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Metro Vancouver get worst of BC auto insurance premium hikes

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British Columbia is Canada’s most expensive auto insurance market in Canada, an upcoming rate increase will worsen the situation for customers. Motorists living in the Lower Mainland/Metro Vancouver region will be most affected by the premium hike, according to documents. The Insurance

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Brokers of all sizes can embrace innovative technology says IBC executive

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The broker network is a fabric of the Canadian insurance industry covering brokerages that are large, small, and everything in between. Some smaller brokers may believe that discussions on embracing technology are reserved for larger businesses, but the Insurance Bureau of Canada (IBC) insists

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New Brunswick floods “historic” but not catastrophic

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The spring floods that affected parts of New Brunswick are now being discussed potential “record setting” and “historic” despite not causing enough damage to be deemed a catastrophe event. Catastrophe Indices and Quantification (CatIQ) categorises a cat event as one that deals over $25

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Aviva Canada Community Fund returns for 10th anniversary

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Aviva Canada has launched the 2018 edition of its Aviva Canada Community Fund initiative, and this year is an important one. The annual competition is celebrating its 10th anniversary and the company says it will donate $1 million to community initiatives around Canada this year. Each year the

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Private insurers say ICBC “fair rate” system is “long overdue”

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Private auto insurance companies have expressed their thoughts on the reforms proposed by the Insurance Corporation of British Columbia (ICBC). The public auto coverage provider announced a new “fair rate” system last week for the British Columbia market. Private insurers say the decision is

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Brokers seek clarification before spreading information on ICBC auto insurance changes

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Last week, the Insurance Corporation of British Columbia (ICBC) announced new reforms to auto insurance in British Columbia. With much changing in the province, brokers have offered their opinions and will be tasked with ensuring customers understand what is in store. However, brokerages in B.C. say

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Intact CEO calm on PCC silence, but wants auto insurance pricing changes

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During the Ontario elections this year, most running parties used auto insurance to entice votes, with all promising reforms. The second most expensive car insurance market in Canada, Ontarians pay over $1,400 on average each year for their coverage. Since being elected the Progressive Conservative

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IBC praises B.C. auto insurance reforms, but sticks to call for private competition

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The Insurance Bureau of Canada (IBC) has praised the proposed auto insurance system change in British Columbia. However, the industry representative argues while the decision is a step towards the private market, the province still needs to open its insurance market to competition. In a press

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What you need to know about ICBC’s proposed “fair rate” auto insurance model

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This week, the Insurance Corporation of British Columbia (ICBC) has proposed a move to a “fair rate” system that will overhaul the way basic auto insurance is covered in British Columbia. It is hoped the changes will be in effect by September 2019 and will help the company return to being

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ICBC proposes overhaul of auto insurance system

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Over the last year we’ve been asking what can be done for the Insurance Corporation of British Columbia (ICBC). Rocked by a financial crisis, the public insurer has been seeking ways to offset rising claims and repair costs to return to profitability. Now, the company is proposing to overhaul the

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Insurers still dealing with claims from before Ontario’s auto insurance reforms

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Reforms made to the auto insurance system in Ontario launched two years ago to change the definition of catastrophic impairment. However, despite the change, insurance companies are still dealing with the previous model. Indeed, the country’s largest auto insurance provider says many claims are

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Toronto “pocket storm” brought month of rain in three hours

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The City of Toronto endured a month’s worth of rain in less than three hours on Tuesday as a “pocket storm” hit the region. Toronto saw a high level of rain in a short period of time, according to a recent report from Environment Canada. 50 to 75 millimetres of rainfall hit Toronto

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Are crafty motorists the reason for falling distracted driving tickets in B.C.?

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The number of tickets issued for distracted driving in British Columbia has steadily fallen over the last three years, but it is probably not because drivers have put down their devices. The Insurance Corporation of British Columbia (ICBC) says between 2010 and 2016 police in the province issued

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Distracted driving numbers not falling as motorists fail to learn

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Despite knowing all the facts, drivers still operate their vehicles when distracted. Why are distracted driving figures not falling? Motorists know it is dangerous, they know it costs lives, and they know the penalties are harsh. Yet, people still continue to get caught using their phone behind the

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Wawanesa Insurance to sell products exclusively through brokers

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  While many predict insurers will increasingly take a direct approach and leave brokers behind, a move by a major Canadian insurance carrier suggests otherwise. Wawanesa Mutual Insurance Company says it is ceasing its direct sales operations in Quebec and will sell exclusively through select

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Aviva facing Canadian problems head on

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Canada is currently a problem child for British insurer Aviva, which is the second largest property and casualty provider in the country through its Aviva Canada division. Indeed, during the last year, Canada has been Aviva’s toughest market. The company admits the troubles are from major

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Economical Insurance announces second quarter loss

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Economical Insurance continues to be burdened by cat events as the insurer posted its second quarter financial results. The company says it generated a net loss of $25.1 million during the last frame (ending June 30, 2018). In its earnings call, Economical put the blame on high catastrophe

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Intact to evolve UBI output with new solution

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  Intact Insurance says it is expanding its usage-based auto insurance (UBI) output with a soon-to-launch new solution. The company announced the product during its recent second quarter financial results. As Canada’s largest property and casualty providers, Intact Insurance was among the

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Federal government gives $39 million to New Brunswick flood recovery

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The federal government has confirmed it is providing New Brunswick with a fund of $39 million to help recover from record-breaking floods that occurred in the spring. Ottawa’s money will help the province cover response and recovery costs. Deputy Premier Stephen Horsman says people in New

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Aviva Canada to reduce Ontario focus after “disappointing” financial results

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Following revealing its poor fiscal half-year financial results, Aviva Canada is seeking to change how it approaches its business by diversifying. The core goal is to avoid the deteriorating situation in the Ontario auto insurance market. This means the second largest property and casualty insurer

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