Scam Plan: Saskatchewan residents being targeted by scam emails claiming to be from SGI, says auto insurer
Regina, Saskatchewan – Saskatchewan Government Insurance (SGI) has announced that it has become aware that scammers are targeting Saskatchewan residents with emails claiming to be from SGI. According to a recent press release, the subject line and text of the emails is ever changing. “But we’ve seen it cover subjects like residency confirmation and registration […]
A Grizzly Break-In: Insurers say bear that damaged luxury vehicles in California was actually a person in a costume
Los Angeles, California – While bears breaking into vehicles is nothing new, in what has been dubbed “Operation Bear Claw,” the California Insurance Department has reported that four Los Angeles residents were arrested on Wednesday after breaking into vehicles dressed in a bear costume. Specifically, the four residents were accused of defrauding three insurance companies […]
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 […]
Revved Up: Atlantic auto theft up 13 percent in the first half of 2024; Nova Scotia hit hardest
Halifax, Nova Scotia — Newly released data from the Insurance Bureau of Canada (IBC) indicates that Atlantic Canada is becoming a “hot spot for auto theft,” with a 13 percent increase in auto theft claims in the first half of this year—the largest increase in Canada. In addition to the surge in auto theft claims, […]
Underwriting Uncertainties: GEICO terminating insurance coverage for Tesla’s Cybertruck, says vehicle doesn’t meet underwriting guidelines
Toronto, Ontario — GEICO has revealed that it will not be covering Tesla’s Cybertruck under its insurance system, saying that the vehicle doesn’t meet its underwriting guidelines. Tesla Cybertruck owner, Robert Stevenson recently revealed that GEICO is removing the Cybertruck from its policy plan, commenting on social media platform X that “@GEICO said they can […]
Claim Pain: New report indicates that automotive insurance costs in Alberta could increase 87.6 percent by 2033
Edmonton, Alberta — A new report from MNP prepared for the Insurance Bureau of Canada (IBC) indicates that the Alberta government’s automotive insurance cap is negatively impacting drivers in the province with automotive insurance costs projected to rise by 87.6 percent between 2023 and 2033. According to the report, factors influencing the province’s insurance system […]
Hailstorm Hardships: IBC reports that recent Calgary hailstorm will continue to put pressure on Alberta’s insurance system
Calgary, Alberta — The Insurance Bureau of Canada (IBC) is warning that more automotive insurers could be pushed out of the province following an August hailstorm that resulted in $900 million in unexpected claims costs pressures. Specifically, Aaron Sutherland, IBC’s vice president for the Pacific and Western area explained in a media release that costs […]
Aviva Advisory: Insurer warns of ghost brokers in Canadian market
Toronto, Ontario — Aviva Canada is cautioning Canadians to beware of a ghost broker known as AllcoveredbyAviva or Allcoveredbrokers advertising on social media sites such as Facebook, claiming to be affiliated with Aviva and selling fake insurance, the insurer wrote last week in a release. “It has come to our attention that Canadians are being scammed by representatives of […]
Costly Claims: Calgary hailstorm in August results in nearly $2.8 billion in insured damages, says CatIQ estimates
Calgary, Alberta — The Insurance Bureau of Canada (IBC) has indicated that the hailstorm that hit the Calgary, Alberta area in early August has resulted in nearly $2.8 billion in insured losses—the second costliest event in Canada’s insurance history. The storm in question specifically occurred on August 5, 2024, with Environment and Climate Change Canada […]
On the Rise: Summer 2024 severe weather results in 228,000 claims; a 406 percent increase compared to previous 20-year average, says IBC
Toronto, Ontario — Canada’s home, auto and business insurers are reporting the most challenging summer on record for damage from weather events and natural disasters, according to the Insurance Bureau of Canada (IBC). Four major catastrophes were contributing to approximately 228,000 insurance claims this past summer, says IBC: flooding in Toronto and southern Ontario; the […]
