Auto
Ontario may have a new auto insurance regulator, but don’t expect conditions in that market to improve overnight, A.M. Best Company Inc. suggested in a report released Thursday. “Measures to improve market and competitive conditions will likely be slow to implement,” A.M. Best said in its Canadian Market segment report, which the Oldwick, N.J. credit […]
By Greg Meckbach | September 12, 2019
2 min read
Auto insurers asking for double-digit increases from New Brunswick’s regulator could face some hard questions during hearings this fall. “Some of the companies have been asking for a big increase” and will not necessarily be approved for the increases they asked for, said Michèle Pelletier, the province’s Consumer Advocate for Insurance, in an interview Tuesday. […]
By Greg Meckbach | September 10, 2019
The 5% ceiling on Alberta auto rate increases is history, but that does not mean the sky is the limit. “Allowing [the 5%] limitation to expire is necessary to ensure a sustainable industry that can best serve the needs of Albertans,” a spokesperson for the provincial government told Canadian Underwriter Tuesday. In 2017, the Alberta […]
By Greg Meckbach | September 3, 2019
3 min read
If George Hodgson’s crystal ball is working as well as he hopes, it may not be too long until Alberta drivers will be able to use digital insurance pink cards. The chief executive officer of the Insurance Brokers Association of Alberta is thinking changes will happen this year, “sooner rather than later,” he told Canadian […]
By Adam Malik | August 6, 2019
Canada’s largest P&C insurer has been taken by surprise by the number of old Ontario auto claims in which accident victims are trying to get benefits for catastrophic impairment. Ontario changed its catastrophic impairment definition for accidents occurring on or after June of 2016. Intact Financial Corp. still has claims open from before the changes […]
By Greg Meckbach | July 31, 2019
Allstate officials are considering appealing last week’s Ontario court judgement that rejected the company’s $700,000 counter-suit against a former employee. “Our legal counsel is reviewing the decision and we will decide whether to appeal in the next few weeks,” Angie Morris, vice president of legal and general counsel for Allstate Insurance Company of Canada, wrote […]
By Greg Meckbach | July 30, 2019
4 min read
Saskatchewan’s government-owned insurer has been blindsided by its Ontario auto line. Regina-based Saskatchewan Government Insurance (SGI) reported Tuesday that SGI Canada’s 2018-19 loss ratio in Ontario was 91.9%, up 16.5 points from 75.4% in 2017-18. That increase was “largely due to unfavourable auto results,” SGI said in its annual report. SGI runs both the Auto […]
By Greg Meckbach | July 12, 2019
TORONTO – A woman awarded $50,000 by a jury for injuries suffered in a car crash will have to pay more than $61,000 to cover the costs of the two men she sued, even though losers in a lawsuit are normally on the hook for the winner’s legal bills. In upholding a lower court ruling, […]
By Greg Meckbach | July 11, 2019
If a vehicle manufacturer wants to write auto insurance in Canada, it would need to have a subsidiary that is approved by the government to write insurance, says Ottawa’s insurance regulator. Asked whether an auto manufacturer can insure P&C risks in Canada, a spokesperson for the federal Office of the superintendent of Financial Institutions said […]
By Greg Meckbach | July 9, 2019
Although Ontario motorists can legally put their vehicles on the road with as little as $200,000 in liability coverage, brokers likely wouldn’t want one of those motorists for a client. “There is no way you can justify why you sold someone a $200,000 [auto] liability policy,” Rick Orr, Stratford-based owner and account executive at Orr […]
By Greg Meckbach | July 8, 2019
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