NatCat Navigations: 2024 insured NatCat losses could reach $9 billion by end of year, says ICLR executive
Toronto, Ontario — According to recent reports, Canada’s property and casualty insurance industry is set to pay close to $9 billion in natural catastrophe (NatCat) losses by the end of the year. As noted by Canadian Underwriter on its webinar, ‘Canada in a de-globalized world,’ which occurred last Thursday: “thus far, the official tally in […]
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 […]
Adiós Aviva: Aviva to discontinue its Aviva Direct insurance program in Alberta by January 2025 due to lack of profitability
Edmonton, Alberta — Aviva Canada has announced its intention to phase out its Aviva Direct home and auto business insurance program in Alberta in early January 2025, citing lack of profitability as the reason for the discontinuation. Aviva direct customers in the province will receive letters in the mail to inform them of the change. […]
Premium Pile Ups: Auto industry prices increase in passenger vehicle premiums, critical maintenance and more, says Desrosiers report
Toronto, Ontario — Desrosiers Automotive Consultants has released an automotive consumer price index percent changes report comparing April 2024 to April 2023 data. This data specifically shows that passenger vehicle insurance premiums have increased by 6.8 percent. Data from the report also shows that following increases to passenger vehicle insurance premiums, gasoline price increases were […]
Have Your Say: Alberta gov’t seeks feedback on auto insurance reforms
Edmonton, Alberta — The Alberta government is currently considering auto insurance reforms and is seeking public feedback in order to implement a decision that is broadly accessible. Notably, Alberta’s government recently asked independent experts to look at systems that could help reduce the costs of auto insurance and “improve the sustainability of the insurance industry.” […]
Hijacking Insurance Rates: MyChoice study shows auto theft spikes significantly affect insurance premiums across Ontario
Toronto, Ontario — In a recently released report, MyChoice has revealed a possible correlation between carjacking rates across Ontario and record-high insurance premiums. The company specifically looked at the carjacking rates across Ontario cities with a population size of over 100,000, and then compared this data to the monthly insurance premiums across these same cities. […]
Ontario Opt-Outs: New auto insurance rules in Ontario could allow drivers more opt-out options
Toronto, Ontario — Ontario is preparing to reform auto insurance in the province to reduce costs for drivers by making more features optional. New auto insurance rules outlined in the 2024 budget report delivered on Tuesday by Finance Minister Peter Bethlenfalvy list that while medical, rehabilitation and attendant car benefits will continue to be mandatory […]
With Respect to Rates: SAAQ consultation seeks feedback on proposed changes to auto insurance contributions in 2025 to 2027 periods
Quebec City, Quebec — An expert panel put forward by the Société de l’assurance automobile du Québec (SAAQ) is seeking public feedback in regards to future automotive insurance rate changes. As outlined in the SAAQ’s “Proposed Insurance Contributions for 2025-2027” information document, an expert panel on automotive insurance contributions made up of Dominique Faribault from […]
Data Broker Breaks: Reports indicate automakers are sharing consumers’ driving behaviour with data brokers and insurance companies
Toronto, Ontario — Vehicle manufacturers share driving information with data brokers such as LexisNexis, who then share the information with insurance companies, states a recent New York Times report. The article specifically describes how Chevrolet Bolt owner, Kenn Dahl discovered how increases to his car insurance were in part related to data broker figures and […]
Block Heater Blaming: Manitoba Public Insurance suing Ford over faulty block heaters
Winnipeg, Manitoba — Manitoba Public Insurance (MPI) has launched another lawsuit against Ford, alleging faulty block heaters caused fires that destroyed eight vehicles in the province. This marks the second lawsuit filed against Ford by MPI over block heater fires. The lawsuit, which was filed last week in Court of King’s Bench, claims the fires […]
