Topic
Claims
Length of car rental for collision claims keeps getting higher
January 31, 2023 by Alyssa DiSabatinoAuto insurers can expect their policyholders’ average length of rental (LOR) for collision-related claims to reach 17.1 days — an increase of 4.3 days from the prior year and 0.6 days from Q3, Enterprise’s 2022 Q4 data shows. “While the…
Claimant can’t resume auto AB payments after 13 months on the job
January 30, 2023 by David GambrillA New Brunswick woman injured in an auto accident is not entitled to resume her accident benefits payments 13 months after returning to work, the province’s top court has ruled. New Brunswick’s Court of Appeal sided with her auto insurer,…
Is inflation affecting how policyholders drive?
January 30, 2023 by Alyssa DiSabatinoInsurers had predicted consumer driving habits would return to pre-pandemic levels during 2022, or 2023 at the latest, but inflation may be throwing a wrench in those forecasts, said a recent industry survey. Almost half (48%) of Canadians have made…
Meteorologist explains why future NatCat claims won’t get any better
January 27, 2023 by Alyssa DiSabatinoAs the climate warms, even predictable weather patterns — like El Niño and La Niña, which are affected by rising sea temperatures — are changing alongside the climate, a weather expert warns. And that could mean more frequent and severe…
Borrowing cars and implied consent: When ‘No’ doesn’t mean ‘No.’
January 27, 2023 by David GambrillIf a friend asks you to borrow your rental car, sometimes saying ‘No’ doesn’t actually mean ‘No.’ An auto repair shop owner in Ontario was held vicariously liable last Wednesday for an auto accident injury caused after his friend, who…
Why 2022 industry results could be one for the record books
January 27, 2023 by Jason ContantHistorically good underwriting combined with historically bad investment results have made the Canadian P&C industry’s 2022 Q3 financial results unique, per the latest quarterly report from the Property and Casualty Insurance Compensation Corporation (PACICC). The decline in investment returns is…
Does your client need D&O or an ancillary coverage?
January 26, 2023 Philip PoradoWhile directors and officers (D&O) insurance is designed to cover individuals and corporate assets on the broadest threat level, certain exposures may require separate, dedicated policies focused on specific risks. When claim scenarios are investigated, it may become clear a…
Southern Ontario digging out after winter storm, snow still falling in eastern parts
January 26, 2023 The Canadian PressMuch of southern Ontario is cleaning up from a major winter storm, while snow remains in the forecast for parts of eastern Ontario. Ottawa and much of eastern Ontario have been under snowfall warnings, though Environment Canada has now ended…
Automotive products manufacturer hit by cybersecurity incident at three factories
January 24, 2023 The Canadian PressTORONTO – Exco Technologies Ltd. says three of its factories have been hit by what it is calling a cybersecurity incident. The company says it has taken steps to secure its systems and mitigate the impact to the company’s data…
Insurer wins third-party liability claim against road-rager
January 24, 2023 by David GambrillAn insurer successfully brought a third-party liability claim against a road-rager who was found to be 50% responsible for an accident between two other vehicles as a result of his threatening actions. The insurers were not named in the Court…
How the recession will affect personal lines
January 24, 2023 by Alyssa DiSabatinoAn impending recession could mean unaffordability for personal lines policyholders who make up almost half (49%) of the industry’s direct property premiums, an expert at the Insurance Institute of Canada’s Industry Trends & Predictions: 2023 webinar said. Insurers will need to…
Claims denials on their way down, regulator reports
January 23, 2023 by David GambrillClaims denial ratios for the stressed business lines of aircraft, liability and marine — which spiked during the pandemic in 2020 — are starting to return to their pre-pandemic levels, according to the Canadian Council of Insurance Regulators (CCIR). “For…