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Markets / Coverages
Tow truck drivers slow down Toronto commute to protest new auto insurance law
December 9, 2014 THE CANADIAN PRESSTORONTO – Tow truck drivers are slowing down the commute in the Toronto area today, as an estimated 1,500 of them head to Ontario’s legislature to protest a new auto insurance law. The drivers are making their way to Queen’s…
Auto insurance rate increase approved in Manitoba
December 5, 2014 THE CANADIAN PRESSWINNIPEG – Drivers in Manitoba are going to be paying more to insure their vehicles. The Public Utilities Board has approved a 3.4 per cent increase in compulsory premiumseffective March 1. The board says basic insurance has seen combined losses…
Options Abound
December 1, 2014 by Canadian UnderwriterThe year ahead for property and casualty insurance in Canada feels a bit like a mix of hard facts and wishful thinking. With change the only constant, is the market signalling how best to match opportunity and risk? Will the industry come up with a pleasing palette – satisfying to its customers – or do ongoing challenges threaten to produce a total mismatch?
New brokerage focused on telematics in Ontario, Alberta
November 27, 2014 by Canadian UnderwriterCalgary-based brokerage Godfrey-Morrow Insurance has launched InsureMy, a new brokerage and website focused particularly on auto insurance telematics products in Ontario and Alberta. InsureMy is currently set up to offer Intact’s telematics program to Ontario auto insurance customers. It is…
New privacy/network security product tailored for Canadian market
November 26, 2014 by Canadian UnderwriterAllied World North America has launched privacy and network security insurance specifically designed for small to mid-size companies in the Canadian market, the company announced Tuesday. “Privacy//101” is intended for small and medium-sized enterprises – such as law firms, healthcare facilities…
Swiss Re forecasts combined ratio of 100% for global non-life reinsurance industry in 2015
November 25, 2014 by Canadian UnderwriterThe global non-life reinsurance industry is expected to have a combined ratio of 90% this year and 100% in 2015, while underwriting standards in property & casualty insurance “will need to improve,” Swiss Re Ltd. stated in a report released…
Ontario’s Bill 15 a good first step, but claims costs must be reduced, insurer says
November 24, 2014 by Canadian UnderwriterAviva Canada said Monday it is pleased with the recent passage of Bill 15 in Ontario, which takes measures to reduce auto insurance fraud in the province, and has an overall goal of reducing average rates. “We are pleased that…
Small firms want ‘increasingly rapid responses to commercial insurance questions’
November 20, 2014 by Canadian UnderwriterInsurance buyers in small and mid-sized businesses are “comfortable” doing online research, but insurance carriers “rarely” offer online quoting for small businesses, Conning Inc. suggested in a report. In the report, titled The Small Business Sector for Property-Casualty Insurance: Market…
IBC, brokers pleased auto insurance bill passes in Ontario
November 20, 2014 by Canadian UnderwriterThe Insurance Bureau of Canada said Thursday it welcomed the news that the Ontario legislature has passed Bill 15, the Fighting Fraud and Reducing Automobile Insurance Rates Act. “It’s a great step and strikes a blow at those in the…
Ontario passes bill to cut auto insurance rates an average of 15%
November 20, 2014 Keith Leslie, THE CANADIAN PRESSTORONTO – The Ontario legislature passed a bill Thursday aimed at reducing car insurance premiums an average of 15 per cent by next August from where they were in the summer of 2013. The government said rates have fallen about…
Crash risk drops 40% for young drivers using telematics programs, U.K. provider says
November 18, 2014 by Canadian UnderwriterUsing a telematics program has cut collisions involving new drivers by 40% six months after passing their test versus the national average, Ingenie has reported based on an analysis of the drivers using the technology it provides. The United Kingdom-based…
Self-driving cars ‘a dangerous idea,’ say 65% of American drivers surveyed
November 17, 2014 by Canadian UnderwriterNearly two-thirds of drivers surveyed believe self-driving cars “are a dangerous idea,” while 61% are “likely to consider” safety features — such as parking assist and collision avoidance systems — on their next vehicle purchase, AutoTrader.com reported Monday. Atlanta-based Autotrader.com,…