Auto
The average Ontario auto insurance filing now takes less than two weeks to get approved, the provincial regulator told Canadian Underwriter. The Financial Services Regulatory Authority announced this past October a “file and use” system for private passenger auto. For insurers whose filings meet the “standard” criteria, FSRA aims to respond within 25 days. “The […]
By Greg Meckbach | June 18, 2020
2 min read
As the number of kilometres driven drops during the pandemic, consumers can expect to get a break on their auto insurance – and expect a hard market to pick up after the pandemic, Intact Financial CEO Charles Brindamour warns. “We expect rate will pick up and the market will be hard for a good 24 […]
By Greg Meckbach | June 17, 2020
WINNIPEG – Manitoba drivers could soon be paying less for their vehicle insurance. Manitoba Public Insurance has applied for an average 10.5 per cent cut in overall rates, which it says would save the typical passenger vehicle owner about $130 a year. The Crown corporation says if regulators approve the move, it will be the […]
By The Canadian Press | June 17, 2020
1 min read
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
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 The Canadian Press | 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
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