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Newfoundland and Labrador

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90% of drivers in this province think that insurance companies are “profitable”

May 15, 2018 by Jason Contant

Nine out of 10 drivers in Newfoundland and Labrador believe insurance companies operating in the province are profitable, according to a new poll commissioned by Aviva Canada. “I cannot speculate about why people seem to believe this, but I can

News InsuranceMarkets / Coverages

Drivers say auto insurance in this province is “financially difficult” to afford: poll

May 14, 2018 by Jason Contant

Nearly two-thirds of polled drivers in Newfoundland and Labrador have said that auto insurance has become “financially difficult” to pay for, according to a new poll commissioned by Aviva Canada. “The system is broken and insurers, government and other stakeholders

News ClaimsInsurance

A government that actually followed through on its promise to reduce tax on insurance premiums

March 28, 2018 by Jason Contant

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

News InsuranceLegislation / Regulation

If a truck falls on a mechanic, is that “use” of motor vehicle?

March 27, 2018 by Greg Meckbach

If a mechanic is injured while repairing a truck, does that constitute the “use” of a motor vehicle? The question may be headed to the Supreme Court of Canada. At stake is whether commercial clients may in fact need liability

News InsuranceMarkets / Coverages

Insurers applaud provincial decision to remove retail sales tax on insurance premiums

March 27, 2018 by Jason Contant

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

News ClaimsInsurance

For taxi drivers, mum’s the word on reporting losses

March 21, 2018 by David Gambrill

Taxi cab companies and drivers are not reporting losses promptly (or at all), thereby escalating taxi insurers’ claims costs in Newfoundland and Labrador, according to a taxi claims review submitted to the province’s Public Utilities Board. “The factor identified by

News InsuranceMarkets / Coverages

Minor injury caps coming to Newfoundland?

November 17, 2017 Greg Meckbach, Associate Editor

Brokers placing auto insurance in Newfoundland and Labrador should get in touch with politicians to put an ongoing review on their radar screen, and to let Insurance Bureau of Canada know whether they have any ideas on how to fix

News CatastrophesClaimsInsuranceMarkets / CoveragesMergers and Aqcuisitions

Elevated wildfire danger levels continue in Manitoba

September 1, 2017 by Canadian Underwriter

Hot, dry and windy conditions continue in Manitoba, resulting in elevated wildfire danger levels in many areas of the province, Manitoba Sustainable Development and the Office of the Fire Commissioner said in a media bulletin issued on Friday. To date,

News InsuranceLegislation / RegulationMergers and AqcuisitionsProducts

Government of Newfoundland and Labrador finalizes terms of reference for auto insurance review

August 16, 2017 by Canadian Underwriter

The provincial government announced on Tuesday that it has finalized the terms of reference for the automobile insurance review for Service NL and the provincial Board of Commissioners of Public Utilities (PUB). Government has directed PUB to begin its review

News CatastrophesClimate ChangeConstructionEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Severe weather, nat-cats cause record insurable damage in Canada: IBC/CatIQ

January 6, 2017 by Canadian Underwriter

Severe weather last year exacted a heavy toll in terms of insured losses, with the $4.9 billion hit dwarfing the previous annual record of $3.2 billion in 2013, Insurance Bureau of Canada (IBC) reports. Flooding in southern Alberta and the

News CatastrophesInsuranceMergers and Aqcuisitions

Cleanup, damage assessment begins in Atlantic Canada after torrential rains

October 12, 2016 The Canadian Press

SYDNEY, N.S. – Communities in Nova Scotia and Newfoundland are facing a costly and lengthy cleanup from widespread flooding damage after a storm brought torrential rain to the region over the long weekend. Premiers in both provinces were scheduled to

News AssociationsInsuranceLegislation / Regulation

Marine, surety insurance policies among those exempt from Newfoundland and Labrador’s 15% retail sales tax on P&C premiums

May 2, 2016 by Canadian Underwriter

Insurance policies for marine, surety, guarantee or fidelity-type bonds, accident and sickness, and life will be exempt from Newfoundland and Labrador’s 15% retail sales tax (RST) on property and casualty insurance premiums, the Insurance Bureau of Canada (IBC) said on