Cash for the Furnace: Insurance bureau says ICBC on track to lose $298 million this year
Vancouver, British Columbia — The Insurance Bureau of Canada (IBC) reported Friday that British Columbia’s crown insurance company is on track to record a financial loss of $298 million for this year. Vice president of IBC’s western and Pacific regions, Aaron Sutherland, called this update from the Insurance Corporation of British Columbia (ICBC) “incredibly disappointing” […]
Nickel and Dime: IBC criticizes ICBC for lowering payouts despite more accidents occurring
Victoria, British Columbia — A report by the Insurance Bureau of Canada (IBC) alleges that injury claims paid out by Insurance Corporation of British Columbia (ICBC) are falling more than in previous years, despite a trending increase in the number of accidents. ICBC has rebuked this claim as misinformation, with IBC saying that these claims […]
Damage Report: Hurricane Fiona insurance claims tally at $660 million
The remains of the Glace Bay Car Wash in Cape Breton, N.S. – one of the many small businesses destroyed by Hurricane Fiona. (Pavel Gaborik/Youtube) Halifax, Nova Scotia — Initial estimates by the Insurance Bureau of Canada (IBC) indicate that Hurricane Fiona has caused at least $660 million in insured damage, according to the Catastrophe […]
A Troublesome Trend: Calgary’s July 2021 hail storm damage more than double initial estimates, IBC says
Edmonton, Alberta — As we close the book on yet another eventful summer, the Insurance Bureau of Canada (IBC) has opened theirs, tallying up the damage from several severe weather events that hit Western Canada over the past months. Canada’s western half is dealing with more than $300 million in insured damage following several thunderstorm […]
Price Spike: Mississauga, Ont. raises tow fees by 87.5 percent
Missisauga, Ontario – Insurance Bureau of Canada (IBC) is calling out the Mississauga City Council after an abrupt decision to increase towing rates by 87.5 percent on July 6. According to IBC, this brings the cost of the average tow in Mississauga to $750, up from $400. This is nearly twice that of other cities […]
A Pretty Penny: Alberta insurers earned $1.32 billion more than they paid in 2020, report says
Edmonton, Alberta — A new report from Alberta’s superintendent of insurance shows that insurers in the province earned $1.32 billion more in premiums than they paid in claims in 2020, representing a widening gap between premiums and claim payouts. According to the Superintendent of Insurance 2020 Annual Report, Albertan insurers collected $5.81 billion, about $400 […]
Season of the Steal: Auto thefts in Toronto up more than 50 percent compared to start of 2021
Toronto, Ontario — According to newly released data from the Toronto Police Service, auto thefts are up more than 50 percent in the first two months of this year compared to the same period in 2021. Around this time in 2021, 810 auto thefts had been reported in Toronto; this year, the city has already […]
Calm Compensation: Changes to Alberta insurance claims process ‘fairer and more customer-focused,’ says IBC
Edmonton, Alberta — The Direct Compensation for Property Damage (DCPD) system for Alberta’s auto insurance industry came into effect on Jan. 1, moving the province toward a model that incorporates more fault-free policy options. As of the beginning of this year, Albertan drivers are able to claim vehicle damage that they are not responsible for […]
Blown Away: Ontario’s Dec. windstorm damage more than $150 million, IBC says
Toronto, Ontario — Numbers have started rolling in tallying up the destruction caused by the windstorm that blew through Quebec and eastern Ontario in December with the Insurance Bureau of Canada (IBC) reporting more than $152 million in insured damage. The IBC broke down the damage regionally, reporting more than $100 million in Ontario, more […]
Trucks Top the List: Équité Association unveils top 10 stolen vehicles in Canada, 2021
Toronto, Ontario — If you own a Ford F-Series pickup, Honda CR-V series, or any Chevy truck, you may want to hold the keys a little tighter. According to the Équité Association’s 2021 list of Top 10 stolen vehicles, these are the top three models most desired by Canadian thieves. Équité Association’s complete list of […]
