Daily News

UBI will not realize full potential until regulatory constraints are removed, telematics conference hears

Usage-based insurance (UBI) is failing to gain traction in Canada because of the country’s regulatory regime, suggested Colin Wright, principal of Corner Two Consulting, during a presentation at the Insurance Telematics Canada 2015...
Apr 24, 2015 3:52PM

Ontario 'will remove excessive costs' from auto insurance with reforms announced in budget: Insurance Bureau of Canada

The Insurance Bureau of Canada has 'welcomed' the auto insurance changes Ontario Finance Minister Charles Sousa proposed Thursday in his budget document for 2015-16, while Unica Insurance Inc. is pleased the ruling Liberals plan to require...
Apr 24, 2015 3:19PM

Q1 insurance premiums up 1.4%, investment income down 5.9% for Chubb

The Chubb Corp. released Thursday its financial results for the three months ending March 31, reporting a 9.5-point improvement in its personal-auto combined ratio, a 1.4% increase in overall premiums and a 5.9% drop in investment income.
Apr 24, 2015 2:55PM

6.1 magnitude earthquake hits British Columbia's north coast, no tsunami

QUEEN CHARLOTTE CITY, B.C. - Billy Yovanovich was about to rise from bed when his house started trembling from a powerful earthquake on British Columbia's north coast.
Apr 24, 2015 12:28PM

U.S. bill would encourage firms to share information about cyber attacks

WASHINGTON - The House passed a bill Thursday encouraging private companies to share information about cyberattacks with federal authorities in an attempt to combat the growing problem.
Apr 24, 2015 12:20PM

Ontario to create administrative bodies for mandatory workplace pension plan, condo manager licensing

The Ontario government has yet to decide on key details of its mandatory pension plan, which is opposed by the Insurance Brokers Association of Ontario, but the ruling Liberals confirmed Thursday they are setting up an organization to...
Apr 24, 2015 10:36AM

Insurers offering UBI must consider outsourcing risks: Quebec's AMF

Insurers providing usage-based insurance (UBI) in Quebec are advised that they must manage not only their own risks, but also those associated with outsourced activity, Julien Reid, senior director of financial institutions oversight and...
Apr 24, 2015 9:24AM

Ontario to reduce mandatory auto accident benefits, update catastrophic impairment definition

The Ontario government does not plan to mandate further cuts in private passenger auto premiums, but the ruling Liberals do plan to change the Insurance Act to reduce the total mandatory coverage, in the standard auto policy, for medical and...
Apr 23, 2015 4:19PM

Closing protection gap offers opportunity for insurance industry: Swiss Re

The global insurance industry has an opportunity to provide solutions and products in light of the considerable protection gap – the difference between economic and insured losses from natural catastrophes – that currently exists...
Apr 23, 2015 3:42PM

Water levels on St. John River expected to exceed flood stage

New Brunswick’s Department of Public Safety is warning that four water levels on the St. John River are forecast to exceed flood stage today and tomorrow.
Apr 23, 2015 3:20PM

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