Easy at 1-2-3: Aviva sees 123 percent increase in fraudulent motor vehicle damage claims in 2023
Toronto, Ontario — Aviva experienced a significant increase in fraudulent motor vehicle damage claims in 2023 compared to the year prior, a recent report from the global insurer shows. The insurer, which operates in the United Kingdom, Ireland and Canada, said fraudulent claims for motor vehicle damage rose 123 percent in 2023. Motor fraud accounted […]
Tech Trends: Insurers employ new technology as leading strategy for industry issues, says Reuters report
Toronto, Ontario — Insurers are adopting technology like generative artificial intelligence as a leading strategy against industry challenges, according to a new report from Reuters. The report, The Future of Insurance in Canada: Top Technology Trends in 2024″ indicates a majority of Canadian insurance representative respondents have already invested in “established technologies,” with 79 percent […]
Flooding Fallouts: July flash floods in Toronto and Southern Ontario caused over $940 million in insured damages, reports IBC
Toronto, Ontario — According to the Insurance Bureau of Canada, the flash flooding that took place in Toronto and other parts of Southern Ontario between July 15 and 16, 2024 is estimated to have caused over $940 million in insured damages. During the torrential rain storm that caused the flash flooding in these areas, almost […]
Hunger Pains: Intact says its ‘appetite’ in Alberta auto insurance market reducing
Edmonton, Alberta — Intact Financial Corp says its appetite for Alberta auto insurance business is “reducing” in light of the provincial auto insurance rate cap. During a Q2 2024 earnings call, Intact CEO and Director Charles Brindamour said Alberta’s “artificial cap that is below inflation” makes it “very hard for the industry.” “As a result, […]
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 […]
Insurance Insights: MPI seeking consumer and industry feedback on current insurance models
Winnipeg, Manitoba — Manitoba Public Insurance (MPI) is currently seeking public and industry feedback on insurance rate changes that would reward safer driving and make riskier driving more costly. Specifically, the public insurer is seeking feedback on changes to the basic insurance model in the province after the Public Utilities Board directed MPI to look […]
Healing from Hail: IBC ready to help following destructive hailstorm in Calgary
Calgary, Alberta — The Insurance Bureau of Canada (IBC) has reported that it is ready to help those recover from a destructive hailstorm that occurred in the Calgary, Alberta, area on August 5, 2024. The hailstorm in question specifically occurred on Monday evening, wherein Environment Canada meteorologists issued an emergency alert for Calgary and other […]
A Catastrophic Calendar: IBC reports insured losses from Nova Scotia’s 2023 wildfires and flooding now approaching half a billion dollars
Halifax, Nova Scotia — The Insurance Bureau of Canada (IBC) has released a “One-Year Update Following 2023 Nova Scotia Wildfires and Flooding” report that details that insured losses in the province are now approaching half a billion dollars. The report specifically highlights the aftermath of two storms that affected the province in the late spring […]
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 […]
Reporting Resources: ASSI launches site for collision reporting from home in Ont., Alta., P.E.I.
Toronto, Ontario — Accident Support Services International Ltd (ASSI) has announced its “Start From Home” online service to allow citizens who have been involved in a collision to begin their own collision report. The service, which can be accessed through reportacollision.com, specifically allows citizens who have been involved in a collision that meets the threshold […]
