TORONTO – 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…
The 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…
An auto insurance company cannot necessarily treat a policy as invalid under common law if it discovers the client made a material misrepresentation on the application, the Court of Appeal for Ontario has ruled. In Merino v. ING Insurance Company…
A lack of understanding about alternative risk transfer (ART) solutions, particularly among C-suite executives, remains a major obstacle to their expanded use, according a new report from Marsh and RIMS. Nearly half of C-suite respondents said they don’t understand how…
About one in three Quebec homeowners have overland flood coverage, but that number could be much lower in areas affected by recent floods. In the Montreal suburb of Ste-Marthe-sur-le-Lac, Que., waters from Lake of Two Mountains breached a dike at about…
Ontario residents who purchase private travel health insurance coverage before traveling outside of Canada will likely not notice the impact of the province’s new proposal to stop OHIP coverage for residents travelling abroad, one executive in the travel insurance business…
A $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.…
Artificial intelligence (AI) should be used to “connect the dots” between different data silos and decisions made within an insurance company, Charles Dugas, head of insurance at Element AI, said last week. The goal is to develop a system that…
Alberta 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…
If 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…
High winds contributed in part to most catastrophes in Canada over the past few decades, prompting the need for a new national standard on wind resilience, the Institute for Catastrophic Loss Reduction (ICLR) said Thursday. A report released by ICLR…
Insurance 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…