Independent brokers will be tapping further into technology this year to keep up with changing consumer demands — and cope with challenges posed by direct writers, said new Insurance Brokers Association of Ontario president Rick Orr. Brokers and the broker insurers both need to better understand the demands of todays consumer. Brokers must understand that [...]
The Ontario Superior Court has found that a direct writer breached its duty of care in offering optional benefits to a consumer. Nevertheless, the court dismissed the claim against Meloche Monnex because it found the claimant would not have purchased the optional benefits anyway. The case concerns an auto accident that occurred in May 2007. [...]
Research into how the human brain makes risk-taking decisions and how quickly it can learn the correlations between risk and reward has won the 2011 Lloyd’s Science of Risk Prize. A team led by Klaus Wunderlich of University College London used the latest brain-scanning technology to triumph over more than 60 other entrants to take [...]
Today we have guest blogger Miles Walker from www.carinsurancecomparison.org with a great summary on Auto Reform. Thanks for all your hard work Miles ! He can be reached for comment at miles.na.walker@gmail.com. The Insurance Act which became effective on September 1st 2010 defines the benefits and coverage minimums in any standard auto insurance policy issued in Ontario, [...]
Insurance associations say Canada is unlikely follow the European Union in banning gender-based pricing, which is forecast to push up life and car insurance costs for millions of women across the Atlantic. The European Court of Justice in March said insurers will no longer be able to take account of gender when pricing insurance policies from [...]
Courtesy of CBC – Manitoba officials were working quickly Monday to build higher dikes along the Assiniboine River, while their counterparts in Saskatchewan warned that flooding will remain a threat for the rest of the month. For the past week, much of the Prairie provinces has been flooded or in danger of being so, with [...]
An interesting perspective from Canadian Underwriter yesterday : Brokers relying solely on the mandatory mailings explaining the new optional benefits scheme in Ontario’s auto insurance regime may find themselves liable, cautioned Stephen R. Moore of Blaney McMurtry LLP. Moore spoke during the Canadian Defence Lawyers Accident Benefits Conference in Toronto on Apr. 8. His seminar [...]
Excellent news yesterday ! Auto insurers welcome Ontario’s latest moves to fight fraud, abuse and over-utilization that drive up costs for their law-abiding policyholders. “The government has clearly signaled it will support insurers that stand up to those who would exploit the system,” says Ralph Palumbo, Ontario vice-president of the Insurance Bureau of Canada. “The [...]
It’s been a while since I’ve posted here. I’ve become a father for the first time in the last year. Learning how to manage this part of my life has presented new challenges, and I don’t imagine the challenge of ‘parenting’ will ever disappear. As a result, I have neglected this blog in order to sort out the rest [...]
Here is an example of a staged accident. This is the type of behaviour that increases our automobile premiums in Ontario. Watch out ! Don’t let it happen to you ! Click here to watch a 50 sec. video http://www.nicb.org/theft_and_fraud_awareness/multimedia?media=0cd202ad-91e7-4eae-beb6-5d4db9387a54 Have a good long weekend !
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