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IBC
How IBC plans to keep insurance “affordable and available” across Canada
February 18, 2020 by Jason ContantFollowing years of significant commercial insurance losses, Insurance Bureau of Canada (IBC) has launched a national task force to examine ways to help Canadian consumers mitigate risk and manage costs. The National Commercial Insurance Task Force will bring together insurers,…
Industry to see single entity for anti-fraud services
February 6, 2020 by Jason ContantCanada’s national trade organization for private insurers has combined forces with a not-for profit organization to transition anti-fraud services into a single entity. Insurance Bureau of Canada’s (IBC) board of directors said in a press release Monday it has agreed…
How to reduce a condo corporation’s insurance premiums
January 15, 2020 by David GambrillWith condo insurance premiums on the rise – in some jurisdictions, premiums have reportedly increased by 780% — and coverage scarce, legal counsel and Canadian Underwriter readers have a few ideas for the Insurance Bureau of Canada’s forthcoming risk manager…
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…