Topic Commercial Auto
Where have all the good underwriters gone?
May 12, 2022 by Gloria CilliersFor years, insurers have poached commercial underwriters from one another amid M&A activity, an aging population and hard/soft markets. But that’s left the industry with less seasoned talent and slower investment in acquisition, training and retention. “Suddenly, more so than…
Appeal Court green-lights key feature of B.C.’s no-fault auto reform
May 12, 2022 by David GambrillA central pillar of the B.C. government’s auto insurance reform — that the province’s Civil Rules Tribunal (CRT) has exclusive jurisdiction to determine minor injuries below $50,000, and not the courts — has been found constitutional by the B.C. Appeal…
What Intact expects from personal and commercial lines
May 11, 2022 by Alyssa DiSabatinoNow that pandemic restrictions have lifted, Intact expects to see muted growth in its personal auto and property lines, while commercial lines is positioned for a better performance, the CEO of Intact Financial Corporation said at Intact’s 2022 Q1 results…
Ontario Election: NDP plans to ban postal code rating for auto insurance
May 10, 2022 by Alyssa DiSabatinoEditor’s Note: The Conservative government outlined its plans for insurance in their budget document, released before the Ontario election, which will take place June 2. Canadian Underwriter is asking Ontario’s political parties for their platforms on insurance. We are printing…
Will Ontario’s budget proposals actually reduce auto rates?
May 4, 2022 by Alyssa DiSabatinoTo reduce Ontario auto insurance rates substantially, fairer rating systems and offering usage-based insurance (UBI) may be most effective, says one industry observer. The Ontario government is proposing measures to reduce the cost of auto insurance. Among them, it is…
Beware the tax implications of unlicensed insurance
May 3, 2022 by Jason ContantIf you’re looking to place a risk through an insurer that’s not licensed to write business in Canada, it’s important to understand the requirements around filing federal and provincial taxes, as well as special broker licenses. Although direct placement with…
How work expectations are contributing to distracted driving
May 3, 2022 by Jason ContantWork-related pressures may be contributing to distracted driving, but having a workplace policy in place appears to be an effective way to mitigate the risk, suggests a new survey from Travelers Canada. The 2022 Travelers Canada Distracted Driving Risk Survey…
What auto insurers think of Ontario’s reform proposals
May 2, 2022 by David GambrillCanada’s auto insurers are generally pleased with the Ontario government’s direction on auto reform, although many details have yet to be worked out. “Ontario drivers pay too much for car insurance, and this budget makes a bold commitment to improve a…
Despite “aggressive growth goals,” insurers cautioned to keep their powder dry
April 25, 2022 by David GambrillAlthough the industry achieved a highwater mark financial result in 2021, industry executives are cautioning insurers to keep their powder dry and not reduce pricing drastically to grow market share. “I just look through the windscreen, all the things coming…
Cabbie assaulted while chasing fare outside taxi is not involved in an “auto accident”
April 19, 2022 by David GambrillA taxi driver who was severely beaten by a passenger, after the driver walked 40-to-50 steps away from his running taxi to collect a fare, was not involved in an insurable “auto accident,” the Ontario Superior Court has confirmed. The…
A car crashes in Ontario: Why Canadian auto insurers pay attention
April 13, 2022 by Daniel StrigbergerPeople love to visit Ontario. Unfortunately, some of them get into car accidents. Why should a visitor’s auto insurer care about accidents in Ontario? Because when a non-resident is involved in an auto accident in the province, their insurers will…
Does federal budget create new tax liability for P&C industry?
April 12, 2022 by Greg MeckbachA federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the…