Is Ontario about to see electronic pink slips?
May 3, 2019 by Jason ContantIs electronic proof of auto insurance (EPAI) just around the corner in Ontario? Industry scuttlebutt is that the new Financial Services Regulatory Authority of Ontario (FSRA) will allow the use of EPAI this summer, possibly as early as June. Canadian…
2018 ‘not a good year’ for Canadian P&C insurers: IBC
May 2, 2019 by Greg MeckbachWeak investment results and problems with auto insurance in most provinces were among the factors leading to a bad year for insurers in 2018, Insurance Bureau of Canada’s chairman suggests. “Last year was not a good year for the property…
How smart speakers could ruin your reputation
May 2, 2019 by Jason ContantConnecting consumers with brokers and insurers through voice technology has already begun, but a new blog from Harvard Business Review is warning companies that their reputation could be at risk. The blog was written for general business audiences, but included…
How Canada’s banks are tackling identity theft risk
May 1, 2019 By David Paddon - THE CANADIAN PRESSTORONTO – Canada’s biggest banks marked the official launch of the Verified.Me digital identity network on Wednesday, following years of development and testing with their partner SecureKey Technologies Inc. The banks see Verified.Me as the beginning of a more secure…
Regulator allows out-of-province adjusters into Quebec
May 1, 2019 by Jason ContantQuebec’s financial regulator has temporarily relaxed some of its rules to allow out-of-province adjusters into the province to help deal with a large number of claims. The Autorité des Marchés Financiers (AMF) announced the change before the province began experiencing…
Ontario’s ‘most encouraging statement about auto insurance’ in 35 years
April 30, 2019 by Greg MeckbachThe recent Ontario budget document is giving some insurers hope that the government will actually fix the province’s auto insurance system. “Many people have said that the comprehensive package contained in the budget is frankly the most encouraging statement about…
Easy advice to help protect your clients against cyber attacks
April 30, 2019 by Jason ContantWhat’s one easy piece of advice you can provide to your clients to help protect them from cyber-attacks? Change your passwords. Nearly one-third (30%) of people in Canada and the United States use the same passwords for all or most…
Best incentives to get homeowners to move out of floodplains
April 29, 2019 by Jason ContantMassive flooding in Quebec has shined the spotlight on suitable incentives that may get homeowners to move out of floodplains. Quebec Premier François Legault said recently that the province will offer a maximum of $100,000 to homeowners dealing with flood…
Supreme Court to consider insurer’s medical examiner defamation suit against lawyer
April 26, 2019 by Greg MeckbachA $15-million defamation lawsuit by a doctor who examines accident benefits claims on behalf of auto insurers is headed to the Supreme Court of Canada. The top court announced Thursday it will hear an appeal of Platnick v. Bent, released Aug.…
Alberta election leaves IBC ‘cautiously hopeful’ on auto file
April 26, 2019 by Greg MeckbachAlberta brokers should touch base with the new provincial government and explain how auto insurance rules needs to change, suggests the Insurance Bureau of Canada’s CEO. “Our campaign for change moves into a new phase with the recent election of…
Proposed auto reforms in Newfoundland ‘don’t go far enough’: IBC
April 25, 2019 by Greg MeckbachIf the Newfoundland and Labrador government increases the deductible for pain and suffering awards in auto accident lawsuits, a reduction in claims costs will not necessarily follow, says the Insurance Bureau of Canada’s CEO. Newfoundland and Labrador has had a…
How tech will change the way you price risk
April 25, 2019 by Jason ContantInsurance risk categories in the future will become so small they will become very difficult to price properly, a speaker predicted earlier this month at the CIP Society Symposium in Toronto. The number of distinct risk transfer categories appears to…