Keyword
auto insurance
Carrier exec calls for BMS vendors to move away from developing third-party rating tools
May 22, 2020 by David GambrillBroker management system (BMS) tech vendors need to move away from spending time, effort and money on developing third-party rating tools used for comparison quoting, an insurance company executive said at a recent webinar on broker-carrier connectivity. Instead, they should…
Quebec broker offers his take on one major advantage of the province’s auto insurance model
March 3, 2020 by Jason ContantWhile Quebec’s auto insurance model offers low bodily injury compensation amounts, it also limits the amount of fraud in the system, a Quebec broker told Canadian Underwriter Monday. In Quebec, the government’s Société de l’assurance automobile du Québec (SAAQ) pays…
One way ICBC will reduce legal costs
February 26, 2020 by Jason ContantThe government of British Columbia has introduced legislative amendments in an effort to reduce costs and speed up motor vehicle claims in the current auto insurance system. The proposed amendments will limit the number of experts and expert reports that…
Intact CEO forecasts how high industry auto rates may increase in 2020
February 5, 2020 by David GambrillIntact projects that Canada’s property and casualty industry will be asking for average auto insurance rate increases on the order of 7% over the upcoming 12 months. Intact itself is expected to ask for more auto rate during the next…
Battle rages over whether private or public auto insurance is cheaper
January 30, 2020 by Jason ContantThe Insurance Brokers Association of British Columbia (IBABC) disputes the conclusions published in a recent report that B.C. drivers are paying up to 42% more for their auto insurance than those in neighbouring Alberta. Such an “apples-to-apples” comparison between jurisdictions…
How much did auto insurance rates go up in Alberta last quarter?
January 13, 2020 by Jason ContantAlberta’s Automobile Insurance Rate Board (AIRB) has approved rate increases for more than 20 insurers in Q4 2019, ranging from less than 1% to nearly 30% for basic coverage for private passenger vehicles. The rate hike was about 10% on…
New auto insurance policy launched for borrowed vehicles
October 15, 2019 by Jason ContantQuebec’s financial regulator and an auto insurance group have announced the launch of a new auto policy designed for drivers who don’t own a vehicle. Regulator Autorité des marchés financiers (AMF) and Groupement des assureurs automobiles (GAA) said Monday the…
What the industry can do to get out of the hard market cycle
August 30, 2019 by Adam MalikAlthough regulation is one significant factor in the current hardening market conditions, that doesn’t mean the insurance industry should cry “woe is me” and wait for things to get better on their own. Instead, a pro-active approach is needed, experts…
What Canadian policyholders think of their insurance premiums
July 16, 2019 by Jason ContantCanadians have different concerns and beliefs about home and auto insurance depending on where in the country they reside, a new national survey commissioned by belairdirect has found. In British Columbia, one-third of respondents (34%) were concerned with the price…
The Power of Now
July 1, 2019 Glenn McGillivray, Managing Director, Institute for Catastrophic Loss Reduction (ICLR)The industry is quite rightly focused on the future to assess emerging issues, but it must remain mindful of the present moment to address two major drivers of its poor results.
What brokers think of this tax change on auto insurance
June 20, 2019 by Jason ContantThe Insurance Brokers Association of Newfoundland and Labrador (IBAN) is happy with regulatory amendments that would eliminate the remaining 13% retail sales tax (RST) on auto insurance in the province. “IBAN is pleased to see the elimination of the RST…
What is costing Alberta auto insurers the most
June 13, 2019 by Jason ContantThird-party liability coverage continues to be the bane of Alberta auto insurers’ existence, the province’s Automobile Insurance Rate Board (AIRB) revealed in its 2018 annual report. Provincial auto insurers collect 53% of every dollar for third-party liability coverage, but are…