Industry
If your client owns a multi-storey commercial or residential building and installs a system that lets them shut water off immediately if necessary, how easy is it to get a break on insurance? “To the best of our knowledge there are no scaled well publicized commercial subsidies being offered in the market right now,” said […]
By Greg Meckbach | May 6, 2019
2 min read
Is electronic proof of auto insurance (EPAI) just around the corner in Ontario? Industry scuttlebutt is that the new Financial Services Regulatory Authority of Ontario (FSRA) will allow the use of EPAI this summer, possibly as early as June. Canadian Underwriter contacted FSRA for comment, but was referred to the Financial Services Commission of Ontario […]
By Jason Contant | May 3, 2019
Weak investment results and problems with auto insurance in most provinces were among the factors leading to a bad year for insurers in 2018, Insurance Bureau of Canada’s chairman suggests. “Last year was not a good year for the property and casualty industry in Canada,” IBC chairman Kenn Lalonde said during the association’s annual general […]
By Greg Meckbach | May 2, 2019
The recent Ontario budget document is giving some insurers hope that the government will actually fix the province’s auto insurance system. “Many people have said that the comprehensive package contained in the budget is frankly the most encouraging statement about auto insurance from a government in Ontario for 35 years,” Don Forgeron, CEO of the […]
By Greg Meckbach | April 30, 2019
3 min read
A lack of understanding about alternative risk transfer (ART) solutions, particularly among C-suite executives, remains a major obstacle to their expanded use, according a new report from Marsh and RIMS. Nearly half of C-suite respondents said they don’t understand how the products work, compared to just 18% of risk professionals, said the 16th Annual Excellence […]
By Jason Contant | April 30, 2019
Ontario residents who purchase private travel health insurance coverage before traveling outside of Canada will likely not notice the impact of the province’s new proposal to stop OHIP coverage for residents travelling abroad, one executive in the travel insurance business suggests. Ontario currently pays only a very limited amount – about 5% — of costs […]
By David Gambrill | April 26, 2019
The Ontario government wants to make the auto claims process easier to navigate and less cumbersome, a politician who used to be a broker told the legislature last week. “Today when someone has an accident, they are assigned an adjuster,” Nina Tangri, Conservative MPP for Mississauga-Streetsville, said Apr. 18 during debate on an NDP private […]
By Greg Meckbach | April 23, 2019
The Ontario government plans to work with the industry on implementing a number of changes to auto insurance, including doubling accident benefits coverage for catastrophic impairment. In its 2019-20 budget document tabled Apr. 11, the government said motorists “should have the choice to lower their premiums by allowing insurers to consider their credit history,” a […]
By Greg Meckbach | April 18, 2019
A $24.3-million lawsuit by an oil and gas company against a contractor over an accident that spilled 60 cubic metres of oil is one of Canada’s largest-ever subrogated claims, a lawyer for the plaintiff says. In ISH Energy Ltd v Weber Contract Services Inc., Justice Gillian Marriott of the Court of Queen’s Bench of Alberta […]
By Greg Meckbach | April 16, 2019
4 min read
A new cyber threat called “credential stuffing” is emerging, and Canada is the third-most targeted country in the world, according to a new report. Credential stuffing is when hackers take a stolen username and password and then run it through different sites to see if they can access information anywhere else. It’s based on the […]
By Jason Contant | April 15, 2019
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