Auto Insurance: Page 8

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, […]

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 […]

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 […]

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 […]

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 […]

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