Like a Good Neighbour: State Farm to pay $2 million fine for underpaid claims in Montana, U.S.
Montana, United States — Insurance provider State Farm will pay a US$2 million settlement following a two-year investigation by the Montana State Commissioner of Securities and Insurance (CSI) into the insurer’s claims handling practices. The investigation revealed that State Farm had underpaid some drivers who had been in accidents with State Farm’s insureds from November […]
Snowstorm Surges: ICBC claims increased by 160 percent following extreme winter weather
Victoria, British Columbia — The Insurance Corporation of British Columbia (ICBC) has experienced a surge in insurance claims following the recent bout of extreme winter weather conditions in the province this month. The insurance provider specifically saw 3,500 claims on January 11, a 160 percent increase from the average 1,300 claims per day, according to […]
Faking It: Manitoba Public Insurance unveils top claims fraud cases in 2023
Winnipeg, Manitoba — To close out 2023, MPI has created a list of some of its most ridiculous attempts at insurance fraud claims for the year. According to MPI’s Special Investigation Unit (SIU), auto insurance fraud in Manitoba costs more than $50 million every year. In 2023, the SIU closed more than 3,000 investigations of […]
Automotive Opt-Outs: Ontario drivers can now opt out of direct compensation property damage coverage insurance
Toronto, Ontario — Ontario drivers are now able to opt out of direct compensation property damage (DCPD) insurance as part of a wider multi-year insurance strategy first announced in 2019 by the Ontario government. DCPD coverage is designed to protect car owners from costs related to vehicle damage from a collision if they are not […]
New Year, New Rates: Government of Manitoba announces a five percent auto insurance rate reduction in the new year
Winnipeg, Manitoba — On Tuesday, the government of Manitoba announced that a five percent rate decrease has been ordered for all mandatory auto insurance premiums. This order came from the province’s Public Utilities Board and will come into effect beginning April 1, 2024, and then carry through into 2025. The change in rates comes after […]
Proactive Plan Proposing: Financial Services Regulatory Authority of Ontario announces installation of Auto Insurance Supervision Plan
Toronto, Ontario — The Financial Services Regulatory Authority of Ontario (FSRA) is releasing its first Auto Insurance Supervision Plan to promote public trust between drivers and insurers. The plan, which will come into effect beginning January 2024, includes three key areas of supervision for auto insurers over 15 months. These key areas include sale and […]
Expanding Threshold Expectations: Alberta raises collision reporting threshold from $2,000 to $5,000
Edmonton, Alberta — Starting January 1, the Alberta government plans to raise the damage threshold beyond which motorists in a collision must report to police from $2,000 to $5,000. Transportation Minister Devin Dreeshen said that this move will free up police resources and will also better reflect the rising cost of auto parts and repair […]
A State of Reduction: Allstate may move out of three major U.S. jurisdictions, says CEO Tom Wilson
Toronto, Ontario — Allstate CEO, Tom Wilson, announced that the insurance provider is ready to move away from three major U.S. jurisdictions to preserve assets. The jurisdictions in question include California, New York and New Jersey, with plans to continue reducing Allstate’s presence in Florida as well. “If we don’t get price increases this year, […]
Insurer Report Card 2023: Time for collision repairers to grade Canada’s insurers
Toronto, Ontario — It’s the most wonderful time of the year–for some, at least. It’s once again time to put on your grading caps and submit your feedback on Canada’s automotive insurers! In this annual Insurer Report Card, we’re asking members of Canada’s collision repair community to hear their feedback on working alongside insurance adjusters […]
Insurance Rates Feel the Heat: British Columbia summer wildfires result in $720 million in insured damages
Victoria, British Columbia – According to a recent report made by the Insurance Bureau of Canada, this summer’s wildfires in the Okanagan and Shuswap areas of British Columbia have resulted in over $720 million in insured losses. This data–taken from initial estimates made by Catastrophe Indices and Quantification Inc. (CatIQ)–represents the most costly insured event […]
