Industry
If an election were held today in Ontario, the country’s largest private auto insurance market would be governed by a party that has promised public auto insurance in the past. Forum Research announced Thursday it projects a New Democratic Party majority government if an election were held today. The provincial election is scheduled June 7. […]
By Greg Meckbach | May 28, 2018
2 min read
When Ontarians go to the polls June 7, they will likely vote for a party with at least some members who promise to put an end to territorial ratings in auto insurance. This poses a problem for the property and casualty insurance industry because some insurers are saying territory is “the most effective indicator of […]
By Greg Meckbach | May 24, 2018
3 min read
Addressing two major gaps in cyber coverage for small to medium-sized businesses (SMEs) inspired the launch this week of Cyberboxx by new managing general agent (MGA) Boxx Insurance. CyberBoxx addresses: 1) breaches before the policy commencement date, and 2) employees who use their own devices for work. “First, many smaller companies wouldn’t know if they […]
By Jason Contant | May 24, 2018
The Co-operators has appointed Karen Higgins as its new executive vice president and chief financial officer, effective June 1. She replaces Bruce West, who holds the title and announced his retirement earlier this year. Currently vice president of finance in The Co-operators‘s life operations, Higgins has spent the last 20 years in progressive senior financial […]
Ontario brokers will have a new auto insurance option for their auto customers this July with MyPace, a product intended for vehicles driven fewer than 9,000 kilometres per year, Canadian Automobile Association (CAA) officials said Wednesday. MyPace, which measures distance travelled using telematics, was approved this past February by the Financial Service Commission of Ontario, […]
By Greg Meckbach | May 23, 2018
Canadian privacy law as it currently stands may not be enough to protect Canadians if banks are allowed to disclose their customer data to fintechs, Canada’s privacy commissioner told the Canadian Senate Committee on Banking, Trade and Commerce Wednesday. “Financial institutions and fintechs are required by PIPEDA [the Personal Information Protection and Electronic Documents Act] […]
By David Gambrill | May 23, 2018
Boxx Insurance, a new managing general agent (MGA) based in Toronto, has launched its flagship product Cyberboxx to help customers comply with the new data privacy legislation expected to become law in November. Federal mandatory data breach regulations will take effect on Nov. 1. Under the regulations, if there is a breach – defined as […]
By Jason Contant | May 22, 2018
While many in the P&C industry view IFRS 17 as an expensive time-suck that offers “no business value,” others believe the new financial standard could be a boon for product pricing. “One thing I’m really hoping that IFRS 17 [can do] is bring pricing discipline,” Jacqueline Friedland, chief actuary at RSA Canada, said Wednesday at […]
By David Gambrill | May 21, 2018
As Canadian insurers struggle with auto claims and weather-related losses, relief may be in sight in the form of interest rate increases. “We think interest rates will go up over time because the economy of the U.S. is doing very well,” said Prem Watsa, chairman and CEO of Toronto-based Fairfax Financial Holdings Ltd., the parent […]
By Greg Meckbach | May 19, 2018
Canada’s property and casualty insurance industry should do much more to fight auto insurance fraud, a senior claims representative of Canada’s second largest insurer says. “It’s easy to come down on every little auto repair facility, or some of these [other] industries, it’s really the insurance industry that has left it [auto fraud] unchecked,” Gordon […]
By David Gambrill | May 18, 2018
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