Auto Insurance: Page 7

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 […]

Hunger Pains: Intact says its ‘appetite’ in Alberta auto insurance market reducing

Edmonton, Alberta — Intact Financial Corp says its appetite for Alberta auto insurance business is “reducing” in light of the provincial auto insurance rate cap. During a Q2 2024 earnings call, Intact CEO and Director Charles Brindamour said Alberta’s “artificial cap that is below inflation” makes it “very hard for the industry.” “As a result, […]

Surplus Surges: Desjardins reports 152 percent increase in insurance surplus earnings for Q2 2024

Toronto, Ontario — Desjardins Group has released its Q2 2024 results, which report a 152 percent increase in its insurance operations when compared to Q2 2023. The combined surplus earnings from the wealth management, life and health insurance and property and casualty insurance segments totalled $531 million in Q2 2024, in comparison to the $211 […]

Curtailing Crashes: Regina 2023 collision rates down from year prior

Regina, Saskatchewan — Regina, Saskatchewan, saw 230 fewer collisions in 2023 compared to the year prior, marking a 9.6 percent drop in collision rates in the Prairie capital. Saskatchewan Government Insurance (SGI) and Regina Police Services said there were 2,167 reported collisions in 2023–500 fewer incidents than reported in 2018, according to data provided to local […]

Insurance Insights: MPI seeking consumer and industry feedback on current insurance models

Winnipeg, Manitoba — Manitoba Public Insurance (MPI) is currently seeking public and industry feedback on insurance rate changes that would reward safer driving and make riskier driving more costly. Specifically, the public insurer is seeking feedback on changes to the basic insurance model in the province after the Public Utilities Board directed MPI to look […]

Healing from Hail: IBC ready to help following destructive hailstorm in Calgary

Calgary, Alberta — The Insurance Bureau of Canada (IBC) has reported that it is ready to help those recover from a destructive hailstorm that occurred in the Calgary, Alberta, area on August 5, 2024. The hailstorm in question specifically occurred on Monday evening, wherein Environment Canada meteorologists issued an emergency alert for Calgary and other […]

INSURANCE NEWS

A DASH OF INFORMATION The Insurance Bureau of Canada (IBC) has announced the launch of the Driver and Auto Search History (DASH) system. This system specifically aims to provide industry-directed policy and claims information to users. The press release also outlined how DASH will be used to provide detailed reports on a consumer’s auto insurer […]

Weekend Worries: ICBC warns of increase in collisions over the B.C. Day long weekend; over 2,000 crashes reported each year

Victoria, British Columbia — The Insurance Corporation of British Columbia (ICBC) is warning drivers of potential increases in collisions over the B.C. Day long weekend. According to reports from the insurance corporation the August long weekend sees an average of 2,064 crashes throughout the province each year, with 562 people being injured and two people […]

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