Public insurer’s six-month loss over $500 million
November 26, 2018 by Jason ContantThe Insurance Corporation of British Columbia (ICBC) has posted a net loss of $582 million for the first six months of the current fiscal year. It’s also projecting a year-end financial loss of $890 million for 2018/19. This significant loss…
Political battle over public v. private ride-sharing insurance in B.C.
November 21, 2018 by Jason ContantThe Insurance Corporation of British Columbia (ICBC) is prepared to offer a blanket, usage-based insurance product, likely by next fall, if proposed legislation on ride-hailing passes before Christmas, as anticipated by the Premier, according to published reports. However, the leader…
Insurers weigh in on how automated vehicles should be covered
November 15, 2018 by Jason ContantThe Insurance Bureau of Canada (IBC) has recommended a single insurance policy to cover driver negligence and automated technology to facilitate liability claims associated with autonomous vehicles. “The automated vehicle’s insurer would compensate injured people if the automated vehicle caused…
Canadian drivers don’t fully understand cannabis impairment
October 4, 2018 by David GambrillCanadians know that driving while high on marijuana causes a risk to road safety, but they don’t seem to understand cannabis impairment fully, according to a recent Leger poll conducted on behalf of the Insurance Bureau of Canada (IBC). Eighty-four…
Watch out for scammers, IBC warns Ottawa-Gatineau tornado victims
October 2, 2018 by Jason ContantIn the wake of the tornadoes that struck the Ottawa-Gatineau region Sept. 21, the Insurance Bureau of Canada (IBC) has raised another concern: contractors misrepresenting themselves or offering extensive fees for services. One restoration firm representative noted large-scale disasters can…
Will Ottawa-Gatineau insured losses set a record for tornado damage?
September 28, 2018 by Jason ContantOfficial catastrophe estimates will not be ready for awhile following the tornadoes that struck the Ottawa and Gatineau areas Sept. 21, but it will definitely be a cat event, industry observers say. Catastrophe Indices and Quantification Inc. (CatIQ) defines a…
The public’s view on minor injury caps in this province
September 13, 2018 by Jason ContantNearly seven in 10 people polled in Newfoundland and Labrador support a cap on auto insurance payouts for minor injuries, Insurance Bureau of Canada (IBC) revealed in a new study. This week, IBC released the results of a public opinion…
Is Toronto’s latest storm a cat event?
September 12, 2018 by Jason ContantAlthough heavy rain soaked Torontonians during Monday’s morning rush hour, the storm won’t be a catastrophe event, insurance professionals told Canadian Underwriter. “As far as I’m concerned, the rainfall yesterday was a non-event from an insurance perspective,” Glenn McGillivray, managing…
Ontario already near $1 billion in insured damage in 2018
September 8, 2018 by Jason ContantWith almost three months left in the year, severe weather in Ontario alone has already caused almost $1 billion in insured damage, Insurance Bureau of Canada (IBC) reported Friday. One of the most recent events occurred Aug. 7, when a…
Nearly $3.6 billion in insured losses from Fort McMurray wildfire: CatIQ
July 7, 2016 by Canadian UnderwriterInsured damage from the recent wildfire affecting Fort McMurray, Alta. is estimated at $3.58 billion, Insurance Bureau of Canada’s vice president western and Pacific, Bill Adams, said Thursday. A third of the $3.58 billion loss is commercial property, 5% is…