Topic Loss Control
Does Alberta’s auto insurance rate cap reward bad drivers?
April 25, 2024 by David GambrillAlberta’s new 3.7% cap on auto insurance rate increases for good drivers may wind up hurting the province’s well-mannered motorists more than it helps them, industry sources tell Canadian Underwriter. “Your carrier probably wants to reward you for [being a…
How clients’ auto data is being breached by thieves, hackers
April 24, 2024 by Alyssa DiSabatinoYour clients’ cars store a lot of their personal data — from biometrics to driving habits, phone contacts, and more — and that can expose them to cyber-attacks. Modern cars use sensors and connected technology to make driving easier, safer…
Why ICLR is heading West
April 19, 2024 by Philip PoradoAs part of a partnership with Wawanesa Insurance, the Institute for Catastrophic Loss Reduction (ICLR) will set up a new ICLR Climate Resilience Centre in Winnipeg. Wawanesa is providing office space and operating funds for the new centre. The centre…
3 strategies for improving your cybersecurity posture
April 19, 2024 by Jason ContantGetting the basics right can help an organization improve its cybersecurity posture, a former intelligence officer at the Canadian Security Intelligence Service (CSIS) said during an industry event Thursday. Three basic strategies — mitigate, separate and positive control — can…
How auto theft is evolving
April 17, 2024 by Jason ContantFraudsters are adapting their methods in an attempt to fly under the claims radar, and even using artificial intelligence to create false documentation and platforms for claims handling, speakers tell the Insurance Institute’s 2024 CIP Society Symposium. Auto theft has…
What’s the next frontier for assessing property risk?
April 10, 2024 by John Siegman, co-founder of HazardHubNext-generation data, analytics and risk models are giving property risk assessment a much-needed facelift. The increased frequency and intensity of natural disasters, combined with population growth in NatCat-prone regions, is escalating property and casualty (P&C) insurers’ claims and losses. A…
How insurers verify truck fleet sizes before insuring them
April 3, 2024 by Alyssa DiSabatinoCommercial truck fleets trying to get more favourable insurance rates by only reporting the trucks on the road, and not the ones on their lots, might find themselves outwitted by the industry’s scrutiny, sources tell Canadian Underwriter. But whether due…
How lithium-ion batteries threaten recycling facilities
April 3, 2024 by Philip PoradoIntroduction of lithium-ion batteries has introduced new hazards into the everyday lives of Canadians due to their ability to catch fire spontaneously – a phenomenon known as ‘thermal runaway.’ What began as concerns about fires started by cell phone and…
Toronto police recover stolen vehicles amid ongoing rise in auto theft
March 28, 2024 by Maan Alhmidi – The Canadian PressToronto police announced the recovery of 48 stolen vehicles and the arrests of seven people Wednesday as they detailed their latest attempt to crack down on the growing issue of auto theft in the region. Investigators said information gathered during…
What the P&C industry thinks of Ontario’s 2024 budget
March 27, 2024 by Jason ContantProposed reforms to Ontario auto insurance will make life simpler for accident victims but could increase premiums and costs for insurers, says David Marshall, who’s served as senior advisor to the provincial government on auto insurance and pension funds. In…
How the total solar eclipse could affect auto claims
March 26, 2024 by Jason ContantWith a total solar eclipse set to pass over parts of Canada in less than two weeks, researchers at Toronto’s Sunnybrook Research Institute are warning about a possible surge in traffic fatalities. The rare celestial event will unfold over Canada,…
Insurer’s Top 5 insurance fraud claims of 2023
March 25, 2024 by Jason ContantAn intoxicated driver who reported her car stolen to avoid the consequences of impaired driving and fake invoices for high-end jewellery reportedly stolen from a vehicle were among Saskatchewan Government Insurance’s (SGI) Top 5 insurance fraud claims of 2023. The…