Topic Personal Auto
Winners and losers of the COVID-19 quarter
September 24, 2020 by David GambrillAlthough COVID-19 infected the underwriting results of the entire P&C insurance industry, it did not affect all insurance organizations equally, as recent data released by MSA Research shows. “The overall picture that emerges at the end of June is one…
What happens in Alberta when auto insurers are not comfortable with their profitability
September 23, 2020 by Greg MeckbachThe Alberta auto insurance industry is still suffering “hangover” from a 5% cap on rate increases that was abolished more than a year ago, with many insurers not looking for new business, suggests the co-founder of LowestRates.ca. Data released Tuesday…
How the pandemic will change insurers’ medical assessments
September 23, 2020 by Greg MeckbachThe COVID-19 pandemic has prompted some insurers’ medical examiners to consider virtual exams instead of in-person exams when the examiner needs to speak with the claimant. “We work with a number of firms that provide independent medical assessments and evaluations…
How vehicle depreciation can create E&O risk
September 21, 2020 by Greg MeckbachPersonal auto insurance brokers who don’t offer an endorsement that would limit an insurer’s right to restrict its coverage to actual cash value could be increasing their errors and omissions risk, a senior broker has cautioned. Alberta and Ontario have…
No, you can’t ram a car in a fit of road rage and collect insurance for the damage
September 18, 2020 by David GambrillA B.C. driver recently learned the hard way that you can’t ram your car into another car during a parking lot road rage incident and then make an insurance claim for the repair. Majid Abood was waiting in his car…
Why Uber Canada dropped Intact as its insurance provider
September 16, 2020 by Greg MeckbachRide sharing firm Uber Canada chose Economical as its insurance provider because Uber would not agree to Intact’s pricing, a senior Intact executive said Tuesday. “We had a very good relationship, we just couldn’t agree on the price,” Intact CFO…
Pandemic relief: Keeping the size of auto insurance discounts in perspective
September 14, 2020 by Greg MeckbachSometimes it’s not just about the size of the pandemic auto insurance discount, but the fact that it was a discount and not a rate hike that makes all the difference to a consumer. For example, a 25% auto insurance…
How bad Canada’s auto loss ratios are getting
September 11, 2020 by Greg MeckbachThe Canadian industry’s loss ratio in auto liability has deteriorated for the fourth year in a row, A.M. Best Company Inc. has reported. Meanwhile, the loss ratio in “auto personal accident” deteriorated nearly 10 points. It increased from 70.4% in…
Supreme Court of Canada paves way for insurers’ medical examiner’s lawsuit
September 10, 2020 by Greg MeckbachA $15-million defamation lawsuit by an insurers’ medical examiner against an Ontario-based personal injury lawyer is going to trial, the Supreme Court of Canada announced in a divided ruling released Thursday. Dr. Howard Platnick “deserves to have his day in…
Brokerage M&A activity surges amid pandemic
September 3, 2020 by Jason ContantBrokerage consolidation has exploded, with at least six acquisitions announced across Canada in the past week. Most recently, large brokerage Westland Insurance Group announced Wednesday the closing of four deals, adding new retail offices in British Columbia, Alberta and Manitoba.…
Aviva’s sting operation lawsuit against collision repairer clears first hurdle in court
September 2, 2020 by David GambrillA collision repair centre in the Greater Toronto Area has lost its court bid to dismiss Aviva Canada’s $330,000 civil lawsuit against it. The case arose from Aviva’s highly-publicized 2017 investigation into the auto collision industry, based on suspicion of…
Behind the scenes of Hub’s latest Canadian acquisition
September 2, 2020 by Jason ContantHub announced the acquisition of Grande Prairie, Alta.-based Elevate Insurance Brokers Wednesday. Elevate is a locally-owned, independent full-service brokerage that provides home, auto, recreational vehicle and business insurance. Elevate Insurance president Pierce Krol and partner Otilja Majewski will join Hub…