Keyword
IBC
This auto rating factor could give brokers a headache
September 26, 2019 by Greg MeckbachBritish Columbia’s auto insurer has one rating factor that makes sense from an underwriting point of view, but could be onerous for brokers, an insurance defence lawyer suggests. The Insurance Corporation of British Columbia requires motorists in the province to…
$30-billion sticker shock for OSFI’s proposed reinsurance rules
September 24, 2019 by David GambrillCanada’s property and casualty industry would have to post an additional $21 billion to $30 billion in capital to insure Canadian risks if the country’s solvency regulator moves forward with proposed new rules as currently drafted, the industry warns. On…
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…
Digital pink cards get green light in third province
August 13, 2019 by Adam MalikA third Canadian province has been given the go-ahead for electronic proof of insurance for drivers. The Alberta government gave the OK for drivers to show their pink cards in a digital format through their smartphone this week, following the…
IBC aids in $2.2-million stolen vehicle investigation
July 26, 2019 by Jason ContantInsurance Bureau of Canada (IBC) will assist in identifying stolen high-end vehicles that police believe were being prepped to be shipped overseas in containers to China and European countries. Each year, auto theft causes Canadians close to $1 billion, IBC…
Auto reform update: Fasten your seatbelts
July 24, 2019 by David GambrillFasten your seatbelts, everyone, because the rate of auto reform is going to resemble a low-speed chase through a turbulent market cycle. Even if auto reform packages were to be introduced in every single legislative assembly across the land today,…
New judge represented Insurance Bureau at Supreme Court of Canada
May 9, 2019 by Greg MeckbachA lawyer who represented the Insurance Bureau of Canada at the Supreme Court of Canada in impaired driving cases as been appointed to the bench. Stikeman Elliott LLP partner Nicholas McHaffie was named a Federal Court of Canada judge and…
Brokers urged to unite with insurers to end Alberta cap
May 7, 2019 by David GambrillWith a new government in Alberta, the Insurance Bureau of Canada (IBC) is calling for a united front with the broker channel to come up with a new auto reform package and put an end to the province’s 5% cap…
Fate of this province’s auto reform now in the hands of politicians
February 1, 2019 by David GambrillNewfoundland’s auto insurance regulator, the Public Utilities Board (PUB), has tabled a thorough, 186-page report on what ails the province’s auto insurance system – with no recommendations to fix it. The chair of the PUB told the hearings held on…
Signs of progress on national flood program for Canada
January 29, 2019 by Jason ContantCanada is making good progress on a national flood program, pending a final decision by federal, provincial and territorial (FPT) ministers responsible for emergency management. “What they are looking at is one national insurance solution to improve outcomes for high-risk…
2019 Executive Outlook | Don Forgeron, IBC
January 2, 2019 Canadian UnderwriterCanadian Underwriter approached Canadian P&C industry executives with two questions: 1) What is the single most important change the industry must make looking forward into 2019? 2) How might this change be brought about? Their answers, featured in our 2019…
Public auto insurer seeks 6.3% rate increase
December 17, 2018 by Greg MeckbachThe Insurance Corporation of British Columbia said Friday it is seeking to raise rates by 6.3%, a move that prompted the Insurance Bureau of Canada to reiterate its call for competition in the province. Unlike in most Canadian provinces, B.C.’s…