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IBC
CatIQ releases updated toll of April ice storm damage
May 10, 2018 by Jason ContantThe mid-April ice storm in southern Ontario and Quebec cost insurers more than $190 million, Catastrophe Indices and Quantification (CatIQ) said Thursday. CatIQ has reported more than 15,000 insurance claims, including 1,800 car collisions, due to the storm. Strong winds,…
Judges at odds on liability of directors and officers in shareholders’ lawsuit
May 7, 2018 by Greg MeckbachA class-action lawsuit by shareholders against five directors and officers of a Vancouver-based coal mining firm may reach the Supreme Court of Canada. Directors and officers are at risk of being sued by shareholders if the company’s share price drops;…
Ontario Chamber of Commerce joins chorus of calls for electronic pink slips
May 1, 2018 by Jason ContantThe Ontario Chamber of Commerce (OCC) is the latest organization to call on the provincial government to allow insurers to offer an electronic proof of auto insurance (EPAI) and other insurance documents. In a resolution passed during OCC’s annual general…
Early April storm in Ontario, Quebec causes $85 million in insured damage
April 30, 2018 by Jason ContantA windstorm in early April is estimated to have cost insurers more than $85 million, mostly from home insurance claims in Ontario, according to Catastrophe Indices and Quantification Inc. (CatIQ). The April 4-5 storm brought severe rain and freezing rain,…
Simplifying claims involving automated cars
April 26, 2018 by David GambrillCanada’s insurers are developing a framework for insuring automated vehicles that is designed for handling auto claims quickly, regardless of whether tort liability arises from human error or a manufacturing defect in the automated vehicle. “We all know the automated…
B.C. projects big savings from new minor injury cap
April 24, 2018 by Jason ContantThe Insurance Bureau of Canada (IBC) is congratulating British Columbia’s proposed legislative changes that would introduce a minor injury cap of $5,500 in the province, a move aimed at reversing the public auto insurer’s skyrocketing legal and administrative costs. The…
Windsor tremor shows quake risk exists anywhere in Canada
April 23, 2018 by Greg MeckbachEarthquakes do hit southern Ontario from time to time but the area hit last week has a low risk of experiencing property damage arising from earthquakes, an Insurance Bureau of Canada official told Canadian Underwriter. Natural Resources Canada reported that…
Bigger floods coming to Canada: Intact Centre head
April 10, 2018 by Greg MeckbachIf you think the most expensive floods in Canadian history were big, you haven’t seen anything yet. “The manifestation of climate change and extreme weather events is still yet to come,” said Blair Feltmate, head of the Intact Centre on…
Ontario budget 2018: What’s in it for the industry
March 29, 2018 by Greg MeckbachThe Ontario government’s 2018-19 budget document provides some comfort for auto insurers because the province is committing to having the new regulator up and running by April 2019. The Financial Services Regulatory Authority, which will effectively replace the Financial Services…
Why insurers and brokers like Ontario’s budget
March 29, 2018 by David GambrillFacing the distinct possibility of a political regime change in Ontario, the province’s auto insurers and brokers are calling on all of the province’s political parties to keep their eyes focused on auto insurance reform as the way to deliver…
A government that actually followed through on its promise to reduce tax on insurance premiums
March 28, 2018 by Jason ContantDrivers in Newfoundland and Labrador can thank the province’s improved financial situation for a lower tax burden on auto insurance premiums in 2018. If the province’s financial situation continues to improve, the government said it might consider reducing the tax…
Insurers applaud provincial decision to remove retail sales tax on insurance premiums
March 27, 2018 by Jason ContantNewfoundland and Labrador’s decision to remove 5% of the retail sales tax paid on auto insurance premiums over the next four years will help return stability to the market, the Insurance Bureau of Canada (IBC) said Tuesday. Tom O’Handley, manager…