Insurance Blogs hosted by Canadian Underwriter
Insurance Blogs hosted by Canadian Underwriter
The insurance industry is familiar with the fight against fraudulent claims, particularly in Ontario. It’s been a hot topic for several years now, but it might actually be spreading further throughout the province more than we previously thought—despite the excellent…
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It’s been a rough two years for Wells Fargo. Ever since the existence of the bank’s massive cross-selling scandal came to light in 2016, Wells Fargo seemed to be trapped in a downward spiral of failure after failure in risk…
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Last month The Globe and Mail published a three part investigative series “Licensed to Bill”, describing a systemic problem with how injury claims are settled in public and private auto insurance markets in Canada. Insurers are eager for systemic change,…
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In 2015, auto insurance fraud cost Ontario consumers an estimated $1.3 billion – 13% of total auto insurance premiums. This considerable cost suggests that thousands of people are committing this type of crime. How do the perpetrators commit fraud? Exaggerating…
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For those who are not sure what a blockchain is: simply put, it is a distributed electronic ledger based on cryptographic principles. While is was developed as the ledger for the cryptocurrency Bitcoin, it is really separate from any currency – for example, it can Continue reading
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On June 18, 2015, the Digital Privacy Act received Royal Assent and is now law in Canada. The Act amends PIPEDA in a number of ways, but there are three major changes that insurers need to know about: Organizations must…
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I noticed an interesting section at the end of a recent bulletin issued by FSCO regarding recent regulation changes that I reviewed in a recent post. Thrown in with the announcement of regulatory changes is a discussion on mileage expenses by health care providers.
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Changes will always take place in any industry, but changes in Ontario auto insurance have not solved problems – instead they have created them.
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The auto insurance focus of this year’s Ontario Economic Statement is consumer protection.
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The Ontario Budget presented on July 14, 2014 will have little effect on car insurance. The Liberal Party had stated last year that insurance rates must be reduced by 15% but did not indicate how this would be accomplished. They…
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While fibbing on an address may seem harmless enough, it’s a practice known as rate evasion, and it’s considered a form of insurance fraud.
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The policy platforms for the major parties in the Ontario provincial elections are out. Here is what you can expect from each of the parties with respect to auto insurance if they should win the election.
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When Ontario’s Lieutenant Governor David Onley granted Premier Kathleen Wynne’s request to dissolve the legislature, it wasn’t only the proposed budget that was put to the sword. Work also stopped on a key piece of legislation designed to reduce automobile…
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The Insurance Brokers Association of Ontario (IBAO) has come out in favour of Bill 171, the Fighting Fraud and Reducing Automobile Insurance Rates Act. The IBAO’s position, as quoted in their press release, is that unless Bill 171 is passed…
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