Keyword
Auto
OSBIE announces refund of more than $12 million to members
September 23, 2016 by Canadian UnderwriterMembers of the Ontario School Boards’ Insurance Exchange (OSBIE) will receive a record-breaking premium refund of more than $12 million thanks to a concerted focus on risk management and loss control, OSBIE announced Friday. Representing 30% of OSBIE’s annual written…
Fleet’s In
September 3, 2016 Daniel Strigberger, Lawyer, Samis + CompanyOntario’s new standard fleet auto policy gives the green light to ridesharing activities with a transportation network company and licensed insurers looking to cover these operations. Entry into the new space has not yet reached top speed, with only one insurer policy approved to date, but even early on, it appears as though there may be some potential risks for underlying vehicle insurers.
Gap exists between opportunity, willingness to take part in usage-based insurance programs in U.S.: LexisNexis
August 25, 2016 by Canadian UnderwriterThere is an apparent gap between polled U.S. drivers who are open to taking part in usage-based insurance (UBI) and those who are provided the opportunity to do so, suggest survey results released today by LexisNexis Risk Solutions. That disconnect…
Almost $65 million in insured damage from severe summer storm in Alberta, Saskatchewan
August 24, 2016 by Canadian UnderwriterA severe storm that swept through southern Alberta and Saskatchewan in the third week of July has prompted an insured damage estimate of almost $65 million, reports Insurance Bureau of Canada (IBC), based on figures provided by Catastrophe Indices and…
Facial recognition set to go live in Saskatchewan in late August
August 18, 2016 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) will have in place facial recognition software when issuing driver licences and photo identification cards come Aug. 24, a move the insurer maintains will help combat fraud and bolster road safety. Customers will not notice anything…
Echelon Financial Holdings Inc. sees lower net income in 2016 Q2, will focus on Canadian operations
August 5, 2016 by Canadian UnderwriterEchelon Financial Holdings Inc. (EFH) is exiting the European market to focus on growing its Canadian operations, which were negatively affected by the Fort McMurray wildfires that contributed to lower net income for both 2016 H1 and Q2 compared to…
Ontario approves commercial fleet coverage for ride sharing
July 7, 2016 by Canadian UnderwriterThe Ontario government announced Thursday it has approved a regulatory change allowing “commercial fleet insurance to be offered for vehicles that can be hired through an online application.” Ontario auto insurers “can now develop insurance policies for purchase by ride-share…
Fort McMurray wildfire loss estimate pegged at $4.6 billion: Property Claim Services data
June 2, 2016 by Canadian UnderwriterThe massive Fort McMurray wildfire is expected to cost the Canadian insurance industry $4.6 billion, according to data from Property Claim Services (PCS), a Verisk Analytics business. The loss estimate of $4,630,800,000 includes property damage losses under residential, commercial and…
Sedgwick and subsidiary Vericlaim expand operations in Canadian market
June 1, 2016 by Canadian UnderwriterSedgwick Claims Management Services, Inc. and its subsidiary Vericlaim announced on Wednesday that they will expand their services available in the Canadian market. In addition to Sedgwick’s existing third-party administration (TPA) operations, the companies will offer high-quality claims administration and…
The Digital Edition of Canadian Underwriter magazine’s May 2016 issue
May 26, 2016 by Canadian UnderwriterDigital Edition below ↓ Cover Story – ‘Tired of Losses’ Distraction and driver fatigue are high on the radar screen for commercial auto insurers, and while drunkeness may not account for a significant percentage of losses, one insurance expert contends guidance…
Only 42% of polled Ontarians aware of upcoming auto insurance reforms: IBAO
May 25, 2016 by Canadian UnderwriterConsumer awareness of auto insurance reforms in Ontario – many of which come into force June 1 – is far from complete, with just four in 10 survey respondents reporting they are aware of the changes. Based on feedback from…
Fort McMurray wildfire to cost The Co-operators an estimated $70 million to $90 million
May 24, 2016 by Canadian UnderwriterThe Co-operators General Insurance Company has estimated that the Fort McMurray wildfire will cost it between $70 million and $90 million. While access to the affected area remains restricted, The Co-operators’ preliminary estimate indicated that the after-tax cost of the…