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IBC
Ontario wind storm costs the industry $87 million
December 15, 2020 by Jason ContantAdd $87 million to the more than $2.1 billion that the Canadian property and casualty insurance industry has paid out in claims thus far in 2020. An Ontario windstorm in November hit the Greater Toronto Area, the areas of Hamilton,…
IBC reveals the latest trends in auto theft
December 8, 2020 by Jason ContantElectronic auto theft, high-end vehicles stolen for shipment overseas, and street racing are three emerging trends coming out of Insurance Bureau of Canada’s (IBC) list of Top 10 stolen vehicles in 2020. Electronic auto theft is on the rise across…
Will Alberta move to a pure no-fault auto insurance system?
November 23, 2020 by Jason ContantAn Alberta auto insurance advisory committee has recommended the province move to a pure no-fault system delivered by private insurers, a change that the Insurance Bureau of Canada (IBC) does not feel would be in the best interest of drivers.…
Will changes to Alberta auto reduce insurers’ claims costs?
November 20, 2020 by Jason ContantProposed changes to auto insurance regulations in Alberta and new Orders in Council should help reduce claims costs for insurers, Insurance Bureau of Canada (IBC) told Canadian Underwriter Thursday. Bill 41, the Insurance (Enhancing Driver Affordability and Care) Amendment Act,…
What carriers told us: The latest on pandemic relief measures
October 21, 2020 by Adam MalikWith $1 billion in auto premium relief made available for Ontario drivers alone, drivers across Canada shouldn’t expect more premium relief coming from their carrier, at least in the near future. Canadian Underwriter reached out to a number of insurers…
Why your clients aren’t feeling too good these days
September 9, 2020 by Adam MalikWhether it’s your personal or commercial clients, neither are feeling too optimistic about their financial situation as the COVID-19 pandemic continues to stress them out, a pair of recent surveys have found. But the head of the national broker association…
P&C leaders fire back against no-fault portrayal
July 7, 2020 by Adam MalikBroker and insurer leaders in Alberta are speaking out against those who would paint the insurance industry as nefarious actors looking to line their pockets at the expense of auto policyholders. In particular, they dispute what they feel are negative…
How much insurers paid out for Fort Mac’s spring flood
June 2, 2020 by Adam MalikInsurers paid out more $228 million in insured damage for spring flooding in Fort McMurray, Alta., that occurred a little over a month ago. Catastrophe Indices and Quantification Inc. (CatIQ) released the numbers this week, noting that commercial properties took…
The impact of dire unemployment on P&C
April 15, 2020 by Adam MalikGeorge Hodgson was blunt in his observation of what would happen if fears of a 25% unemployment rate come true in his province. “It’ll be horrendous,” the CEO of the Insurance Brokers Association of Alberta told Canadian Underwriter of the…
Canada’s P&C carriers respond to calls for major premium relief
April 8, 2020 by Jason ContantCanada’s property and casualty insurance companies have answered the call from brokers and customers for stepped-up relief measures to help cope with the financial impact of COVID-19. “It’s a very unusual set of circumstances, but in spite of that I…
3rd Top Story of 2020: Why it matters that insurance is declared to be an “essential service”
March 24, 2020 by Adam MalikThe insurance industry will continue to operate as an essential service after Quebec and Ontario issued orders for many companies to close their doors due to the COVID-19 pandemic. And that’s a relief for consumers, brokers and insurers, say industry…
What IBC and brokers think would improve condo insurance affordability in B.C.
March 2, 2020 by Jason ContantInsurance Bureau of Canada (IBC) has issued a series of policy recommendations to help improve the affordability of strata insurance in British Columbia, some of which touch upon suggestions made by the province’s broker association. IBC’s recommendations include: Mandatory education…