Auto Insurance: Page 18

Auto Insurance

Disaster Data: Canadian insured losses from catastrophic weather events total record-breaking $8.5 billion in 2024, says CatIQ report

Toronto, Ontario – According to a recent report from Catastrophe Indices and Quantification Inc. (CatIQ), in 2024, insured losses from catastrophic weather events in Canada totalled a record-breaking $8.5 billion. As noted in the report, in addition to the unprecedented losses recorded, the number of total catastrophe claims filed exceeded 273,000—a significant increase from the […]

Auto Insurance

Revised Restrictions: Alberta introduces new insurance licence for dealership programs

Edmonton, Alberta — On December 19, 2024, the Office of the Alberta Superintendent of Insurance published a revised version of the Superintendent’s Revised Bulletin (tbf-superintendent-of-insurance-2024-05-bulletin) which outlines how certain products sold by auto dealership and equipment dealers must be underwritten by licensed insurers and sold under a Restricted Certificate of Authority. Specifically, as noted in […]

Auto Insurance

Driving Disputes: MPI counters study claiming Manitoba recorded 85 percent more driving injuries than national average

Winnipeg, Manitoba – Manitoba Public Insurance (MPI) has reportedly countered the findings of a study shared by Preszler Injury Lawyers that originally stated that Manitoba recorded 85.4 percent more driving injuries than the national average. Using data from Transport Canada’s National Collision Databases, the study originally attributed the record number of injuries in the province […]

Auto Insurance

Fraudulent Findings: MPI reports top five instances of attempted auto fraud in 2024

Winnipeg, Manitoba — Manitoba Public Insurance (MPI) has once again released its top five instances of automotive fraud in 2024, highlighting driver’s creative and often outrageous attempts at gaming the system. In the recently released report, the public insurance provider indicates that the Special Investigations Unit (SIU) saved Manitoba ratepayers $15 million in attempted auto […]

Auto Insurance

Personal Proliferations: More drivers opting for personalized plates in Saskatchewan, with 58,500 registered as of 2024, says CTV News

Saskatoon, Saskatchewan—More drivers are opting for personalized license plates in Saskatchewan, according to a new report from CTV News Saskatoon. As of 2024, just over 58,500 plates were registered with Saskatchewan Government Insurance (SGI). Saskatchewan currently ranks second in the country for most registered personalized license plates. In first place comes Ontario with the highest […]

Auto Insurance

Getting it Straight: ARA releases updated statement of notice sent to ICBC

Victoria, British Columbia — In an industry update, the Automotive Retailers Association (ARA) has announced that it recently spoke with the Insurance Corporation of British Columbia (ICBC) senior management to clarify the organization’s policy and procedure regarding retroactive clawbacks. Specifically, according to ARA’s notice, the organization questioned the ICBC on labour clawbacks in the instance of […]

Top Pick Trends: IIHS releases 2024 top vehicle safety picks

Toronto, Ontario — The Insurance Institute of Highway Safety (IIHS) has released this year’s top safety vehicle safety pick and pick plus award winners in a total of nine vehicle categories. The IIHS’s top safety picks first began in 2006, with the top pick plus category being first awarded in 2013. In order to be […]

Height Hindrances: IIHS study finds vehicle height directly correlates to the severity of pedestrian injuries in a collision

Toronto, Ontario — The taller a vehicle, the more likely it is to inflict serious injury to pedestrians in a collision, says a new report from the Insurance Institute for Highway Safety (IIHS). To collect the study’s data, IIHS researchers specifically analyzed pedestrian crashes to develop injury risk curves showing how speed affects crash outcomes. […]

INSURANCE NEWS

ON THE RISE Canada’s home, auto and business insurers are reporting the most challenging summer on record for damage from weather events and natural disasters, according to the Insurance Bureau of Canada (IBC). Four major catastrophes were contributing to approximately 228,000 insurance claims this past summer, says IBC: flooding in Toronto and southern Ontario; the […]

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 […]

Cooperative Considerations: Partial automation that allows some manual steering may help keep drivers engaged and avoid collisions, says new IIHS study

Toronto, Ontario — A new report from the Insurance Institute for Highway Safety (IIHS) indicates that partial automation that allows some manual steering may help keep drivers engaged behind the wheel. Specifically, the study notes that “drivers who are used to partial automation that switches off when they try to share control over the steering […]

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