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 […]
Insurance Clique: FSRA to launch review of 12 Ont. insurers blocking access to auto insurance
Toronto, Ontario — Ontario’s financial regulator has called out 12 insurance companies for non-compliance with the province’s “Take-All-Comers” requirement, alleging in a 45-page report that consumers have been blocked from accessing mandatory auto insurance. In Ontario, the “Take-All-Comers” mandate states that insurers are required by law to accept business from all consumers who meet FSRA-approved […]
Rate Cap Clapback: IBC says Alberta auto insurance rate cap ‘does nothing to improve affordability’
Edmonton, Alberta — If there are two things the insurance industry and the “Real Housewives” series have in common, it is a stupefying propensity for drama and scandal, as has unfolded Thursday when the Alberta government announced an immediate cap on auto insurance rates through to the end of the year. Announced in a joint […]
Fee Freeze: ICBC approved for two-year rate freeze, utilities commission review to follow
Vancouver, British Columbia — Ask and you shall receive—if you happen to be ICBC, that is—as British Columbia’s crown insurer has been approved for a two-year freeze in auto insurance rates, amid rising inflation among drivers. The British Columbia Utilities Corporation (BCUC) confirmed last Tuesday that ICBC and its basic policyholders will see their insurance […]
Crystal Ball: No break in insurance, repair cost inflation coming in 2023, Ratehub.ca predicts
Toronto, Ontario — The insurance experts at Ratehub.ca published their predictions for 2023 in late December, with results showing little reprieve on the way for an already strained insurer-repairer ecosystem, as inflated repair costs have trickled downward to increased premiums for customers. Statistics Canada’s October Consumer Price Index report for passenger vehicle insurance premiums shows […]
Point of Divergence: Insurance premiums grow costlier as Ont. crash frequency remains low, AG annual report says
Ottawa, Ontario — The office of Ontario’s Auditor General released its 2022 Annual Report on Wednesday, where more light was shed on the province’s growing disparity between low crash frequency rates and high auto insurance premiums. Penned by Auditor General Bonnie Lysyk, this year’s report found the average Ontario auto insurance premium rose by 14 […]
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 […]
Crash for Cash: Survey finds 42 percent of Ontarians prefer cash settlement for fender benders
Toronto, Ontario — A recent survey from RATESDOTCA seems to indicate that a significant portion of Ontario drivers would prefer to leave their insurance company out of the loop when it comes to small fender-bender accidents. The survey found that 42 percent of Ontario drivers would prefer to pay or accept a cash settlement instead […]
No Hikes for the Holidays: Alberta NDPs call on gov. to cap auto insurance rates
Edmonton, Alberta – Alberta’s NDPs are calling on the provincial government to reinstate a cap on insurance premium hikes, despite the UCP’s claims that insurers are struggling financially in the pandemic. The NDP’s Jon Carson pointed toward the numbers presented in the Superintendent of Insurance 2019 Annual Report as proof that the auto insurance sector […]
Friday Fun: Airbag scandal balloons, Ontarians get trikes and Warren Buffett knows what’s up
By Jeff Sanford Toronto, Ontario — March 4, 2016 — It’s time for another round of the stuff you may have missed in the week that was. This week, we look at yet more recalls due to faulty airbags, how Campagna Motors will finally be able to sell its extremely cool trikes in Ontario and […]
