Topic Personal Auto
Inflation might not lead to higher claims amounts in Canada
July 8, 2022 by Philip PoradoWith overall consumer inflation near 40-year highs, can sharply rising claims costs and social inflation be far behind? It’s too soon to tell, an Aon expert tells Canadian Underwriter. Speculation that consumer price inflation might spark social inflation for casualty…
IBC’s thoughts on Premier’s mission to end “unfair” postal code rating
July 8, 2022 by Alyssa DiSabatinoOntario drivers may soon see the end of “unfair” rating of auto insurance policies based on postal codes, says Ontario Premier Doug Ford, and the Insurance Bureau of Canada agrees it may be time to modernize territorial rating. “I know…
Lightning starts 136 wildfires over seven days in Yukon: fire information officer
July 8, 2022 by The Canadian PressWHITEHORSE – A Yukon information officer says firefighters in the territory have been bolstered by crews and resources from British Columbia to help fight a growing number of wildfires. Mike Fancie says in a news release Wednesday that about 60…
What the latest inflation measures mean for insurers
July 7, 2022 by Philip PoradoSeveral inflation drivers have increased claims costs for insurers since 2020, but some are less aggressive than expected and a few have yet to register significant impacts, a June report from AON found. Insurers can expect it to cost more…
How the pandemic changed broker prospecting for new business
June 30, 2022 by David GambrillHigh workloads during the pandemic had an impact on brokers’ ability to prospect for new business, Canadian Underwriter‘s 2022 National Broker Survey found. The survey asked more than 250 brokers nationwide in February about challenges to the broker distribution channel.…
U.S. regulator upgrades Tesla Autopilot crash analysis
June 30, 2022 by Philip PoradoA National Highway Traffic Safety Administration (NHTSA) preliminary analysis (PA) into Tesla’s Autopilot system was upgraded to an engineering analysis (EA) earlier this month. The EA will “extend the existing crash analysis, evaluate additional data sets [and] perform vehicle evaluations,”…
What the post-pandemic commute means for auto insurers
June 30, 2022 by David GambrillCanadians who relocated to suburban and rural areas to work during the pandemic are driving longer distances upon returning to work, and plan to use their cars for the work commute more often in the future, a new Aviva Canada…
Distracted driving accelerates post-pandemic
June 29, 2022 by Alyssa DiSabatinoNinety-eight per cent of Ontario drivers report witnessing unsafe driving behaviours over the past year — a 3% increase from the year previous — and yet only 58% admit to engaging in dangerous driving behaviours themselves, a CAA South Central…
Have auto premiums, loss ratios returned to pre-pandemic levels?
June 28, 2022 by Philip PoradoAt least one major Canadian insurer has seen driving patterns return to pre-pandemic levels last seen in late 2019 and early 2020. Aviva closely monitors both the amount of driving and its claims frequency, said Phil Gibson, executive vice president…
Post-Kenney, will the auto rate cap return after the next AB election?
June 27, 2022 by Jason ContantOutgoing Alberta Premier Jason Kenney’s announcement last month that he will step down following a leadership review is raising concerns among brokers in the province about the possibility of another auto insurance rate cap. In 2017, Alberta’s NDP government under…
Will rocketing consumer prices spark social inflation?
June 24, 2022 by Philip PoradoWhile consumers are paying close attention to inflation’s impact on their wallets, insurers should be keeping an eye on social inflation – and recognize the two are often linked. “There’s quite a distinction between the impact of what I would…
What’s to blame for P&C industry’s quarterly profitability decline?
June 23, 2022 by Canadian Underwriter StaffAt first glance, 2022 Q1 results for Canada’s P&C industry would support the idea that high profits aren’t sustainable. Industry-wide return on equity dipped to 11.5% in 2022 Q1, compared to 19% in 2021 Q1. But the profitability decline stemmed…