Topic Personal Auto
Alberta UCP announces auto rate freeze
January 26, 2023 by Alyssa DiSabatinoAlberta’s United Conservative Party announced today an auto insurance rate freeze until the end of 2023, and insurer and broker associations alike are calling this decision “disappointing” and “not the best option” for consumers. The government is also requiring insurance…
Southern Ontario digging out after winter storm, snow still falling in eastern parts
January 26, 2023 by The Canadian PressMuch of southern Ontario is cleaning up from a major winter storm, while snow remains in the forecast for parts of eastern Ontario. Ottawa and much of eastern Ontario have been under snowfall warnings, though Environment Canada has now ended…
Regulator looking into the ‘black box’ of auto rating models
January 24, 2023 by Jason ContantAuto insurance rating models are becoming so complex that Ontario’s regulator is looking not only at the inputs of these models, but now the outputs as well, attendees heard at an industry event last week. “There are concerns that these…
Automotive products manufacturer hit by cybersecurity incident at three factories
January 24, 2023 by The Canadian PressTORONTO – Exco Technologies Ltd. says three of its factories have been hit by what it is calling a cybersecurity incident. The company says it has taken steps to secure its systems and mitigate the impact to the company’s data…
Insurer wins third-party liability claim against road-rager
January 24, 2023 by David GambrillAn insurer successfully brought a third-party liability claim against a road-rager who was found to be 50% responsible for an accident between two other vehicles as a result of his threatening actions. The insurers were not named in the Court…
How the recession will affect personal lines
January 24, 2023 by Alyssa DiSabatinoAn impending recession could mean unaffordability for personal lines policyholders who make up almost half (49%) of the industry’s direct property premiums, an expert at the Insurance Institute of Canada’s Industry Trends & Predictions: 2023 webinar said. Insurers will need to…
Claims denials on their way down, regulator reports
January 23, 2023 by David GambrillClaims denial ratios for the stressed business lines of aircraft, liability and marine — which spiked during the pandemic in 2020 — are starting to return to their pre-pandemic levels, according to the Canadian Council of Insurance Regulators (CCIR). “For…
Should race be used as a rating factor for auto insurance?
January 20, 2023 by Jason ContantThe Financial Services Regulatory Authority of Ontario (FSRA) is trying to determine how auto insurance rating factors affect vulnerable groups given the general lack of data, a senior executive at the regulator said during an industry event Thursday. Brian Sullivan,…
How adjusters can benefit from putting consumers in control of their claims
January 19, 2023 by Jason ContantWhen severe weather events take place, not everything can be fixed overnight. There are only so many contractors and thousands of homes will likely need repairs ranging from major to minor. “It comes down to triaging and putting the insured…
When a relationship is a “roller-coaster” ride, who counts as a “spouse” in an auto policy?
January 19, 2023 by David GambrillInsurers relying merely on co-habitation in the context of a stormy relationship between spouses with a child will have a tough time proving a person doesn’t meet the definition of a “spouse” in an auto policy, as suggested in a…
Where 2022 tallies for insured damages in Canada
January 18, 2023 by Canadian Underwriter StaffSevere weather events in 2022 gave Canada its third worst year for insured damage in the country’s history. Insured damage for severe weather events across Canada hit $3.1 billion last year, the third-highest total of NatCat losses in the nation’s…
Which came first: Accident notification, or the accident benefits application forms?
January 17, 2023 by David GambrillIn a true chicken-and-egg argument, an Ontario man claimed his “reasonable explanation” for taking two years to inform his auto insurer about his injuries from a 2019 accident is because he never received the Application for Accident Benefits (OCF-1) form…