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 […]
By Phil | 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 […]
By David Gambrill | November 24, 2023
3 min read
TORONTO – The dangers of a changing climate could add more than $4 billion per year to the cost of maintaining Ontario’s public infrastructure over the rest of the century, the province’s financial watchdog said Wednesday. But the report from the Financial Accountability Office of Ontario said the province and municipalities can cut those costs […]
By Jason Contant | November 23, 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 […]
By Jason Contant | 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 […]
By David Gambrill | November 22, 2023
4 min read
Quebec’s recently enacted French-language law is causing some Canadian businesses concerns about compliance and even fear of losing employees, a new business risk report from Beazley suggested. Bill 96, An Act respecting French, the official and common language of Québec, became Law 14 this June. The law requires written publications and “documents,” which includes insurance, […]
By Jason Contant | November 22, 2023
3 min read
Primary insurance carriers can expect for the most part flat to high single-digit premium increases during Jan. 1, 2024, reinsurance renewals, Matt Wolfe, Aon Canada’s president and CEO of Reinsurance Solutions tells Canadian Underwriter. It’s a far cry from the high double-digit increases carriers saw during the Jan. 1, 2023, renewal season. Increases varied from […]
By Alyssa DiSabatino | November 22, 2023
3 min read
Canada’s Competition Bureau has obtained a court order to advance a civil investigation into allegations of anti-competitive conduct by Applied Systems Inc. and its affiliates, including Applied Systems Canada Inc. Both the Competition Bureau and Applied Systems replied in separate emails to Canadian Underwriter that there has been no finding of non-compliance at this stage […]
By David Gambrill | November 21, 2023
2 min read
Canada’s auto insurers say the country needs a National Task Force on Stolen Vehicles, and they are calling on the federal government to play a leadership role in tackling record-high auto thefts. While the feds should lead the charge, auto theft is an all-hands-on-deck issue, Insurance Bureau of Canada (IBC) suggests in its release. Auto […]
By Alyssa DiSabatino | November 20, 2023
3 min read
HALIFAX – A plan is now in place to create the kind of detailed flood plain maps that some of Nova Scotia’s emergency managers have said they lacked when torrential flooding occurred in July. Byron Rafuse, deputy minister of the Department of Municipal Affairs and Housing, told a legislature committee Wednesday it’s expected the mapping […]
By Jason Contant | November 17, 2023
4 min read