Canada’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…
The 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…
Earthquakes 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…
If 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…
The 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…
Facing 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…
Drivers 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…
Newfoundland 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…
As many as 25% of British Columbians say they don’t know if they have insurance for wildfire and severe weather emergencies, according to a survey released Monday by the provincial public safety ministry. Fewer than half of British Columbians have…
Aon Benfield’s catastrophe model development team, Impact Forecasting, is estimating total economic and insured losses in the tens of millions (U.S. dollars) for the recent flooding in southern Ontario. Catastrophe Indices and Quantification Inc. (CatIQ) told Canadian Underwriter in late…
A winter storm in central and eastern Canada at the beginning of the year caused more than $54 million in insured damage, with the majority of damage being in Quebec, Catastrophe Indices and Quantification Inc. (CatIQ) reported Thursday. Of the…
Despite 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.…