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Markets / Coverages
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,…
Towing firms propose changes to Ontario auto insurance fraud bill
November 13, 2014 by Canadian UnderwriterThe Ontario government is currently working on an omnibus bill intended to reduce auto insurance claims costs, but an executive from one insurer warns of “unintended consequences” if tow trucks are defined as commercial vehicles under provincial law while a…
Combined ratio down 9.6 points, net income more than quadruples for Intact Financial
November 5, 2014 by Canadian UnderwriterIntact Financial Corp. released Wednesday its financial results for the three months ending Sept. 30, reporting a 9.6-point improvement in its combined ratio and a 53.7% drop in Q3 catastrophe losses, while net income improved 330%. Toronto-based Intact also said…
U.S. commercial P&C pricing continued to stabilize in 2014 Q3: survey
October 30, 2014 by Canadian UnderwriterThe commercial property/casualty market in the United States appeared to stabilize in 2014 Q3, with negligible price increases overall, note the results of a new survey released Wednesday by the Council of Insurance Agents & Brokers (CIAB). On average, small,…
Ontario PC Party wants more time to consider auto insurance reform bill
October 29, 2014 by Canadian UnderwriterOntario’s ruling Liberals are trying to pass an omnibus bill intended to reduce auto insurance claims costs, but Progressive Conservative politicians suggested this week that a time allocation motion on Bill 15 will limit opportunity for input from stakeholders such…
Home insurance policy changes made it a ‘tough year’ for brokers: insurer CEOs
October 24, 2014 Greg Meckbach, Associate EditorChanges to Canadian home insurance policies after billions in water-related losses in 2013 are “tough” on the brokers who have to explain these changes to consumers, but brokers can “outshine any other distribution system” by advising customers on how they…
Usage-based insurance take-up in Quebec not a real success to date
October 24, 2014 Angela Stelmakowich, EditorOTTAWA – Quebec is not being as aggressive as Ontario with regard to telematics since the take-up for auto usage-based insurance (UBI) products has been lackluster to date, Guy Parent, general manager of Le Regroupement des cabinets de courtage d’assurances…
October hurricanes unlikely to challenge soft pricing: Fitch
October 21, 2014 by Canadian UnderwriterInsured losses from two hurricanes hitting Bermuda and Hawaii this month are expected to be limited, Fitch Ratings said this week. Hurricane Gonzalo (making landfall as a Category 2 storm) and Hurricane Ana (making landfall as a Category 1 storm)…
Aviva Canada commits to IBRI and Quindell telematics solution
October 21, 2014 by Canadian UnderwriterAviva Canada has committed to using the telematics solution from Quindell and Independent Broker Resources Inc. (IBRI), the for-profit arm of the Insurance Brokers Association of Ontario (IBAO), to execute its telematics offerings, IBAO notes in a statement Tuesday. Welcoming…