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Why it’s hard to make telematics ‘commercially viable’ in Canada

August 13, 2020 by Greg Meckbach

If regulators continue to prohibit auto insurers from imposing surcharges when they detect risky driving behaviour through telematics, it will be difficult for usage-based insurance to be commercially viable, an Aviva Canada data science expert suggests. “Telematics is a good

News Technology

Why regulation holds auto insurers back from using advanced modelling

August 4, 2020 by Greg Meckbach

Auto insurers could potentially use artificial intelligence to improve risk segmentation but some of the newer modelling techniques may not be a good fit with the way rates are currently regulated, a data science expert for one insurer suggests. Ontario’s

News InsuranceLegislation / Regulation

How long it’s taking now to approve Ontario auto rate filings

June 18, 2020 by Greg Meckbach

The average Ontario auto insurance filing now takes less than two weeks to get approved, the provincial regulator told Canadian Underwriter. The Financial Services Regulatory Authority announced this past October a “file and use” system for private passenger auto. For

News InsuranceLegislation / Regulation

What’s really behind Ontario auto rate increases

February 11, 2020 by Greg Meckbach

Auto rates continue to climb in Ontario but the increase in frequency and severity of claims plays a big role, Insurance Bureau of Canada suggests. None of the 21 Ontario auto insurers who filed for rate changes during the last

News Insurance

Ontario auto changes could be ‘slow to implement’

September 12, 2019 by Greg Meckbach

Ontario may have a new auto insurance regulator, but don’t expect conditions in that market to improve overnight, A.M. Best Company Inc. suggested in a report released Thursday. “Measures to improve market and competitive conditions will likely be slow to

News InsuranceLegislation / Regulation

Ontario government promises auto rate review

November 18, 2018 by Greg Meckbach

The Ontario government announced Thursday it plans to “review how auto insurance rates are regulated” and confirmed the government will still run the Motor Vehicle Accident Claims Fund. A review of rate regulation will be done “jointly with the Financial