Industry

How telematics impacts auto insurer’s risk

Auto clients who think they are paying too much should consider telematics, the co-founder of LowestRates.ca suggests. With telematics, or usage-based insurance, the client normally installs an app on their smart phone or hardware into their vehicle diagnostic port, the OBD-II port, so the insurer can track things like when and where a vehicle is […]

By Greg Meckbach | May 29, 2020

3 min read

Industry

Guns, drugs, cash seized in organized crime probe of Toronto area tow truck industry

VAUGHAN, Ont. – Four alleged organized criminal organizations that operated as rival tow truck companies involved in a violent battle for territory in the Toronto area have been dismantled, police said Tuesday. York regional police said the alleged crimes involved real collisions with jacked-up fees to drivers, staged collisions and extensive insurance fraud. The turf […]

By Canadian Underwriter | May 26, 2020

3 min read

Industry

Battle cry issued to push momentum for pandemic-stalled D/X Initiative

The novel coronavirus appears to have put broker-carrier data exchange connectivity into a temporary state of suspended animation. But the pandemic is a time to push forward with industry-supported data exchange innovations, not put them on hold, one carrier has challenged. “Let’s not use COVID-19 as an excuse to push off the work required to […]

By David Gambrill | May 21, 2020

3 min read

Industry

The upside for Intact of getting into the property restoration business

If Intact Financial Corporation CEO Charles Brindamour had his way, Intact would be as big in property restoration as it is in the brokerage business. Brokerlink currently has more than 140 brokerage offices and 2,000 employees, and Intact is closing acquisitions of new brokerages on a regular basis. Intact announced in 2019 it agreed to […]

By Greg Meckbach | May 20, 2020

2 min read

Lloyd’s estimates COVID’s cost to the industry and its own market

The Lloyd’s market will pay “in the range” of $3 billion to $4.3 billion “as a result of the far-reaching impacts of COVID-19,” the Corporation of Lloyd’s announced Thursday. Comparing the overall COVID-related losses to the 2001 terror attack in New York and the impact of Hurricane Katrina in 2005, Lloyd’s went on to suggest […]

4 min read

How pandemic impacted ICBC’s claim costs, investment income

VICTORIA – The COVID-19 pandemic has sideswiped British Columbia’s public vehicle insurer, but the attorney general says it’s too soon to assess the potential damage. David Eby, who is also the minister responsible for the Insurance Corporation of B.C., said Thursday claim costs are down by about $160 million because there have been fewer accidents […]

2 min read

What Intact’s next acquisition target might look like

Don’t be surprised if you see Intact Financial Corp. announce the acquisition of a United States-based commercial specialty property and casualty insurer in the future. During a fireside chat Wednesday with John Aiken, Toronto-based financial service analyst with Barclays, Intact CEO Charles Brindamour was asked about about industry consolidation, acquisitions and how Intact is deploying […]

2 min read

How to ensure social distancing while road-testing drivers

Saskatchewan Government Insurance is resuming road tests – suspended since mid-March – for some drivers. SGI had suspended driving tests in order to reduce the risk of spreading the novel coronavirus. And so how to resume testing while social distancing remains at play? “Physical distancing is not possible in a vehicle, so in order to […]

2 min read

Canada wants to extend U.S. travel ban; PM not yet ready to consider future plan

WASHINGTON – Canada is not yet prepared to confront the challenges inherent in reopening the shared border with the United States, Prime Minister Justin Trudeau said Wednesday, stopping short of confirming that a ban on non-essential travel will be extended to June 21. The federal government has asked to extend the current ban, which is […]

4 min read

Aon names new president of Reinsurance Solutions in Canada

Matt Wolfe has been appointed the new president of Reinsurance Solutions in Canada, Aon plc announced Friday. “In his new role, Matt will lead the Canadian Reinsurance solutions team and bring unmatched analytics and insights to clients across the country,” said David Sloan, CEO of Reinsurance Solutions in Canada. “He will also drive change and […]

1 min read