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Ontario’s Serious Fraud Office praised by industry

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Ontario announced it will form the Serious Fraud Office (SFO) in an effort to clamp down on auto insurance fraud. Many industry organizations have praised the decision, although remain cautious about its potential results. Auto insurance fraud in Ontario is a major concern, costing the industry

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New Brunswick seeks amendment to Insurance Act to protect innocent co-insured’s

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Under current legislation in New Brunswick, home insurance policies do not count claims payouts for loss or damage caused by an intentional or criminal act by a coinsured on a policy. However, the province has tabled amendments to the Insurance Act last week in an effort to protect innocent

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Autonomous vehicles will reduce collision speed and severity says expert

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As the increase in autonomous and semi-autonomous vehicles grows through the coming decade, speed collisions could decrease, with claims severity falling and collision repairs costing less. The view was offered by Jason Bartanen, director of industry technical relations with I-CAR. “As we start

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ICBC has no need to address customer satisfaction problems

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British Columbia’s monopoly public auto insurer is under fire from all angles, but has little incentive to improve its customer care. A member of the B.C. opposition says the ruling New Democratic Party have failed by not introducing changes from recommendations offered in July. The Insurance

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Quebec could expand winter tire program as experts debate relevance

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Quebec says it is reviewing its winter tire program and will reportedly bring forward its mandatory date for motorists to install winter tires on their vehicles. Additionally, the province will also increase the level of fines for drivers who don’t install the specialized rubber. Interestingly,

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Square One Insurance interview: tackling home insurance issues in British Columbia

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The insurance market in British Columbia is arguably in turmoil. House prices in Vancouver are excessively high and customers are increasingly squeezed in terms of finance. As the uncertain housing market continues, more homes in the province are at risk from increased threat of cat event. This

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Ontario is ill-equipped to deal with risks like environmental, terrorism, and cyber-attacks

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Ontario’s auditor general published a report on Wednesday that shows the province is ill-equipped to deal with severe risks and plans currently in place to manage cat events, cyber-attacks, and terrorism are not adequate and desperately need to be updated. In the report, Ontario Auditor General

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MPI to review and comply with PUB auto insurance directives

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Manitoba Public Insurance (MPI) says it intends to “fully comply” with auto insurance directives issued by Manitoba’s Public Utilities Board (PUB), but will conduct a review before finalizing its plans. The decision follows PUB saying there are outstanding directives. On Monday, the

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Light vehicles sales fell year-on-year in November but remain up for the year

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Vehicle sales in Canada over the month of November fell year-on-year, although overall sales for 2017 are still expected to top 2016’s. DesRosiers Automotive Consultants has released its latest market data, showing new cars and light trucks sold dipped during the last month. Light vehicle sales

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Marijuana-related road deaths outpacing alcohol

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Canada will legalize recreational use of cannabis in 2018 and open a proverbial can of worms for police and insurers. Authorities are still wrestling with how to catch impaired drivers under the influence of drugs, while insurance companies are debating the ramifications of coverage. All the while,

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OSFI clarifies expectations for reinsurance guidelines

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The Office of the Superintendent of Financial Institutions (OSFI) admits its guideline on reinsurance needs clarifying. The regulatory body says it expects insurance companies to adhere to the guideline, but “this guidance was not always well-understood by the industry and [has] identified

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California regulators side with GM recommendation to remove manufacturer liability from autonomous vehicles

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Regulatory groups in California are getting on board with a General Motors recommendation that aims to take liability away from self-driving car manufacturers when an autonomous vehicle is involved in a collision. If the California Department of Motor Vehicles adopt the recommendation, it would

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House prices will eventually reflect catastrophe risk in major cities

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Humans throughout history have decided to build on areas under consistent threat from natural disasters and today those settlements have become some of our greatest metropolises. With cat event increasing in frequency and severity, will the price of property eventually reflect the danger posed by

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Uber faces Alberta class-action over data breach

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Ride-sharing giant Uber is facing a class-action lawsuit in Alberta legal representatives for residents who say their personal information was compromised in a recent data breach. The US-based company recently admitted it was subjected to a major cyber security breach. Uber admitted its system

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Ontario bill proposal would introduce public broker disciplinary hearings

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Ontario’s budget implementation bill (currently not passed) carriers a new rule that would make it mandatory for disciplinary hearings of the province’s brokers to be made public.   Speaking to Canadian Underwriter on Wednesday, the Insurance Brokers Association of Ontario (IBAO) said the

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ICBC Basic Autoplan needs to be “reviewed deeply”

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The Insurance Brokers Association of British Columbia (IBABC) along with a provincial minister are pushing for a major review and overhaul of the Insurance Corporation of British Columbia (ICBC). Over four months ago, a leaked report showed the government monopoly auto insurance provider is

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Is this the funniest auto insurance story of the year?

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Alyssa Stringfellow from Arkansas in the United States was going about the mundane process of getting auto insurance for her grandmother’s car. As is standard practice, the insurance provider requested to see photos of the car. Mistaking herself for a vehicle, it seems, Stringfellow instead

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Aviva Canada report finds Canadians believe man auto insurance claims are fraudulent

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Aviva Canada has published a report that find customers around Canada are concerned by levels of auto insurance fraud in the country, which ultimately costs them. When a fraudster tricks an insurance provider into paying a claim, the cost usually finds its way back to the consumer. When total

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Household debt and volatile housing market cap excitement about improving economy

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The Canadian economy is still at risk, most notably from household debts and inflated property prices, the Bank of Canada has said in a new report. However, the financial institution says some of the economical risks of recent years are getting better. The bank offered the assessment in its November

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Aviva Canada’s DMC is educating brokers through the digitalization process

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Aviva Canada wants to help brokers through digitization and has been hosting educational events around the country. Moving to digital is becoming increasingly important, but studies have shown there is a gap in the Canadian insurance industry, and many brokers have still not making the

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