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usage-based insurance

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How IBC would change auto insurance regulation in four provinces

June 26, 2020 by Greg Meckbach

Motorists in Ontario, Alberta, Nova Scotia and Newfoundland and Labrador should be allowed to buy pay-per mile insurance, an Insurance Bureau of Canada official says. Those four provinces already allow usage-based insurance, wrote Ryan Stein, IBC’s executive director of auto

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There’s UBI for auto, could it work for home?

June 11, 2020 by Adam Malik

If the more you drive means the likelier you are to have an auto claim, the same thinking could apply to home insurance claims, as people adhere to shelter-in-place guidelines during the COVID-19 pandemic, says a risk expert. If people

News InsuranceMarkets / CoveragesProducts

New Canadian auto insurance product coming soon

August 7, 2018 by Greg Meckbach

Intact Insurance will be soon launching a new iteration of its usage-based auto insurance (UBI), a company official says. The revelation came during a July 31, 2018 conference call about the insurer’s past quarter results. During the call, an investment

News InsuranceTechnology

Intact reports ‘world of difference’ with telematics

June 20, 2018 by Greg Meckbach

Hard numbers showing the impact of telematics remain elusive, but Canada’s largest property and casualty insurer says the technology does separate the good risks from the bad. Telematics is a vehicle diagnosis technology that collects data such as distance travelled,

News AnnouncementsAppointmentsInsuranceMergers and AqcuisitionsTechnology

Octo Telematics to acquire Willis Towers Watson’s UBI assets; firms to partner on insurance-related products

October 12, 2017 by Canadian Underwriter

Octo Telematics and Willis Towers Watson (WTW) have reached an agreement in which the former will acquire the latter’s usage-based insurance (UBI) assets, setting the stage for the two companies to work together on more auto telematics opportunities. Leveraging Octo’s

News InsuranceLegislation / RegulationMergers and AqcuisitionsTechnology

Insurers have ‘hidden behind’ regulators: Executive Forum speaker

August 30, 2017 Greg Meckbach, Associate Editor

Technological innovation is not among the goals of some government regulators overseeing insurance markets, but some can be persuaded to allow innovation if a determined insurance provider presents “a good case study,” speakers suggested Tuesday at the Insurance-Canada.ca Executive Forum. “We as insurers have hidden behind the regulators for a long time and have said, ‘Gosh, I would love to do that but I won’t be allowed to,” said David Crozier, president and chief executive officer of Everest Insurance Company of Canada. “We…

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 InsuranceMergers and AqcuisitionsProductsTechnology

Allstate Canada expands UBI program Drivewise into Nova Scotia after “great success” in Alberta and Ontario

August 15, 2017 by Canadian Underwriter

The Allstate Insurance Company of Canada announced on Monday that it is expanding its usage-based insurance (UBI) program Drivewise in Nova Scotia “after experiencing great success in the provinces of Alberta and Ontario.” Drivewise rewards those who exhibit safe driving

News AssociationsInsuranceProductsTechnology

More data-based use cases likely offers greater shot at success for insurers exploring connected insurance: expert

May 24, 2017 by Canadian Underwriter

The greatest value to insurance industry players and their customers will likely not be realized without expanding the number of data-based use cases, Matteo Carbone, founder and director of the Connected Insurance Observatory, recently suggested. “Connected insurance is about gathering

News InsuranceMarkets / CoveragesTechnology

Toyota Research Institute exploring blockchain for possible use in autonomous driving technology

May 23, 2017 by Canadian Underwriter

The Toyota Research Institute (TRI) announced on Monday that it is exploring blockchain and distributed ledger technology (BC/DL) for use in the development of a “new mobility ecosystem that could accelerate development of autonomous driving technology.” TRI is collaborating with

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Global market for usage-based insurance grew by 32% in 2016 to 14 million policies: PTOLEMUS

May 18, 2017 by Canadian Underwriter

The global market for usage-based insurance (UBI) insurance grew by 32% in 2016 to 14 million policies, according to PTOLEMUS Consulting Group’s UBI Quarterly Dashboard, released on Thursday. The dashboard is a 100-page quarterly quantitative and business intelligence report surveying

News AssociationsInsuranceMergers and AqcuisitionsTechnology

Autonomous vehicles coming, but auto books will not disappear any time soon: CIAA event speaker

April 17, 2017 by Angela Stelmakowich

Autonomous vehicles are coming, but there is no need for property and casualty insurers to panic that their auto books are going to quickly disappear, Andrew Lo, president and chief operating officer of Kanetix Ltd., said Thursday at the Canadian