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 […]
Modified Decision: Ontario man denied insurance claim after making modifications to his sports car
Toronto, Ontario — After modifying his sports car a 21-year-old Ontario man was denied an insurance claim. According to a Global News article, a year ago Modasir Ayobi decided to lease a 2020 Subaru BRZ for $500 per month. Ayobi takes great pride in his sports car. He even works two jobs to be able to […]
Mitchell’s Musings: Q1 trends report says automated claims handling on the rise
San Diego, California — COVID-19 has sent the automotive claims process digital, with the majority of insurance carriers adopting virtual claims processes in the last year, says Mitchell International’s latest industry trends report. According to Mitchell’s report and data and analytics company LexisNexis Risk Solutions, 95 percent of auto insurance carriers are embracing virtual claims […]
Pace of Progress: AI adoption grows in 2020 for American auto insurers
Chicago, Illinois — American automotive technology company CCC Information Services is reporting a more than 50 percent year-over-year increase in claims processed using artificial intelligence (AI) and deep learning. The company also reports that more than 5 million unique claims have been processed using a CCC deep learning AI solution, and the number of claims […]
Setting a New Score: Co-operators approved to offer credit score-based rating
Toronto, Ontario – Nova Scotians with good credit are in for a treat if they drive under Co-operators General Insurance, now that the company has announced that credit scores can now be used as a rating factor for auto insurance, following the regulator’s approval. “The company proposed a new rating variable, Insurance Score, based on […]
Congestion Curve: 2020 marks sharp declines in Toronto rush hour
Toronto, Ontario — Coronavirus-induced lockdowns caused annual traffic congestion to fall in most countries, including Canada, disrupting long-held traffic patterns like the dreaded morning commute to work, a report released last week showed. Traffic congestion declined sharply on roads in crowded cities like Los Angeles, Toronto, Bengaluru and Mexico City in 2020, said location technology […]
Rate and Review: Rates.ca releases map showing average auto insurance rates in Ontario
Toronto, Ontario – Urban Ontarians are no strangers to high auto insurance rates, and thanks to an interactive map produced by Rates.ca, now they can compete with their friends to see whose neighbourhood has the highest rates. Drivers in Brampton, Ontario pay the highest rates in Ontario coming in at an average of about $2,698 […]
PEI Goes Paperless: Province approves use of electronic proof of auto insurance
Charlottetown, Prince Edward Island – Effective as of December 17, 2020, Prince Edward Island (PEI) drivers have the option to digitally store and present their proof of auto insurance in the form of eSlips. Approved by the Superintendent of Insurance for Prince Edward Island, this move follows Nova Scotia, Ontario, Alberta, Newfoundland and Labrador, Quebec, […]
