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. […]
New Year, New Rules: Ont. tow and storage operators must be certified, ascribe to new Code of Conduct, according to new provincial towing legislations
Toronto, Ontario —New towing legislation in Ontario will require all tow and storage operators be certified by the province and possess identification cards to prove such, among other changes enacted Jan. 1 by the Ont. government. Under the new legislation, tow and storage operators must be certified by the province and have an identification card […]
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 […]
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 […]
Cataclysmic Cash-Outs: Severe summer storms in Alberta and Prairies have resulted in $300 million in insured losses
Calgary, Alberta – It’s raining more than cats and dogs according to recent Insurance Bureau of Canada (IBC) reports. Initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ) indicate that the past few months of storms in Alberta and the Prairies have generated over $300 million in insured losses. When calculating these losses, estimates were […]
Insurer Interruption: IBC pledges actions against auto theft; aftermarket tracking devices, surcharges on frequently-stolen vehicles, etc.
Ottawa, Ontario — With the recent increase in automobile theft in Canada, Canadian auto insurers are taking proactive steps to better protect consumers and their vehicles. “Fighting auto theft requires a whole-of-society approach–and Canada’s insurers are proudly doing their part,” according to Amanda Dean, interim VP, Ontario, Insurance Bureau of Canada (IBC). “While insurers are […]
Partners in Progress: IBC partners with Skills Ontario to support Indigenous initiatives
Toronto, Ontario — The Insurance Bureau of Canada (IBC) has officially come on board as a partner of Skills Ontario’s Diversity, Equity and Inclusion program, with plans to support the organization’s First Nations, Métis and Inuit (FNMI) initiatives. Skills Ontario regularly hosts information sessions aimed at attracting underrepresented populations, namely Black, Indigenous and new Canadian […]
Rate Cap Clapback: IBC says Alberta auto insurance rate cap ‘does nothing to improve affordability’
Edmonton, Alberta — If there are two things the insurance industry and the “Real Housewives” series have in common, it is a stupefying propensity for drama and scandal, as has unfolded Thursday when the Alberta government announced an immediate cap on auto insurance rates through to the end of the year. Announced in a joint […]
Damage Report: Hurricane Fiona insurance claims tally at $660 million
The remains of the Glace Bay Car Wash in Cape Breton, N.S. – one of the many small businesses destroyed by Hurricane Fiona. (Pavel Gaborik/Youtube) Halifax, Nova Scotia — Initial estimates by the Insurance Bureau of Canada (IBC) indicate that Hurricane Fiona has caused at least $660 million in insured damage, according to the Catastrophe […]
A Pretty Penny: Alberta insurers earned $1.32 billion more than they paid in 2020, report says
Edmonton, Alberta — A new report from Alberta’s superintendent of insurance shows that insurers in the province earned $1.32 billion more in premiums than they paid in claims in 2020, representing a widening gap between premiums and claim payouts. According to the Superintendent of Insurance 2020 Annual Report, Albertan insurers collected $5.81 billion, about $400 […]
