INTACT IMPACT
Intact Insurance’s personal auto insurance claims grew by 28 percent in Q2 2022, though its CEO Charles Brindamour say the gains are more than just “pricing-driven.” “Equally important is how we manage claims and our supply chain,” the CEO referenced during Intact’s Q2 2022 earnings call. The insurer tours relations with collision repairers and auto service centres and cites its parts purchasing activities as “important.” “We clearly benefitted from our salvage disposals as an increasingly important source of income [this quarter], as the cost of parts and scrap metal increased,” mentioned Brindamour. Intact maintains that its 28 percent auto premiums growth was mostly driven by the acquisition of RSA and “muted” organic growth at one percent, “as units were under pressure given our cautious stance on rates,” said Brindamour.
CURTAILED FOR CABS
The Facility Association has partnered up with Foresight Insurance Analytics to launch a video telematics program to help taxi drivers improve–or simply prove the compliancy–of their driving habits and behaviours to lower insurance rates for high-risk drivers. In this context, it acts as the “insurer of last resort” for taxi drivers. Facility Association is an organization that represents high-risk drivers not otherwise able to obtain insurance elsewhere. Taxi drivers are required to have 24-hour commercial insurance which can cost up to $10,000 annually. This rate costs two to three times the amount of regular auto insurance within Canada, on average. The technology provides a daily driving score through telematics devices which track typical risk-factor incidents. The incidents tracked include distracted driving, following too close, lane violations, hard or late braking, weaving between lanes, red-light violations, and harsh turning. Facility Association will only receive driver scores in the interest of privacy. Foresight Insurance Analytics handles the installation of devices and management of data.
A taxi driver’s daily driving scores monitor driving habits in order to encourage improvement. With improved driving, taxi drivers can hope to return to the regular market of auto insurance. The partnership and program is currently only in Ontario, but plans to expand to other provinces are in the works
