What’s New: In Brief (October 28, 2009)

The New Brunswick Insurance Board held a public hearing on Oct. 27 to consider an auto insurance rate filing by IAO Actuarial Consulting Services Inc. (IAO), which recommends an average rate decrease of 6.02% for 2010.The outcome of the meeting will be made public in the future.”Although the IAO does not write automobile insurance, insurance companies writing automobile insurance in the Province of New Brunswick may choose to adopt the approved rates provided by IAO,” the New Brunswick Insurance Board notes in an online posting. “Therefore the board will hold a hearing into the rates proposed by IAO to ensure that they are just and reasonable.”

Daylight Savings Time (DST) leads to more crashes on B.C. roads, the province’s public auto insurer notes in a press release.”Crash statistics illustrate a higher driving risk the first work day after Daylight Savings ends,” the Insurance Corporation of British Columbia (ICBC) says. According to the five-year average (2004-08), the province saw 900 crash incidents occur on the Monday following the fall time change. In contrast, 700 incidents occurred on the Monday before the time change. “According to the five-year average, the first Monday after the fall time change saw a 29% per cent increase in crash incidents, and a 52% increase in casualties, compared to the Monday before the time change (2004-08),” ICBC said. “The average cost for crash incidents following the fall time change (2004-08) was [Cdn]$6.5 million.”The time change can have a significant effect on people’s sleep patterns, resulting in a disruption to their circadian rhythms or ‘biological clock,’ ICBC explains. “When Daylight Savings ends, drivers have to adjust to a shorter day and commute in darker conditions.”