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Ontario’s Proposed Auto Insurance Reforms

Published on November 2, 2009 By Andrew

Here are the 41 reforms to auto insurance announced by the McGuinty Government and Dwight Duncan this morning: MEASURES TO PROTECT CONSUMERS Prohibit objectionable quoting practices including the use of credit scoring, delays in providing quotes, requiring written applications for quotes and certain screening techniques. Expand the definition of “catastrophic impairment” to include single-limb amputees. [...]

Auto Insurance Reform

Published on October 28, 2009 By Andrew

Automobile insurance reform in Ontario is long overdue.  The Superintendent of the Financial Services Commission of Ontario (FSCO) has an obligation to review automobile insurance every 5 years.  In March of this year the report was submitted to the Minister of Finance.  There were 39 recommendations made by FSCO to the Minister to improve automobile [...]

Scotiabank Enters the Property & Casualty Market With a Little Help from ‘The Personal’

Published on August 26, 2009 By Andrew

    Another Bank has decided it can offer more ‘service’ to it’s clients by providing property and casualty insurance to their customer base.  Last Week, Scotiabank opened up their ‘insurance arm’ right beside their third largest branch in Mississauga, Ontario.    At present in Ontario, banks are not able to sell home and automobile insurance [...]

How do they set the rate for my home insurance?

Published on August 12, 2009 By Andrew

Here’s a quick summary of all of the criteria used to determine your property (homeowners / property / condo / tenants )  insurance premium. Location, location • Whether you own or rent, where you live makes a difference. • Insurance companies track claims by geographic location and use the information to adjust premiums accordingly. • Based on past experience in [...]

Ontario Auto Insurance Increase ??

Published on July 17, 2009 By Andrew

An article appeared in the Toronto Star about automobile insurers in Onatrio and rate increases.  I was interested in the comments made by Randy Carroll of the Insurance Brokers Association of Ontario.   I happen to agree with him.  As brokers, we can be competitive if our rates are competitive.  Some of the obvious benefits of retaining a broker are access to several Insurers, [...]