Industry

This auto rating factor could give brokers a headache

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

David Marshall on why Quebec’s auto insurance system works — and Ontario’s doesn’t

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

25-day auto rate approvals? You’re not dreaming….

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 […]

By David Gambrill | September 25, 2019

4 min read

$30-billion sticker shock for OSFI’s proposed reinsurance rules

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

4 min read