A Digital Dosage: Customer satisfaction with digital claims process increases by 17 points from 2023, says J.D. Power Report
Toronto, Ontario — According to J.D. Power’s 2024 U.S. Claims Digital Study released on Tuesday, insurers’ investments in the digital claims process has resulted in significantly higher customer satisfaction scores. Specifically, as noted by the study, overall satisfaction with the digital insurance claims process scored 871 points on a scale of zero to 1,000. This […]
Insurance Increases: Ontario continues with consultation process on ability to sell automobile insurance products at dealerships
Ottawa, Ontario — On November 22, the Ontario Ministry of Finance announced that it is proceeding with the plan—first announced in Ontario’s 2024 Budget—to give the Financial Services Regulatory Authority (FSRA) the power to initiate a pilot project permitting the sale of automobile insurance products by auto dealers, manufacturers and finance companies at motor vehicle […]
Rocketing Rates: New Brunswick auto insurance providers seeking to raise premiums by 10 percent or more, says new report
Fredericton, New Brunswick – Several major automobile insurance companies are currently seeking approval to raise premiums in New Brunswick by 10 percent or more, says a new report from CBC News. According to the report, the reason for this desired increase is related to rising vehicle repair costs, auto thefts and falling profits within the […]
Care-First Consideration: Alberta announces details for upcoming auto insurance reforms; outlines switch to no-fault system in 2027
Edmonton, Alberta — Alberta’s government has announced its plan for an updated insurance system, saying it will raise its auto insurance rate cap for good drivers to a combined 7.5 percent starting in January 2025, with a switch to a no-fault system set for 2027. Specifically, starting in 2027, the province plans to introduce a […]
Scam Plan: Saskatchewan residents being targeted by scam emails claiming to be from SGI, says auto insurer
Regina, Saskatchewan – Saskatchewan Government Insurance (SGI) has announced that it has become aware that scammers are targeting Saskatchewan residents with emails claiming to be from SGI. According to a recent press release, the subject line and text of the emails is ever changing. “But we’ve seen it cover subjects like residency confirmation and registration […]
A Grizzly Break-In: Insurers say bear that damaged luxury vehicles in California was actually a person in a costume
Los Angeles, California – While bears breaking into vehicles is nothing new, in what has been dubbed “Operation Bear Claw,” the California Insurance Department has reported that four Los Angeles residents were arrested on Wednesday after breaking into vehicles dressed in a bear costume. Specifically, the four residents were accused of defrauding three insurance companies […]
NatCat Navigations: 2024 insured NatCat losses could reach $9 billion by end of year, says ICLR executive
Toronto, Ontario — According to recent reports, Canada’s property and casualty insurance industry is set to pay close to $9 billion in natural catastrophe (NatCat) losses by the end of the year. As noted by Canadian Underwriter on its webinar, ‘Canada in a de-globalized world,’ which occurred last Thursday: “thus far, the official tally in […]
Revved Up: Atlantic auto theft up 13 percent in the first half of 2024; Nova Scotia hit hardest
Halifax, Nova Scotia — Newly released data from the Insurance Bureau of Canada (IBC) indicates that Atlantic Canada is becoming a “hot spot for auto theft,” with a 13 percent increase in auto theft claims in the first half of this year—the largest increase in Canada. In addition to the surge in auto theft claims, […]
Underwriting Uncertainties: GEICO terminating insurance coverage for Tesla’s Cybertruck, says vehicle doesn’t meet underwriting guidelines
Toronto, Ontario — GEICO has revealed that it will not be covering Tesla’s Cybertruck under its insurance system, saying that the vehicle doesn’t meet its underwriting guidelines. Tesla Cybertruck owner, Robert Stevenson recently revealed that GEICO is removing the Cybertruck from its policy plan, commenting on social media platform X that “@GEICO said they can […]
Claim Pain: New report indicates that automotive insurance costs in Alberta could increase 87.6 percent by 2033
Edmonton, Alberta — A new report from MNP prepared for the Insurance Bureau of Canada (IBC) indicates that the Alberta government’s automotive insurance cap is negatively impacting drivers in the province with automotive insurance costs projected to rise by 87.6 percent between 2023 and 2033. According to the report, factors influencing the province’s insurance system […]
