Ontario’s Peel Regional Police (PRP) in collaboration with Équité Association have prevented more than $350,000 of insurance fraud by disrupting and dismantling an auto theft ring, the southern Ontario police force reported Wednesday. As part of the investigation dubbed Project Memphis, nine high-end stolen vehicles valued at more than $1.2 million were recovered, PRP said […]
November 30, 2023
3 min read
TORONTO – Government impersonation is one of the most common financial scams plaguing people across Canada, a new survey from payment processing company Interac Corp. has found. The report, released Tuesday, said 42 per cent of survey respondents reported dealing with scammers pretending to be representatives of official government institutions. That was followed by 41 […]
November 30, 2023
2 min read
A Nova Scotia court awarded more than $225,000 against a home insurer after its telephone agent placed coverage for a couple’s newly purchased house, when in fact it was unclear if the property was vacant, thus triggering a policy exclusion for water damage. Nova Scotia’s Supreme Court upheld TD Insurance’s policy exclusion for the new […]
November 29, 2023
4 min read
An Airbnb renter can be considered an insured under a strata’s insurance policy but may not necessarily rely on other liability protections in a strata’s bylaws, a B.C. Supreme Court justice determined in Strata Plan VR 2213 v Schappert, 2023 BCSC 2080. A subrogated claim brought by the plaintiff’s insurers led to a special case submitted under […]
November 29, 2023
4 min read
CHARLOTTETOWN – The privately owned electricity utility in Prince Edward Island wants ratepayers to cover $37 million in costs incurred during post-tropical storm Fiona in 2022. Maritime Electric, a subsidiary of Fortis, has applied to the Island’s regulatory commission for rate hikes of about 2.4% cent by Mar. 1, 2024, for rural residential customers. After […]
November 28, 2023
3 min read
Reinsurers have their ears to the ground on climate change losses, and Canada’s record wildfire season is adding to the heat, according to industry experts. But while reinsurers are keeping a close watch on wildfire risk, tallied wildfire losses aren’t expected to raise reinsurance renewals for Canadian carriers exponentially, experts told Canadian Underwriter. Part […]
November 28, 2023
3 min read
Car thefts began rising across Canada in 2020 during the COVID-19 pandemic and have been climbing ever since – fuelled by organized crime rings using new technologies to steal key fob codes and take vehicles while their owners are asleep. It’s gotten so bad that in 2022, insurers paid more than $1 billion in auto […]
November 27, 2023
2 min read
Ontario auto insurers are commending the provincial government for committing $18 million over three years to help police services combat and prevent auto theft. “Last year marked the first time in history when Canada’s insurers paid over $1 billion in claims for stolen vehicles,” Amanda Dean, interim vice president of Ontario for the Insurance Bureau of […]
November 24, 2023
3 min read
Embedded insurance not only enhances the customer experience but also provides greater access to data for insurers, speakers said during KPMG’s recent 2023 Insurance Conference in Toronto. “You unlock a lot of data that will change the way you do your underwriting right now, but also change the way you can conceptualize your product,” said […]
November 23, 2023
3 min read
A passenger seriously injured in an auto collision caused by an uninsured driver is not considered an “insured” under her father’s or boyfriend’s auto policies, even though she was living with them at the time of the crash, B.C.’s Court of Appeal has confirmed. The court upheld an arbitrator’s finding that the injured passenger’s living […]
November 22, 2023
4 min read