Subsidy Scandal: Insurance Bureau of Canada claims Alberta’s ‘safe drivers’ charged auto insurance premiums to subsidize high-risk drivers
Edmonton, Alberta — The Insurance Bureau of Canada (IBC) reports that Alberta’s ‘good’ drivers are being forced to pay auto insurance premiums to subsidize high-risk drivers. Using data from a Deloitte LLP report, the IBC said on Wednesday that it discovered that the province’s worst drivers have been offered subsidized insurance rates for 20 years. […]
Fresh Driver Follies: New study shows changes to Ontario’s G license test have resulted in 7.8 percent rise in accidents
Toronto, Ontario — According to a recent study made by insurance comparison website, MyChoice, the 2022 changes to Ontario’s G license driving test has resulted in a 7.8 percent rise in accidents among new drivers. In January 2022, Ontario first introduced significant alterations to the G road test in a move aimed at addressing the […]
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 […]
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 […]
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, […]
Inspecting Inspections: P.E.I. considering changing from yearly vehicle inspections
Charlottetown, P.E.I. — The Prince Edward Island (P.E.I.) government has recently announced that it will be reviewing the required frequency of motor vehicle inspections. Currently, vehicles in P.E.I. need to be inspected every year. However, Ernie Hudson, the province’s minister of transportation, feels that there are many things to consider during the review of potential […]
Flash-Flooding Fees: Severe summer storms in Ontario cause over $340 million in insured damages
Toronto, Ontario – According to early estimates from Catastrophe Indices and Quantification Inc. (CatIQ), as referenced by the IBC, the severe storms and flash-flooding that hit parts of Southern Ontario over the summer have resulted in over $340 million in insured losses. Of this total amount, over $80 million—or close to 25 percent—went towards replacing […]
