Insurance & Risk, Analysis, Events and Careers
Industry
British Columbia’s auto insurer has one rating factor that makes sense from an underwriting point of view, but could be onerous for brokers, an insurance defence lawyer suggests. The Insurance Corporation of British Columbia requires motorists in the province to list anyone who uses their vehicle as little as once a month, the Insurance Bureau […]
By Greg Meckbach | September 26, 2019
3 min read
Ontario’s hybrid no-fault/tort insurance system has created a fundamental misunderstanding between private insurers and consumers over the purpose of insurance, which is driving up costs for insurers and consumers alike, says the former Liberal government’s special advisor on auto insurance. David Marshall, author of Fair Benefits Fairly Delivered — widely endorsed two years ago by […]
By David Gambrill | September 25, 2019
4 min read
There’s a new sheriff in town, and Ontario’s freshly-minted auto insurance regulator is gunning for auto rate approvals in 25 days instead of the usual six months. Tim Bzowey, executive vice president of auto/insurance products of the Financial Services Regulatory Authority of Ontario (FSRA), spoke about the bold new mandate of Ontario’s new insurance regulator […]
Canada’s property and casualty industry would have to post an additional $21 billion to $30 billion in capital to insure Canadian risks if the country’s solvency regulator moves forward with proposed new rules as currently drafted, the industry warns. On average, that would require Canadian carriers to “more than triple their capital base,” Insurance Bureau […]
By David Gambrill | September 24, 2019
Removing the stigma of mental illness is something all industry leaders need to work on, and one of Canada’s biggest insurers is promoting mental well-being by giving workers more time off than they would normally be entitled to. RSA Canada gives its workers 10 personal days off a year – on top of existing paid […]
By Greg Meckbach | September 23, 2019
CHICAGO – The call came on a Saturday in July delivering grim news: Many of the computer systems serving the government of LaPorte County, Indiana, had been taken hostage with ransomware. The hackers demanded $250,000. No way, thought County Commission President Vidya Kora. But less than a week later, officials in the county southeast of […]
By Greg Meckbach | September 20, 2019
5 min read
Insurers really don’t know how much money fraud is costing them. “In Ontario, we have to rely on other jurisdictions to try and quantify it because we are so lousy at it,” said Gordon Rasbach, former vice president of property and claims fraud at Aviva Canada, during a recent panel discussion. “There is not that […]
Technology has been great for the insurance industry. But it’s also been creating problems, specifically creating a difficult market cycle. And it’s not the only reason why one panellist at the recent RIMS Canada Conference said the industry is “at a tipping point.” There’s a lack of capital in the market and commodity pricing has […]
By Adam Malik | September 20, 2019
Kent Rowe is now the president of the Insurance Brokers Association of Canada. Rowe, a former president of the Insurance Brokers Association of Newfoundland, was inducted into his new role after IBAC’s annual general meeting Thursday. By day, Rowe works in St. John’s as vice president of commercial lines for Wedgwood Insurance, which also has […]
1 min read
HALIFAX – The Nova Scotia government has declared a localized state of emergency in part of downtown Halifax in order to speed up removal of a construction crane blown down during post-tropical storm Dorian. Labour Minister Labi Kousoulis said Wednesday the step shifts the liability for potential damage during the crane’s removal to the province. […]
By Greg Meckbach | September 19, 2019
2 min read
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.