How inflation will affect Intact’s auto rates going forward
November 10, 2022 by David GambrillIntact is predicting a firming of its auto insurance rates in Canada, where brokers and consumers can expect the company to increase auto rates by percentages in the upper single digits by the end of 2022. In its personal lines…
Ontario auto: The impact of inflation on rate increases
September 22, 2022 by Jason ContantFinancial Services Regulatory Authority of Ontario’s (FSRA) recent approval of auto insurance rate increases for several insurers signals inflation may finally be making its way into the world of auto insurance prices, according to rate comparison site Ratesdotca. “Currently, FSRA…
Where Aviva thinks insurers are feeling inflation’s impact most acutely
August 10, 2022 by David GambrillInflation is wreaking havoc in all major lines of P&C insurance, but its effects seem to be most acute in auto insurance, particularly auto physical damage, reports Aviva Canada CEO Jason Storah. “The most acute impact we’ve seen so far…
Auto insurer seeks fourth consecutive rate decrease
July 20, 2022 by Jason ContantManitoba Public Insurance (MPI) is requesting a small average auto insurance rate decrease, its fourth consecutive annual rate-decrease request. It filed a provisional 2023/24 general rate application with Manitoba’s Public Utilities Board last week, requesting an average rate decrease for…
Post-Kenney, will the auto rate cap return after the next AB election?
June 27, 2022 by Jason ContantOutgoing Alberta Premier Jason Kenney’s announcement last month that he will step down following a leadership review is raising concerns among brokers in the province about the possibility of another auto insurance rate cap. In 2017, Alberta’s NDP government under…
Broker or insurer: Who’s responsible for letters of non-renewal on auto policies?
June 23, 2022 by Jason ContantThe issue of how much responsibility an Ontario broker has for sending out non-renewal notices to auto insurance clients is in the spotlight, featuring an online discussion focused on adequate notice time and the possibility of errors and omissions (E&O)…
Will the oil shock slow auto insurers’ post-pandemic loss ratios?
June 21, 2022 by David GambrillInsurers have been sounding the alarm about their auto claims ratios returning to normal post-pandemic, but expect the oil shock to temper that expectation somewhat, P&C industry execs predict. The war in Ukraine and consequent embargo on Russian oil have…
How low can Ontario auto insurance rates be slashed?
May 24, 2022 by Jason ContantThe Ontario NDP’s proposal to lower auto insurance rates by 40% may be a little high, but a 25% to 30% cut in total premiums is possible, says financial management consultant David Marshall. In its platform released before the upcoming…
Ontario auto: Should employee benefits or auto insurers pay out first?
May 17, 2022 by Jason ContantIf the Ontario Progressive Conservative Party moves ahead with one of its proposed changes to auto insurance, it could result in increased claims costs for auto insurers, or else shift the burden more onto extended (supplementary) health insurance policies, says…
NDP auto platform: 40% rate cut, frozen rate increases, and a Fair Pricing Commission
May 11, 2022 by Jason ContantOntario NDP Leader Andrea Horwath has proposed to lower auto insurance rates by 40% and investigate a “new system” for auto insurance that could include a public or partially public system. Horwath says if she is elected premier in the…
Kilometres driven: TD’s non-UBI approach
April 20, 2022 by David GambrillWhile many insurers tout usage-based insurance as the most accurate way to rate kilometres driven, TD Insurance is offering a new twist on an old ratings variable. To offer consumers choice, and a more accurate assessment of their driving risk,…
How auto could be the force that eats into Canadian insurers’ results
April 8, 2022 by David GambrillWith ROE levels in the Canadian P&C industry at a historic high of 17%, count Lloyds Canada among the list of insurance providers that caution the industry not to squander the hard-won gains of the hard market in a bid…