Canadian Underwriter

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News Insurance

Public auto insurer to issue pandemic rebate cheques

February 26, 2021 by Jason Contant

Saskatchewan Government Insurance (SGI) is the latest public auto insurer to announce customer rebates for drivers resulting from the ongoing COVID-19 pandemic. Both Manitoba Public Insurance (MPI) and the Insurance Corporation of British Columbia (ICBC) announced rebates in January and

News Insurance

Canadian banks, bellwethers of pandemic recovery, to reveal key statistics this week

February 23, 2021 Anita Balakrishnan - THE CANADIAN PRESS

TORONTO – Canada’s biggest banks will report their quarterly financial results this week, and analysts say they will be listening for hints as to how bank executives view the economic recovery from COVID-19. John Aiken, head of research (Canada) at

News AdjustersCatastrophesClaimsClaims CanadaConstructionInsuranceRestoration

What’s making it harder to estimate property Cat claims

February 17, 2021 by Greg Meckbach

Recent price increases in building materials means it is harder than normal to predict the cost of repairing property damage, restoration experts say. Restoration contractor Peak Services handled several thousand claims after the June 13, 2020, record hail storm in

News ClaimsClaims CanadaCommercial LinesInsuranceRestorationRisk

One knock-off effect of rising condo deductibles

February 16, 2021 by Greg Meckbach

A large increase in deductibles on condo corporations’ insurance is starting to put pressure on individual condo owners’ premiums, a new report from LowestRates.ca shows. “When a deductible goes up – say from $20,000 a year to $100,000, or $200,000

News Insurance

IBC praises new towing guidelines in Ontario

February 5, 2021 by Jason Contant

Insurance Bureau of Canada (IBC) is applauding the Ontario Provincial Police (OPP) on its new towing services guidelines aimed at providing clear direction to tow operators. “These guidelines are another tool to help protect drivers and ensure that at the

News CatastrophesClaimsClaims CanadaClimate ChangeInsurance

Where Canada sits with high-risk flood insurance pool

February 3, 2021 by Greg Meckbach

Industry experts are trying to calculate how much it would cost to set up an insurance pool for homes at high risk of overland flood, an Insurance Bureau of Canada official suggests. Canada’s Task Force on Flood Insurance and Relocation

News Insurance

Canadian auto and property insurance rates headed in opposite directions

February 1, 2021 by Jason Contant

Average personal auto premium rates in Canada decreased 2.6% in 2020 Q4 compared to the same period in 2019, but some provinces did see an increase, according to the latest results from Applied Systems’ premium rate index. On average, both

News ClaimsInsuranceTechnology

Telematics: Who’s jumping into the pool and who’s watching from the deck

January 28, 2021 by Greg Meckbach

Auto insurers are taking a variety of approaches to telematics: Some are observing from the sidelines, while others report growing interest from consumers. The Travelers Companies Inc. introduced IntelliDrive in Canada last week, as Michael Klein, president of personal insurance

News Insurance

Your clients are more willing to share personal data for a better insurance deal

January 26, 2021 by David Gambrill

Consumers are increasingly willing to share their personal information with their insurers as long as it will help them prevent injury and loss, according to a recent consumer research conducted by Accenture. The caveat here is that consumers don’t trust

News Insurance

Hard-hit businesses get rules, Feb. 1 start date for Liberals’ $1-million loan fund

January 26, 2021 The Canadian Press

OTTAWA – Companies that want in on a new federal loan program will have to show sharp revenue declines during the pandemic and that they have already applied for other business aid. The new loans, from the Highly Affected Sectors

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When GAP insurance is an ‘easy profit maker’ for auto dealer

January 21, 2021 by Greg Meckbach

Guaranteed Asset Protection is one way for automotive dealers to make money from consumers who make large down payments on their new vehicles, an automotive columnist suggests. GAP insurance is intended to protect consumers who borrow money to buy their

News AssociationsInsuranceLegislation / RegulationProductsRiskTechnology

Open banking in Canada could help insurers with credit scoring

January 20, 2021 by Greg Meckbach

Open banking could give insurers better data for credit scoring, suggests an official with the organization that handles clearing and settlement for banks in Canada. “I think we will see more accurate underwriting and more accurate credit scoring,” Andrew McFarlane,