Auto
If you fail to renew a client’s Ontario auto policy, even if that client missed a payment, you could attract close scrutiny from the provincial regulator. Ontario law prohibits insurers from declining to issue, terminating, or refusing to renew an auto policy or endorsement, except on grounds filed with Financial Services Regulatory Authority of Ontario […]
By Greg Meckbach | June 15, 2020
2 min read
Ontario auto insurers may have a hard time raising rates as much as they were before May 15; a major factor could be a controversial change to the dispute resolution process that took effect four years ago. New loss trend benchmarks show a decline in the expected future loss costs for bodily injury and accident […]
By Greg Meckbach | June 9, 2020
3 min read
VANCOUVER – Fans of car-sharing services in British Columbia are about to get another option within weeks of the closure of two other car-share businesses in the province. Turo, which describes itself as the world’s largest peer-to-peer car sharing platform, says it is preparing for “imminent expansion” into B.C. A statement from the company says […]
By Greg Meckbach | May 28, 2020
Pembridge Insurance Company plans to start rating motorists who identify themselves as ‘Gender X’ in Nova Scotia, charging Gender X motorists the same as women, the province’s regulator announced Tuesday. Through its Pembridge unit, Allstate writes home and auto insurance in Canada through brokers. As it stands, Pembridge’s rating algorithm in Nova Scotia only recognizes […]
By Greg Meckbach | May 27, 2020
Young male motorists can expect to pay more than women for auto coverage but the decisions your clients make have an even greater bearing on their insurance bill, the co-founder of LowestRates.ca suggests. “The cardinal sin is cancellation for non-payment,” LowestRates.ca CEO Justin Thouin said Monday in an interview. “If you have a gap (between […]
By Greg Meckbach | May 26, 2020
Canada’s largest property and casualty carrier observed a 50% drop after the middle of March in the distance driven by its auto clients, but the insurer’s usage-based telematics data suggest driving has started to pick up in recent weeks at a pace faster than expected, Intact Financial Corp. officials suggest. “In the past couple of […]
By Greg Meckbach | May 11, 2020
Your Ontario auto clients have probably read media reports claiming they have been “over-paying” for years, but at the same time your markets are probably telling you they either lose money or barely break even on the product. So how is a broker supposed to make heads or tails of the conflicting numbers? It’s not […]
By Greg Meckbach | March 13, 2020
4 min read
Auto rates continue to climb in Ontario but the increase in frequency and severity of claims plays a big role, Insurance Bureau of Canada suggests. None of the 21 Ontario auto insurers who filed for rate changes during the last quarter of 2019 reduced their average rate, the Financial Services Regulatory Authority (FSRA) reported. Rates […]
By Greg Meckbach | February 11, 2020
Online direct writer Sonnet has been under-charging auto clients in Nova Scotia who have fewer than 20 years’ experience or less, but that is about to change. As a result of rate changes approved Thursday, the premium increase will be about 50% across Sonnet’s book of business in Nova Scotia. Most of what Sonnet asked […]
By Greg Meckbach | January 10, 2020
Sugar plums are likely dancing in the heads of at least some Ontario auto underwriters as a result of a series of developments over the past year. When the government released its budget this past April, it included a bunch of proposed reforms. Among them was a proposal to increase the range of auto insurance […]
By Greg Meckbach | December 23, 2019
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
