Canadian Underwriter

Legislation / Regulation

Shot of a motocross competition
News ClaimsInsuranceLegalLegislation / Regulation

Why this dirt bike in closed competition was considered an “automobile”

November 25, 2022 by David Gambrill

A dirt bike driven in a closed course motocross competition is an “automobile” under Ontario’s auto accident benefits scheme, thus paving the way for a seriously injured driver to claim auto accident benefits from his auto insurer, the Ontario Court

Rollercoaster of interest rates and inflation
News Earnings / RatingsInsuranceLegislation / RegulationMarkets / CoveragesRisk

How OSFI expects insurers to react to market volatility

November 18, 2022 by Jason Contant

Canada’s solvency regulator is acutely focused on the current macroeconomic environment and expects insurers to practice ‘capital conservation’ due to market volatility, a senior executive said at an industry event Thursday. The Office of the Superintendent of Financial Institutions (OSFI)

Car thief shining flashlight into the interior of a car
News ClaimsInsuranceLegalLegislation / RegulationRisk

Canada’s top-10 stolen cars

November 15, 2022 by David Gambrill

If there’s one supply chain Canada’s insurers would like to see disrupted, it’s the national, $1 billion business of auto theft rings supplying clients, unscrupulous dealers and chop shops with cars and auto parts. Of the $1 billion auto theft

A man holding a pen sits in front of a clipboard with an insurance policy and three toy cars lined up atop it.
News AnnouncementsBrokersInsuranceLegislation / Regulation

Insurer ordered to plan for switch to primary driver model

November 9, 2022 by Alyssa DiSabatino

Manitoba Public Insurance (MPI) must now develop a five-year plan to switch from its registered driver model to a primary driver model for auto insurance pricing — after previously stating such a switch would create large rate dislocation and require

Angry couple arguing about bad contract
News ClaimsClaims CanadaInsuranceLegislation / Regulation

Top consumer complaints about Ontario’s P&C industry

November 3, 2022 by Jason Contant

Claims and settlement issues are the top public complaints in the regulated P&C and auto insurance sectors in Ontario, according to Financial Services Regulatory Authority of Ontario’s (FSRA) complaints report for the 2021-22 fiscal year. “The most common examples of

Colourful stars with the word 'incentives' on a chalkboard background
News AssociationsBrokersInsuranceLegislation / Regulation

Brokers and insurers query regulators on proposed incentives guidance

October 25, 2022 by Jason Contant

National associations representing Canadian P&C brokers and insurers are seeking clarification and amendments to proposed regulatory guidance on incentives management, particularly around the costs of incentives within different distribution models. In particular, both Insurance Brokers Association of Canada (IBAC) and

Concept of blocking a cyberattack
News InsuranceLegislation / RegulationMarkets / CoveragesProductsRiskTechnology

Predictions for regulation in cyber market

October 14, 2022 by Alyssa DiSabatino

Regulators and governments can work with the insurance industry to develop the cyber product through data sharing and consumer education, said Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar.  “We think governments and regulators

Woman at home complaining about a bill on the phone
News ClaimsInsuranceLegislation / Regulation

Public complaints about insurers in decline

October 13, 2022 by David Gambrill

It’s getting less ornery out there, if the number of public complaints against insurers is a reliable measuring stick. The General Insurance OmbudService (GIO) received 4,370 contacts from insurance consumers across the country in 2022, with 174 of them escalated

Tanker truck moving across Alberta
News AssociationsClaimsCommercial LinesInsuranceLegislation / RegulationMarkets / Coverages

How new truckers can get a better ‘insurance experience’

October 13, 2022 Philip Porado

To reduce claims rates for Alberta-based trucking companies, and loss ratios for commercial trucking insurers, an Insurance Bureau of Canada (IBC) executive said training regimens aimed at improving the quality of drivers entering the sector needs to improve. At 120

Business and technology concept. Communication network.
News BrokersInsuranceLegalLegislation / RegulationReinsuranceRisk

OSFI’s third-party guidance to include insurer-broker contracts

October 12, 2022 by David Gambrill

Canada’s solvency regulator is preparing guidance that legal experts say will shift the scope of the regulator’s concerns about outsourcing data and technology to a much broader inquiry about insurers’ arrangements with third parties generally — including with broker partners.

Montreal skyline from the Lachine Canal
News AssociationsClaimsClaims CanadaCommercial LinesInsuranceLegislation / RegulationMarkets / Coverages

Condo association calls for changes to help corporations recoup losses 

October 11, 2022 by Jason Contant

Quebec’s association representing condo corporations is reiterating a call on the newly re-elected provincial government to amend the Civil Code of Quebec to allow condo corporations to better recover losses from co-owners.  Currently, condo corporations (called syndicates in Quebec) are

Raging river following flood
News AdjustersClaimsClaims CanadaClimate ChangeInsuranceLegalLegislation / Regulation

GRC policy includes increased compliance costs for rebuild, court rules

October 5, 2022 by David Gambrill

Guaranteed replacement cost (GRC) coverage for rebuilding a flooded home in an area regulated by a conservation authority includes the increased regulatory compliance costs required for the rebuild, Ontario’s Superior Court has ruled in Emond v. Trillium Mutual Insurance Company.