Litigation costs stand out as a major contributor to premiums drivers pay in Alberta, according to a new report from accounting firm MNP. Legal costs in Alberta’s auto insurance system have risen 31% since 2018 and account for roughly 20%…
Subrogation for third-party liability (TPL) in Saskatchewan doesn’t appear to have a significant impact on the cost of insurance for drivers in the province, a Saskatchewan Government Insurance (SGI) spokesperson suggested to Canadian Underwriter. In Saskatchewan, the public insurer subrogates…
Impaired drivers in Manitoba who are involved in collisions will be denied third-party liability coverage, and will be responsible for covering the cost of any damage they cause to other vehicles or property under new rules in the province. Manitoba…
Third-party liability coverage continues to be the bane of Alberta auto insurers’ existence, the province’s Automobile Insurance Rate Board (AIRB) revealed in its 2018 annual report. Provincial auto insurers collect 53% of every dollar for third-party liability coverage, but are…
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…
Nine days after Insurance Corporation of British Columbia released a report it commissioned to Ernst & Young LLP on reforming auto insurance, the chief executive officer of Intact Financial Corp. suggested it is “better to have a competitive marketplace” in…
The process of suing for compensation for motor vehicle accidents “could be made far more efficient” in British Columbia, whose monopoly auto insurer’s basic accident benefits are “low compared to modern medical and rehabilitation costs” in care-based auto insurance schemes…
The premiums charged by British Columbia’s government-run monopoly provider of basic auto insurance are “not high enough” to cover claims, the system is not sustainable and the cost of the average minor bodily injury claim has risen well beyond the…
The Government of Newfoundland and Labrador has announced the start of a comprehensive review of the auto insurance system in the province. Perry Trimper, Minister of Service NL, announced the review in a statement on Tuesday. As part of the…
PHILADELPHIA – Social media is amplifying the impact of the top-ranked risk for businesses – damage to reputation and brand – while cyber risk has fully entrenched itself in the Top 10, becoming the number one risk for respondents in…
A.M. Best has increased its estimate for losses that property and casualty insurers in the United States can ultimately expect from third-party liability asbestos claims to US$100 billion. The new figure – included in a new report issued Monday –…