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Will consumers soon be able to access policy documents electronically?

September 6, 2018 by Jason Contant

How close is the industry to consistently allowing consumers to access insurance documents electronically, such as by email? “It’s a bit of a hodge podge out there at the moment,” Colin Simpson, CEO of the Insurance Brokers Association of Ontario

News CatastrophesClaimsInsurance

Summer storms in this Canadian region cost over $200 million in insured damage

September 6, 2018 by Jason Contant

Summer storms across the Prairies have caused more than $200 million in insured damage so far this year. This brings total weather-related insured damage on the Prairies to $464 million since May 2017. The numbers from Catastrophe Indices and Quantification

News CatastrophesInsurance

The ‘touchy topic’ in Canadian home insurance

September 6, 2018 by Greg Meckbach

Lack of flood coverage in high-risk areas raises the controversial question of whether owners of high-risk properties should have their insurance premiums subsidized. Overland flood coverage was generally unavailable on home insurance policies in Canada until 2015. Now dozens of

News InsuranceLegislation / Regulation

Why Canadian insurers want to play in a “regulatory sandbox”

August 27, 2018 by Jason Contant

The Insurance Bureau of Canada (IBC) wants a “regulatory sandbox” for the P&C insurance industry, something currently not accessible to insurers. “Sandboxes relax specific legal and regulatory requirements to create a safe and conductive space for innovative ideas, enabling companies

News InsuranceMarkets / Coverages

Why insurers want P&C group insurance in Quebec

August 24, 2018 by Jason Contant

The Insurance Bureau of Canada (IBC) is calling for the creation and regulation of P&C group insurance in Quebec. P&C group insurance allows for a number of people, or a group, to be insured in a single contract. For example,

News ClaimsInsurance

Beleaguered industry faces prospect of more flood damage in Ontario

August 21, 2018 by David Gambrill

Most 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

News ClaimsInsurance

Few B.C. wildfire claims thus far, although situation remains fluid

August 20, 2018 by Jason Contant

Although 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

News ClaimsClimate ChangeInsurance

How much this province’s “historic” flooding will cost the industry

August 14, 2018 by Jason Contant

Spring 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

News InsuranceMarkets / Coverages

What private insurers think of changes to B.C. auto insurance model

August 13, 2018 by Jason Contant

Canada’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

News AssociationsInsuranceMarkets / Coverages

How Ontario’s new government needs to handle the auto file

August 6, 2018 by Jason Contant

Although 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

News Insurance

Ontario’s plans for auto insurance reform still under wraps

August 2, 2018 by Greg Meckbach

A 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

News InsuranceLegislation / RegulationTechnology

Controversy swirls around province’s plan for ridesharing insurance

July 24, 2018 by Jason Contant

B.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