Auto Insurance: Page 20

Auto Insurance

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 […]

Auto Insurance

Fraud Frenzy: Canadian auto fraud up 54 percent thanks to ID theft, fake credit applications, says Equifax Canada

Ottawa, Ontario ⁠— Identity theft and fake credit applications have caused Canadian auto fraud to surge 54 percent compared to a year ago, according to a recent report from Equifax Canada. Ontario is the province that has experienced the most significant increase in auto fraud, with rates doubling since Q2 2023, said Equifax. First-party fraud, […]

Technology

EV/AV Report: GM EV drivers gain access to Tesla superchargers; while distracted drivers learn how to get around autonomous vehicle warnings

Toronto, Ontario — In this electric and autonomous vehicle report, General Motors EV drivers gain access to Tesla superchargers; while an IIHS study reveals that perhaps too many drivers are multitasking while their vehicles are set for partially automated driving. GM gets supercharged On September 18, 2024, General Motors (GM) and Tesla announced that Chevy, […]

Auto Insurance

Hailstorm Hardships: IBC reports that recent Calgary hailstorm will continue to put pressure on Alberta’s insurance system

Calgary, Alberta — The Insurance Bureau of Canada (IBC) is warning that more automotive insurers could be pushed out of the province following an August hailstorm that resulted in $900 million in unexpected claims costs pressures. Specifically, Aaron Sutherland, IBC’s vice president for the Pacific and Western area explained in a media release that costs […]

Auto Insurance

Aviva Advisory: Insurer warns of ghost brokers in Canadian market

Toronto, Ontario — Aviva Canada is cautioning Canadians to beware of a ghost broker known as AllcoveredbyAviva or Allcoveredbrokers advertising on social media sites such as Facebook, claiming to be affiliated with Aviva and selling fake insurance, the insurer wrote last week in a release. “It has come to our attention that Canadians are being scammed by representatives of […]

Auto Insurance

Costly Claims: Calgary hailstorm in August results in nearly $2.8 billion in insured damages, says CatIQ estimates

Calgary, Alberta — The Insurance Bureau of Canada (IBC) has indicated that the hailstorm that hit the Calgary, Alberta area in early August has resulted in nearly $2.8 billion in insured losses—the second costliest event in Canada’s insurance history. The storm in question specifically occurred on August 5, 2024, with Environment and Climate Change Canada […]

On the Rise: Summer 2024 severe weather results in 228,000 claims; a 406 percent increase compared to previous 20-year average, says IBC

Toronto, Ontario — 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 […]

Easy at 1-2-3: Aviva sees 123 percent increase in fraudulent motor vehicle damage claims in 2023

Toronto, Ontario — Aviva experienced a significant increase in fraudulent motor vehicle damage claims in 2023 compared to the year prior, a recent report from the global insurer shows. The insurer, which operates in the United Kingdom, Ireland and Canada, said fraudulent claims for motor vehicle damage rose 123 percent in 2023. Motor fraud accounted […]

Tech Trends: Insurers employ new technology as leading strategy for industry issues, says Reuters report

Toronto, Ontario — Insurers are adopting technology like generative artificial intelligence as a leading strategy against industry challenges, according to a new report from Reuters. The report, The Future of Insurance in Canada: Top Technology Trends in 2024″ indicates a majority of Canadian insurance representative respondents have already invested in “established technologies,” with 79 percent […]

Crash Watch: Long weekend and back-to-school season present potential for increased collisions, says OPP, ICBC

Toronto, Ontario — With both the Labour Day long weekend and back-to-school season rapidly approaching, data from the Ontario Provincial Police (OPP) and the Insurance Corporation of British Columbia (ICBC) warns of the potential for increased collisions. Citizens across the country have also raised concerns, and according to letters sent to Guy Pilon, Mayor of […]

Off the Record: 73 percent of insured drivers prefer to pay out of pocket for repairs

Toronto, Ontario — Nearly two-thirds of American drivers would prefer to pay out of pocket and avoid using auto insurance in the event of an accident, according to a survey of 2,000 American consumers, conducted by LendingTree. Of those who did file a post-accident claim, 24 percent regret doing so. According to LendingTree’s survey, 39 […]

Flooding Fallouts: July flash floods in Toronto and Southern Ontario caused over $940 million in insured damages, reports IBC

Toronto, Ontario — According to the Insurance Bureau of Canada, the flash flooding that took place in Toronto and other parts of Southern Ontario between July 15 and 16, 2024 is estimated to have caused over $940 million in insured damages. During the torrential rain storm that caused the flash flooding in these areas, almost […]

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