Topic Insurers
Staying on the right side of Quebec’s language law, Bill 96
March 7, 2024 by David GambrillCanada’s property and casualty insurance industry is advised to establish a policy and train employees to comply with Bill 96, Quebec’s French language law, which calls for all policy contracts with clients in the province to be done in French…
How Aviva Canada fared in 2023
March 7, 2024 by Jason ContantAviva Canada ended 2023 with an undiscounted combined operating ratio (COR) of 95.3% and double-digit growth in gross written premiums, despite challenging market conditions that included increased weather-related losses and heightened auto theft. The undiscounted ratio for 2023 was up…
Industry responds to FSRA’s plan for insurer MGA supervision
March 7, 2024 by Alyssa DiSabatinoPotential risks stemming from P&C insurers’ managing general agent (MGA) outsourcing practices have caught the eye of Ontario’s insurance regulator, and it’s looking for feedback from stakeholders on a supervision plan. Insurers and MGAs alike have begun to weigh…
Making embedded insurance more customer-centric
March 6, 2024 by Alyssa DiSabatinoNo two insurance policies are the same, and that extends to the way carriers deliver their embedded insurance models, one expert told the Insurance Canada Technology Forum. But before capitalizing on this latest digital sales opportunity, insurers must guarantee their…
What the P&C industry should tell clients about preventing auto theft
March 5, 2024 by Alyssa DiSabatinoWhile the federal government is chipping away at a plan to combat auto theft nationwide, P&C professionals can advise their clients now to help them protect their vehicles, experts said during a Canadian Underwriter webinar last week. “We call it…
Why clients are missing insurance payments — and risk policy cancellation
March 4, 2024 by Jason ContantOne Ontario brokerage has seen an increase in the number of clients missing insurance payments as well as cancellation notifications from insurers for non-payment. For Mitch Insurance, the number of clients missing insurance payments has increased 104% since 2019. While…
Regulator defends use of territories for rating auto insurance
March 4, 2024 by David GambrillOntario’s auto insurance regulator is allowing insurers to explore different ways to rate for territories other than the standard — and rigid — postal code method, but the regulator won’t be banning territorial rates, the regulator’s top exec confirmed Monday.…
Landmark opioid case wrestles with who defends among multiple insurers
March 1, 2024 by David GambrillWhen multiple commercial insurers are on the hook consecutively for long-tail claims spanning decades, defence costs should be allocated according to the proportion of time they were on risk, the Ontario Appeal Court ruled this week. The court’s landmark decision…
Biggest barriers to selling cyber policies
March 1, 2024 by David GambrillProduct complexity remains a huge obstacle to selling cyber insurance to neophyte business clients, brokers told Canadian Underwriter in a January online survey. A stronger emphasis on cyber education — to clients, brokers, and underwriters alike — is critical to…
Summit discusses a new national office on auto theft
February 29, 2024 by Alyssa DiSabatinoProperty and casualty insurance industry professionals and a car manufacturing industry representative are endorsing the idea of establishing a national auto theft office, an idea floated at Ottawa’s National Summit on Combatting Auto Theft earlier this month. “Criminals have really…
Vehicle warranties: Auto insurers don’t owe premium tax on dealer’s fees
February 29, 2024 by David GambrillAn insurer doesn’t owe provincial premium tax on auto dealer’s fees charged for vehicle equipment warranties, the Supreme Court of B.C. has ruled. Vehicle equipment warranties are commonly sold at auto dealerships. Customers pay for vehicle warranty policies as part…
Why complex cars create costly problems
February 28, 2024 by Philip PoradoAn acute shortage of semiconductors is a big contributor to rising auto claims costs for auto insurers. “That’s had a significant impact in certain types of cars,” says Paul Gilbody, president of ClaimsPro Canada. “A huge amount of electronics now…