Keyword
IBC
No push from brokers to end B.C. government monopoly on auto insurance
March 7, 2018 Greg Meckbach, Associate EditorDespite the fact that British Columbia’s government monopoly auto insurer lost almost $1 billion in the first nine months of last year alone, brokers in the province are not seeing a push from motorists to open the market to competition.…
Ontario flooding a “wakeup call” for homeowners to check their policies: IBC
February 27, 2018 by Greg MeckbachOngoing flooding issues in southern Ontario are a “wakeup call” that homeowners should be reviewing their water damage coverage, Insurance Bureau of Canada (IBC) cautions. Several communities, including Brantford, Chatham and London, experienced flooding due to mild temperatures and several…
Insurers applaud Quebec’s tougher stance on distracted driving
February 21, 2018 by David GambrillCanadian property and casualty insurers are pleased that Quebec is proposing new distracted driving rules, including stronger penalties as a deterrent, as part of a larger package of proposals to beef up the province’s Highway Safety Act. Insurance Bureau of…
How red tape is bringing telematics to a standstill
February 14, 2018 by Jason ContantRestrictions imposed on how insurers price usage-based insurance pricing (UBIP) are hampering innovation in the insurance industry, the Insurance Bureau of Canada (IBC) told Canadian Underwriter Monday. Canadian Underwriter asked IBC on Monday for examples of red tape that could…
Outdated laws disallow insurers from offering digital insurance solutions: IBC
February 13, 2018 by Jason ContantOntario’s Insurance Act and its regulations prevent insurers from doing business and communicating with their customers through digital or mobile platforms, the Insurance Bureau of Canada (IBC) noted on Monday. Canadian Underwriter asked IBC about some of the red tape…
Look for ICBC to ‘behave more like a private sector company’: IBC
February 9, 2018 by Greg MeckbachWith its cap on minor injury awards announced Tuesday, British Columbia’s government monopoly auto insurer is moving towards a model used by other provinces that have private auto insurance systems, Insurance Bureau of Canada says. Awards for pain and suffering…
Insurers pushing for regulatory approval of electronic pink slips
February 6, 2018 by Jason ContantInsurers understand the need for electronic proof of auto insurance, but don’t yet have the ability to share this information electronically, Steve Kee, director of media and digital communications with the Insurance Bureau of Canada (IBC), said in an interview…
Canada starting to build a “culture of climate resilience,” insurers say
January 24, 2018 by David GambrillCanada is starting to create a culture of climate resilience, particularly around overland flood risk, says the Insurance Bureau of Canada (IBC), an association of Canada’s home, auto and business insurers. “We’re encouraged and fairly optimistic that the wheels are…
What if the Alaskan earthquake happened in Canada?
January 24, 2018 by Jason ContantA recent earthquake off the coast of Alaska, which prompted a brief tsunami warning for British Columbia, resulted in no immediate reports of damage — but what if it did strike Canada’s westernmost province? A 2013 study by catastrophe modelling…
Was Atlantic winter storm 2018’s first cat event?
January 16, 2018 by Jason ContantA winter storm that caused storm surges and extensive power outages in Atlantic Canada in early January may not have been a catastrophe event, but it was definitely significant, Catastrophe Indices and Quantification Inc. (CatIQ) told Canadian Underwriter Monday. CatIQ…
Guess how much a magnitude-5.8 earthquake in eastern Canada could cost insurers?
January 15, 2018 Peter Rakobowchuk - THE CANADIAN PRESSMONTREAL – While people in British Columbia are mindful of the fact they could eventually face some of the strongest earthquakes in the world, at least one study warns there’s a lack of awareness of the risk in Eastern Canada.…
Why Canadian insurers paid $1.33 billion for cat claims in a benign cat year
January 9, 2018 by David GambrillCanadian insured losses from catastrophic events in 2017 totaled $1.33 billion, CatIQ Inc. reports, the fifth time that’s happened over the past seven years. “It’s becoming increasingly common to have Canadian annual insured losses to be greater than $1 billion,”…