Keyword
IBC
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…
Ask B.C. residents if they are covered for wildfire. 25% will tell you this…
March 21, 2018 by Jason ContantAs 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 suggests Brantford flooding will cost “tens of millions”
March 9, 2018 by Jason ContantAon 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…
January winter storm largely battered one province
March 8, 2018 by Jason ContantA 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…
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…