canada faces, and creating a dialogue with governments and consumers is critical for the industry’s continued solvency, the Insurance Bureau of Canada…
Alberta floods costliest insured natural disaster in Canadian history: IBC
September 23, 2013 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is reporting that insured property damage in the wake of the Alberta flooding this June is estimated to now exceed $1.7 billion, making the former the costliest insured natural disaster ever in Canada. For…
Ontario government announces plan to reduce auto insurance rates by 15% within two years
August 23, 2013 by Canadian UnderwriterThe Ontario government has announced the next steps in its plan that it says will reduce auto insurance rates by an average of 15%, a measure it included in this year’s budget. The government said Friday it’s aiming to make…
Preliminary insured loss estimate for July GTA floods at $850 million, setting new record for Ontario
August 14, 2013 by Canadian UnderwriterThe severe thunderstorm that caused intense rainfall and flash flooding in the Greater Toronto Area July 8 caused more than $850 million in insured property damage, setting a new record in Ontario history. “While these preliminary estimates are staggering, we…