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INSURANCE NEWS – CRM 20#2

SETTING THE SCORE

Nova Scotians with good credit are in for a treat if they drive under Co-operators General Insurance, now that the company has announced that credit scores can now be used as a rating factor for auto insurance, following the regulator’s approval. According to the regulators, this move from Co-operators is likely a symptom of increasing competition in the credit-based insurance market. “Co-operators…noted several competitors had introduced credit information in their rating algorithms and said it wanted to avoid being put at a competitive disadvantage,” said regulators.

CHEQUE PLEASE, NO TIP

Meeting its promise to return a portion of the $600 million in savings accrued during the pandemic, the Insurance Corporation of British Columbia (ICBC) has announced that drivers in the province will have rebate cheques in their pockets come March. All customers who had a policy with ICBC from April to September of 2020 are eligible for a one-time rebate of about $190 per customer. According to ICBC, the $190 cheque makes up for 19 percent of the average premium rate paid by BC drivers during the pandemic and is to be sent out to 2.86 million drivers in the province.

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