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Why UBI will survive the pandemic

January 19, 2022 Canadian Underwriter Staff

It’s been a hit and miss for Usage-Based Insurance (UBI) in Canada since it was first introduced about a decade ago, but brokers believe it will survive well past the pandemic-induced uptake of the past two years. “It’s going to

Hand holding a pen and signing a contract. A red car is pictured in the background.
News Insurance

What FSRA’s changes to auto termination notices mean for insurers

January 18, 2022 by Alyssa DiSabatino

Financial Services Regulatory Authority of Ontario (FSRA) has changed its approved auto policy forms to align with the government’s amendments to the Insurance Act, in what is widely being considered a welcomed change by the industry.   Most notably, this change includes the

Miniature wooden houses lined up beside each other and red arrow above them. Represents increasing house premiums.
News Insurance

Why home insurance rates are rising in 2022

January 17, 2022 by Alyssa DiSabatino

Home insurance policyholders can expect an average 5% rate increase in 2022, according to a report from RatesDotCa.   The average cost for home insurance in Ontario in 2021 was $1,342, per RatesDotCa. A 5% increase would translate into a

News Insurance

How many Canadian renters lack tenant insurance?

January 11, 2022 by Alyssa DiSabatino

Correction: This story has been changed to reflect new information. The survey had 491 respondents rather than 1624, and the percentages of renters with insurance was 65% in Quebec, vs. 46% in the rest of Canada, rather than 48% vs.

News Insurance

Pandemic puts ‘right to disconnect’ in spotlight as provinces inch toward policies

December 30, 2021 By Tara Deschamps, Canadian Press

During Danish Yusuf’s morning routine, his work phone rarely rings and seldom is there an appointment with his Toronto insurance company staff. The lack of disruptions is no coincidence. Yusuf instructed staff not to plan meetings or send electronic communications

News Insurance

How to speak to your clients about travel advisories

December 24, 2021 Alyssa Di Sabatino

As of Dec. 15, the federal government advised Canadians to avoid non-essential travel outside of Canada.   These advisories could pose problems for those who made plans to travel during the holiday season.  “This is a response to the growing challenges, not only

News Insurance

Desjardins settles 2019 data breach class action lawsuit for up to nearly $201M

December 17, 2021 The Canadian Press

MONTREAL – Financial services firm Desjardins Group will pay up to nearly $201 million to settle a class-action lawsuit related to a data breach in 2019 that affected nearly 9.7 million Canadians. The agreement, which is subject to approval by

News Insurance

Here are the latest trends in insurance fraud

December 8, 2021 by Jason Contant

“Re-vinning” of stolen vehicles — where thieves steal a vehicle, put what appears to be a legitimate vehicle identification number (VIN) on the front dash and then sell it to an unsuspecting customer — is increasing as a fraud trend,

News Earnings / RatingsInsuranceLegislation / Regulation

How this insurer is calculating rates for Gender X auto clients

November 29, 2021 by Greg Meckbach

Starting Wednesday, The Dominion of Canada General Insurance Company will start applying the female rates to Nova Scotia auto clients who identify as Gender X. In a ruling released Nov. 19, the Nova Scotia Utility and Review Board approved The

News ClaimsInsuranceLegalLegislation / Regulation

Canada’s insurers could face higher costs from distracted driving

November 26, 2021 Canadian Underwriter Staff

Costs to Canadian insurance companies from accidents and injuries caused by distracted driving could reach $159 million by 2030, according to an analysis from financial products comparison site Hellosafe.ca. The analysis explored two scenarios, an optimistic 2% annual increase in

News Insurance

More than half of polled Canadians keep their auto insurer for five years or longer

November 24, 2021 Philip Porado

A whopping 84% of Canadians have stayed with their auto insurer for two or more years and 58% have remained with the same company for more than five years, according to a Ratehub survey. What’s more 23% said they’ve stayed

News Insurance

What’s on Insurance Bureau of Canada’s agenda?

November 23, 2021 by Jason Contant

Digitization efforts and consumer choice are at the top of Insurance Bureau of Canada’s (IBC) agenda, the association’s chief strategy officer said last week at an industry event. “We essentially want to look at how does the consumer want to