Economical Mutual Insurance Company has no plans to move forward with telematics and usage-based insurance (UBI) at this time in light of quickly changing technology and as-yet unidentified factors that will ultimately drive adoption.
Author Archives: Admin2
Underwriting loss up 77% at Manitoba Public Insurance as ‘arduous’ winter leads to more auto collisions
Manitoba’s compulsory auto insurance carrier has reported an underwriting loss of nearly $220 million in the fiscal year ending Feb. 28, 2014, as the total claims cost increased 15% from the previous year
Harsh winter blamed for rate hike request
Ontario auto insurers shouldn’t feel singled out that they are the only ones trying to meet rising claim costs, as Manitoba Public Insurance is under pressure to cut costs before raising rates.
http://www.insurancebusiness.ca/news/harsh-winter-blamed-for-rate-hike-request-178494.aspx
Rate Evasion Is The Latest Type of Fraud To Hit The GTA
Registering and insuring your vehicle using your parent’s address in a neighbouring city might seem like a clever way to save money on your auto insurance rates.
Revised Standard Benefit Statement
With this Bulletin the Financial Services Commission of Ontario (FSCO) is releasing a revised Standard Benefit Statement, the use of which will become mandatory on September 1, 2014.
Case of vanishing insurance – Don’t let insurers cancel your policy retroactively, or take away your right to sue
What doesn’t make sense occurs when an insurance company tries to use the law to retroactively void an insurance policy, to take away an injured driver’s right to sue.
http://www.torontosun.com/2014/06/21/case-of-vanishing-insurance
Do Ontario accident victims heal more slowly?
It is a question brokers within the province are asking after looking at the statistics, especially when Ontario insurers are trying to meet the 15 per cent premium targeted cut.
http://www.insurancebusiness.ca/news/do-ontario-accident-victims-heal-more-slowly-178467.aspx
Should Canada revisit credit rating for auto underwriting?
According to a recent report, one of the most hotly debated underwriting factors in U.S. auto insurance is an applicant’s credit history, with some major American insurers reporting a 116 per cent fluctuation in premium on credit data. But would drivers here benefit from underwriters including credit history when calculating auto premium?
Ontario Auto Policy Can’t Drag Alberta Defendants to Ontario
The Court of Appeal for Ontario has released a decision dealing with whether Ontario has jurisdiction over a case stemming from a motor vehicle accident in Alberta
http://www.insblogs.com/auto/ontario-auto-policy-cant-drag-alberta-defendants-ontario/
How Insurers use Social Media (Facebook, Twitter, Instagram) against you
just because something is fun or popular, doesn’t mean that it’s right for you, particularly when you’re in the middle of a litigation battle against a large, deep pocketed insurance company.