Topic Commercial Auto
What Navacord’s 15th deal of the year brought into the fold
July 26, 2022 by Jason ContantNavacord Corp. has completed its 15th M&A deal of the year, this one involving a large commercial brokerage known for its risk management expertise with automotive dealerships. Navacord’s latest partnership is with Ottawa-based Binks Insurance Brokers Limited. Founded in 1918,…
Fast and furious: Which of your clients are more likely to road rage?
July 26, 2022 by Alyssa DiSabatinoMen and young people aged 18-34 are more likely than women and those aged 55+ to engage in road rage behaviours, finds a recent Ratesdotca survey. Although men and women claim to engage in road rage equally (51% respectively), men…
New program aims to bring high-risk drivers back to standard market
July 22, 2022 by Alyssa DiSabatinoFacility Association (FA) is launching a video-enabled telematics program for Ontario taxi drivers, and it may see participants earn their way back to the standard market. The program, effective Dec. 1, 2022, is meant to help drivers improve their driving…
Insurers, municipality clash over 87.5% increase in collision towing fees
July 14, 2022 by Jason ContantInsurance Bureau of Canada (IBC) is expressing “serious concern” after Mississauga, Ont.’s city council approved an 87.5% increase to towing fees for consumers who need a tow to a Collision Reporting Centre (CRC). The City of Mississauga defended the increase…
Who owns the risks posed by artificial intelligence?
July 13, 2022 by Alyssa DiSabatinoAs artificial intelligence (AI) increasingly affects the performance of products consumers use every day, discussions about who owns the AI risk is likely to become more intricate. For companies making these products, it’s important to know the risks involved, be…
Hard market challenges aside, brokers not racing for the exits
July 12, 2022 by David GambrillCanada’s hard market in insurance remains the Number 1 concern of new and experienced brokers alike, as well as brokerages big and small, according to Canadian Underwriter‘s 2022 National Broker Survey. The gender split among respondents was most prominent, with…
Distracted driving sometimes takes a back seat to work priorities, drivers say
July 11, 2022 by Canadian Underwriter StaffCanadians object to distracted driving but a lot of them do it anyway, according to a 2022 distracted driving risk survey from Travelers Canada. A full 77% of those surveyed said distracted driving is ‘very risky and they take every…
What the latest inflation measures mean for insurers
July 7, 2022 by Philip PoradoSeveral inflation drivers have increased claims costs for insurers since 2020, but some are less aggressive than expected and a few have yet to register significant impacts, a June report from AON found. Insurers can expect it to cost more…
Why Intact can’t recover $2.9 million in excess insurance payment
July 7, 2022 by David GambrillIntact Insurance has lost its bid to recover $2.9 million it paid above and beyond its $5-million insurance policy limit for cleaning up a 2012 chemical spill in North Bay, Ontario. Ontario’s Court of Appeal rejected Intact’s arguments that it…
How the pandemic changed broker prospecting for new business
June 30, 2022 by David GambrillHigh workloads during the pandemic had an impact on brokers’ ability to prospect for new business, Canadian Underwriter‘s 2022 National Broker Survey found. The survey asked more than 250 brokers nationwide in February about challenges to the broker distribution channel.…
Distracted driving accelerates post-pandemic
June 29, 2022 by Alyssa DiSabatinoNinety-eight per cent of Ontario drivers report witnessing unsafe driving behaviours over the past year — a 3% increase from the year previous — and yet only 58% admit to engaging in dangerous driving behaviours themselves, a CAA South Central…
Have auto premiums, loss ratios returned to pre-pandemic levels?
June 28, 2022 by Philip PoradoAt least one major Canadian insurer has seen driving patterns return to pre-pandemic levels last seen in late 2019 and early 2020. Aviva closely monitors both the amount of driving and its claims frequency, said Phil Gibson, executive vice president…