Which way is winter tire usage trending in Canada?
November 21, 2019 by Adam MalikCanadians are getting the message when it comes to the importance of driving with winter tires, a new study has found. But Insurance Bureau of Canada warned that more than just strapping them to your car is enough to ensure…
What else needs to be paired with the new traffic enforcement plan?
November 18, 2019 by Adam MalikToronto’s top cop has admitted that having fewer traffic officers has led to an increase in collisions and deaths on city streets. Insurance industry data backs that up, and Insurance Bureau of Canada (IBC) hopes a concerted effort that includes…
What the Liberal minority government means for insurers
October 22, 2019 by Adam MalikSomething good may be in store for the property and casualty insurance industry as a result of the federal election Monday night. With the re-election of the federal Liberal party, albeit a minority, the stage is set for the speedy…
This auto rating factor could give brokers a headache
September 26, 2019 by Greg MeckbachBritish Columbia’s auto insurer has one rating factor that makes sense from an underwriting point of view, but could be onerous for brokers, an insurance defence lawyer suggests. The Insurance Corporation of British Columbia requires motorists in the province to…
$30-billion sticker shock for OSFI’s proposed reinsurance rules
September 24, 2019 by David GambrillCanada’s property and casualty industry would have to post an additional $21 billion to $30 billion in capital to insure Canadian risks if the country’s solvency regulator moves forward with proposed new rules as currently drafted, the industry warns. On…
Why the brewing battle over vehicle data ownership matters to insurers
August 28, 2019 by Adam MalikCollision claims are approaching “a new era” of data collection, intensifying the debate between the insurance industry and vehicle manufacturers over who owns the data. Thanks to the advent of connected vehicles, data generated in these cars provide valuable information…
Digital pink cards get green light in third province
August 13, 2019 by Adam MalikA third Canadian province has been given the go-ahead for electronic proof of insurance for drivers. The Alberta government gave the OK for drivers to show their pink cards in a digital format through their smartphone this week, following the…
How this year’s CAT losses are trending
July 3, 2019 by Adam MalikCanada is well on its way to cracking the $1-billion threshold in insured catastrophe losses yet again as we enter the second half of 2019. Catastrophe Indices and Quantification (CatIQ) told Canadian Underwriter Wednesday that the estimated catastrophic insured loss…
Silvy Wright appointed head of IBC’s board of directors
June 25, 2019 by Adam MalikNorthbridge Financial President and CEO Silvy Wright has been elected to lead the Insurance Bureau of Canada’s board of directors, effectively immediately. IBC is in a unique position, Wright noted in a statement, as the industry faces an “unprecedented pace”…
What insurers requested of police chiefs
June 24, 2019 by Adam MalikInsurers are calling on greater collaboration with law enforcement to help fight auto insurance fraud. The cost of auto insurance fraud is overwhelming, and no one industry can tackle it alone, Don Forgeron, president and CEO of the Insurance Bureau…
What cabinet upheaval means for auto reform progress
June 24, 2019 by Adam MalikOntario Premier Doug Ford has made drastic changes to his cabinet just months after including auto reforms in its first budget. Taking over as finance minister – and in effect, the auto insurance file – will be Rod Phillips. The…
Pressure builds to end auto insurance monopoly
May 28, 2019 by Adam MalikCalls to end a provincial stranglehold on auto insurance are growing as business groups, municipalities and the Insurance Bureau of Canada (IBC) have taken up the cause. ICBC, on the other hand, is saying the high claims costs the public…