Topic Personal Auto
As inflation and supply chain concerns ease, will insurers adjust pricing?
August 16, 2022 by Philip PoradoSupply chain issues driving inflation since early in the COVID-19 pandemic remain a concern, although emerging signs suggest some trends impacting global goods pricing are starting to abate. “We’ve seen some easing of the supply chain challenges,” said Colette Taylor,…
Symptom validity test of auto victim upheld by doctor’s professional review board
August 16, 2022 by David GambrillOntario’s overseer of medical health professionals has rejected a car accident victim’s complaint about an independent medical examiner selected by the auto insurer over the psychologist’s use of symptom validity testing. At the request of his insurer, the claimant saw…
Client anger: It’s getting tough out there for insurers
August 12, 2022 by David GambrillSaskatchewan’s privacy officer has allowed the government’s auto insurer to withhold portions of a claimant’s risk assessment, on the basis that revealing the information could conceivably lead to injury or harm to its employees. However, the privacy commissioner required Saskatchewan…
Unifor calls for national auto strategy, dedicated ministry to capture EV potential
August 12, 2022 by Ian Bickis - THE CANADIAN PRESSTORONTO – Unifor is calling for a national auto strategy, and a dedicated federal government ministry to lead it, at a time of “significant and uncertain change” in the industry amid the transition to electric vehicles. The recommendations are contained…
Where Aviva thinks insurers are feeling inflation’s impact most acutely
August 10, 2022 by David GambrillInflation is wreaking havoc in all major lines of P&C insurance, but its effects seem to be most acute in auto insurance, particularly auto physical damage, reports Aviva Canada CEO Jason Storah. “The most acute impact we’ve seen so far…
Ontario re-ignites commitment to auto insurance reform
August 10, 2022 by Alyssa DiSabatinoThe Ontario government re-introduced its 2022 budget and, while there were no changes from an auto insurance perspective, creating choice for consumers will be among the industry’s main concerns, the Insurance Bureau of Canada (IBC) told Canadian Underwriter. The budget…
OSFI’s capital guidelines include new 2.5% charge for risk-sharing pools
August 9, 2022 by David GambrillCanada’s federal solvency regulator has released its final capital guidelines for the P&C insurance sector, and one new wrinkle includes a fresh approach to handle the provincial risk-sharing pools administered by Facility Association — a new 2.5% capital charge. The…
Why some small business owners don’t have insurance
August 9, 2022 by Alyssa DiSabatinoAlmost 40% of small business owners say they don’t have a business insurance policy, and another 25% say they don’t think they need it, finds a recent survey of 222 small business owners and self-employed professionals in Canada. The…
Recent Alberta storms: Two Cat tornadoes and record-breaking hail
August 8, 2022 by Jason ContantTwo tornadoes in southern Alberta that damaged homes and vehicles in July have been declared catastrophes by Catastrophe Indices and Quantification Inc. (CatIQ), Insurance Bureau of Canada (IBC) confirmed to Canadian Underwriter Monday. The July 7 tornado near Bergen and…
Inflation creates opportunities for brokers to revisit risks with clients
August 8, 2022 by Philip PoradoRecent inflation trends notwithstanding, data from the past few quarters indicate premiums are stabilizing as the P&C industry eases out of the hard market, said Celyeste Power, executive vice president, strategic initiatives and advocacy at the Insurance Bureau of Canada…
Are car rental shortages affecting loss of use endorsements?
August 5, 2022 by Alyssa DiSabatinoThe car rental shortage isn’t only impeding on Canadians’ travel plans—it could also affect policyholders’ loss of use endorsements. Luckily, there are alternative options for insurers to reimburse customers on their loss of use policies, says one of Canada’s largest…
July auto sales in Canada down 16% from last year as shortages persist
August 5, 2022 by The Canadian PressTORONTO – DesRosiers Automotive Consultants says Canadian auto sales were down 16.2 per cent in July compared with a year earlier because of a shortage of available vehicles. The consultancy estimates 130,480 new light vehicles sold in the month as…