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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

News InsuranceProducts

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,

News Insurance

Bank of Canada keeps key rate at 0.25 per cent, warns of economic decline in 2021

January 20, 2021 Jordan Press - THE CANADIAN PRESS

OTTAWA – The Bank of Canada says the national economy will go in reverse for the first quarter of 2021, hammering the hardest-hit workers again on the path to a recovery that rests on the rollout of vaccines. Workers in

News AdjustersClaimsClaims CanadaConstructionEngineeringInsurance

What can go wrong when do-it-yourself clients try to replace home water heaters

January 19, 2021 by Greg Meckbach

Some homeowner clients could get in trouble if they try to replace water heaters themselves, by following do-it-yourself handyman advice they find somewhere on the Internet. Many home insurance policies specifically require that water heater installation be done by a

News Claims CanadaLegislation / RegulationTechnology

What’s missing from driverless vehicle rollout plan

January 19, 2021 by Greg Meckbach

Driverless vehicles need to have some way of communicating with police, fire and ambulance responders, an auto manufacturers’ group said in a recent report. First responders have ways of handling situations they encounter in traffic but there are no  “common

News BrokersCommercial LinesInsurance

A primer on business planning for the ‘new normal’ after COVID

January 8, 2021 by David Gambrill

As the arrival of vaccines in Canada promise to put an end to the pandemic, insurers and brokers now face the same task as their commercial clients: Creating a business plan for the ‘new normal,’ after the threat of COVID-19

News InsuranceLegislation / Regulation

Proposed rule would allow insurers to offer rebates and incentives to Ontarians

January 8, 2021 by Greg Meckbach

Ontario’s insurance regulator is looking for feedback from the public on a proposal to relax the rules prohibiting unfair or deceptive acts, allowing insurers to offer rebates and incentives to consumers under certain circumstances. “If you talk to insurance companies