Auto Insurance: Page 8

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 […]

A Catastrophic Calendar: IBC reports insured losses from Nova Scotia’s 2023 wildfires and flooding now approaching half a billion dollars

Halifax, Nova Scotia — The Insurance Bureau of Canada (IBC) has released a “One-Year Update Following 2023 Nova Scotia Wildfires and Flooding” report that details that insured losses in the province are now approaching half a billion dollars. The report specifically highlights the aftermath of two storms that affected the province in the late spring […]

Policy Problems: Profitability issues challenge Alberta insurers; authorities seek solutions

Edmonton, Alberta ⁠— The Alberta insurance market is facing significant challenges, leading to the withdrawal of several major auto insurance providers from the province. Earlier this month, Aviva Direct and Sonnet Insurance announced the groups will be ending available auto insurance services in Alberta by late 2024, following in the footsteps of Zenith Insurance’s exit […]

Reporting Resources: ASSI launches site for collision reporting from home in Ont., Alta., P.E.I.

Toronto, Ontario — Accident Support Services International Ltd (ASSI) has announced its “Start From Home” online service to allow citizens who have been involved in a collision to begin their own collision report. The service, which can be accessed through reportacollision.com, specifically allows citizens who have been involved in a collision that meets the threshold […]

Flooding Fixes: FSRA allowing licensed adjusting firms to use claims adjusters licensed outside of Ontario as response to recent Toronto flash-flooding

Toronto, Ontario — The Financial Services Regulatory Authority of Ontario (FSRA) has implemented temporary measures to allow claims adjusters to process insurance claims more quickly, following flash floods that affected the Toronto area last week. Specifically, the FSRA is temporarily allowing licensed adjusting firms to use claims adjusters licensed outside of Ontario. The FSRA is […]

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