Topic
Legislation / Regulation
Intact, Allstate disagree on whether accident victims “principally dependent” on policyholder
February 13, 2017 by Canadian UnderwriterThe Supreme Court of Canada will not hear an appeal over an arbitration ruling in an auto accident benefits priority dispute, where insurers disagreed on whether a claimant was “principally dependent” on the owner of a vehicle. Court records indicate…
CEOs “particularly” anxious about data breaches: PwC survey
February 13, 2017 by Canadian UnderwriterNearly one in four chief executive officers surveyed by PriceWaterhouseCoopers “strongly agree” that how their firms manage people’s data will “differentiate” their companies. “CEOs are particularly anxious that breaches in data security and ethics, and IT outages and disruptions could…
Personal, commercial drone market revenue expected to increase 34% to reach US$6 billion+ in 2017: Gartner
February 13, 2017 by Canadian UnderwriterProduction of drones for personal and commercial use is growing rapidly, with global market revenue expected to increase 34% to reach more than US$6 billion in 2017 and more than US$11.2 billion by 2020, according to a new forecast from…
Insurance Bureau calls on Ontario to implement file-and-use process for private passenger auto, allow e-signatures
February 7, 2017 by Canadian UnderwriterThe Ontario government should apply a file-and-use process for private passenger auto coverage, Insurance Bureau of Canada suggested in a paper released Monday. Auto insurers’ rate changes are subject to approval by the Financial Services Commission of Ontario. FSCO actuaries…
Self-driving car prototypes need less human help, data show
February 2, 2017 Justin Pritchard - THE ASSOCIATED PRESSLOS ANGELES – Self-driving car prototypes appear to be getting better at negotiating California streets and highways without a human backup driver intervening, according to data made public Wednesday by California transportation regulators. The data reflect safety-related incidents reported by…
Legalization of marijuana calls for ‘more thorough’ risk assessment from brokers: OIAA speaker
January 31, 2017 Greg Meckbach, Associate EditorThe legalization of marijuana for medicinal purposes is “creating a challenge” for claims adjusters and brokers alike, with a need for customized insurance policies for producers and for updating lease agreements, a speaker suggested at a conference Tuesday. “Possession of…
Soft and hard disruptors will vastly transform Canadian collision industry in next 10 years: CCIF speaker
January 27, 2017 Jason Contant, Online EditorThe Canadian collision industry will be “ripped apart beyond belief” in a decade by several disruptors, including connected autonomous vehicles and ridesharing, a speaker suggested Friday at the Canadian Collision Industry Forum (CCIF) meeting in Vaughan, Ont. Andrew King, managing…
Future CPP disability benefits not deductible from payments under Nova Scotia auto family protection endorsement: Supreme Court
January 27, 2017 by Canadian UnderwriterFuture disability benefits under the Canada Pension Plan are not deductible from auto insurers’ payments under the Nova Scotia family protection endorsement, the Supreme Court of Canada found in a ruling released Friday. Canada’s highest court restored a 2013 ruling,…
Insurance industry should consider opening up to loyalty marketing: Aite Group
January 27, 2017 by Canadian UnderwriterMultiple forces are clearing the way for insurers around the world to make cretive use of loyalty marketing techniques like rewards programs that have historically been the domain of credit cards, travel, lodging and retail, suggests a new Aite Group…
ICBC board finalizes terms of reference for independent review of insurance rates
January 26, 2017 by Canadian UnderwriterThe Insurance Corporation of British Columbia’s (ICBC) Board of Directors (BoD) has finalized the terms of reference for an independent review of the fairness and affordability of basic insurance rates in the province, with the idea being to limit future…
Manitoba to streamline farm building code requirements
January 25, 2017 by Canadian UnderwriterThe government of Manitoba announced on Wednesday that it is removing “unnecessary regulatory requirements” on the construction of farm buildings. Manitoba Agriculture Minister Ralph Eichler suggested in a statement that the removal of the regulations will support the long-term, sustainable…
Canadian non-life insurance market poised for 2017 profit recovery: Fitch
January 25, 2017 by Canadian UnderwriterThe Canadian non-life insurance industry is likely to return to an underwriting profit in 2017, according to Fitch Ratings’ new report on the Canadian non-life insurance market. Following a significant improvement in 2015 underwriting performance, the market in aggregate will…