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Beleaguered industry faces prospect of more flood damage in Ontario
August 21, 2018 by David GambrillMost of Ontario is under a severe weather warning Tuesday, once again threatening flood damage in a province where insurers have already paid approximately $800 million for natural catastrophe damages. This cumulative total for the year in Ontario does not…
Few B.C. wildfire claims thus far, although situation remains fluid
August 20, 2018 by Jason ContantAlthough property damage as a result of the wildfires in British Columbia has been “light” so far this year, the industry must remain vigilant as this could change quickly, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss…
How much this province’s “historic” flooding will cost the industry
August 14, 2018 by Jason ContantSpring flooding in New Brunswick may have been “historic” and “record-setting,” but it didn’t meet the $25-million threshold of a catastrophe event. Catastrophe Indices and Quantification (CatIQ) told Canadian Underwriter Monday the flooding was a “notable event,” meaning it caused…
What private insurers think of changes to B.C. auto insurance model
August 13, 2018 by Jason ContantCanada’s private auto, home and business insurers say the “fair rate” auto insurance model proposed by British Columbia’s public auto insurer last week is “long overdue.” Under the Insurance Corporation of B.C. (ICBC)’s proposed new auto insurance model, higher-risk drivers…
How Ontario’s new government needs to handle the auto file
August 6, 2018 by Jason ContantAlthough Ontario’s new Progressive Conservative government has not publicly disclosed its plans for auto insurance reform, the industry’s trade association has some thoughts on where it should go. Pete Karageorgos, director of consumer and industry relations with Insurance Bureau of…
Ontario’s plans for auto insurance reform still under wraps
August 2, 2018 by Greg MeckbachA month after being sworn into office, Ontario’s new political rulers have been silent on the issue of auto insurance reform. “We haven’t heard anything formal yet from government,” confirmed Pete Karageorgos, the director of consumer and industry relations for…
Controversy swirls around province’s plan for ridesharing insurance
July 24, 2018 by Jason ContantB.C.’s provincial government will introduce legislation to enable ridesharing in the province by fall of 2019, prompting the industry’s private insurers to say they can provide ridesharing insurance faster and better than the province’s public insurer. B.C.’s Ministry of Transportation…
Ontario wildfires rage as B.C. wildfire season ramps up
July 23, 2018 by David GambrillInsurers are monitoring about 75 wildfires in northern Ontario this that have resulted in mandatory evacuation orders or alerts in the cottage country districts of Parry Sound and Sudbury, among other areas. “Based on what we are seeing, there aren’t…
How much it cost the industry when baseball-sized hail hit western Canada
July 23, 2018 by Jason ContantA severe storm that affected parts of Saskatchewan and Manitoba in mid-June resulted in more than $90 million in insured damage, according to data released by Catastrophe Indices and Quantification Inc. (CatIQ). Strong winds and large hail – in some…
Where Canadian drivers pay the most (and least) for auto insurance
July 19, 2018 by Jason ContantWhen it comes to auto insurance premiums in Canada, drivers in British Columbia pay the most, followed by Ontario, data supplied by Insurance Bureau of Canada (IBC) revealed Wednesday. In B.C. last year, average annual auto premiums were $1,680. The…
Where premiums actually went down in Canada
July 17, 2018 by Jason ContantAverage premiums for personal auto in Atlantic Canada decreased for the second consecutive quarter, according to Applied Systems’ latest quarterly rating index. On the other side of the country, in British Columbia, average personal property premiums also decreased for the…
Government-backed home flood insurance coming to Canada?
June 3, 2018 by Greg MeckbachFederal government officials are pondering a flood insurance system similar to Britain’s two-year old Flood Re, an Insurance Bureau of Canada official suggested Thursday. Federal public safety minister Ralph Goodale “asked IBC to lead a working that will deliver recommendations…