16+ hour, 36+ min ago (876+ words) A recent UCP resolution proposes repealing Care-first and returning to "at-fault" based insurance Last weekend"s United Conservative Party of Alberta (UCP) annual general meeting heard a resolution to repeal the province"s upcoming auto insurance reform, set to take effect Jan. 1, 2027. The policy resolution was presented at UCP"s annual general meeting in Edmonton at the end of November, receiving about 75% support on the convention floor. It proposes repealing the upcoming care-first legislation and returning to "at-fault" based insurance. "Repealing the no-fault insurance legislation in Alberta and returning to a tort-based system aligns with conservative values by promoting personal responsibility and accountability, ensuring fair compensation based on fault and reducing fraudulent claims," the resolution reads. "This approach encourages safer driving behaviours and ensures that only legitimate claims are compensated." But "Alberta drivers should be quite concerned" by the call…...

1+ week, 5+ day ago (395+ words) Most would rather delete their social media or build furniture than deal with their coverage That's'not an exaggeration. A new survey from TD Insurance'asked Canadians what'they'd'prefer to do instead of reviewing their'home and auto insurance policies for potential savings." More than half (57%) said'they'd'rather'delete'their'favourite'social media or phone'app;'52% said'they'd'rather assemble kit furniture,'45% would rather call their boss "mom,' 43% would rather do their taxes, and 37% would rather sit in traffic.' Younger Canadians are even more likely to avoid reviewing their coverage "76% of Gen-Z'and'74% of Millennials " compared to the general population (57%)." This survey'of 1,527'respondents'comes at a time when many are feeling financial pressures from the rising costs'of living. Yet'Canadians are'finding other ways to cut back on spending, even though they might be eligible for insurance discounts." More than half (58%) of Canadians say'they're'tired of worrying about budgeting. And when'asked how'they'save extra money each month, 46% say…...

1+ week, 5+ day ago (423+ words) Most would rather delete their social media or build furniture than deal with their coverage That's'not an exaggeration. A new survey from TD Insurance'asked Canadians what'they'd'prefer to do instead of reviewing their'home and auto insurance policies for potential savings." More than half (57%) said'they'd'rather'delete'their'favourite'social media or phone'app;'52% said'they'd'rather assemble kit furniture,'45% would rather call their boss "mom,' 43% would rather do their taxes, and 37% would rather sit in traffic.' Younger Canadians are even more likely to avoid reviewing their coverage "76% of Gen-Z'and'74% of Millennials " compared to the general population (57%)." This survey'of 1,527'respondents'comes at a time when many are feeling financial pressures from the rising costs'of living. Yet'Canadians are'finding other ways to cut back on spending, even though they might be eligible for insurance discounts." More than half (58%) of Canadians say'they're'tired of worrying about budgeting. And when'asked how'they'save extra money each month, 46% say…...

4+ week, 9+ hour ago (613+ words) Agentic AI could make this happen " but it will depend on how insurers collect, manage and protect their Big Data Can you imagine a completely automated Managing General Agent (MGA) using artificial intelligence to serve its insurance company and brokerages partners? That day is coming with the rise in agentic AI, says Sridhar Manyem, senior director at AM Best. Mayhem was speaking about the applications and implications of agentic AI on the insurance industry at AM Best's Insurance Market Briefing, held in Toronto last Thursday. "In terms of insurance, [people] are starting to talk about agentic AI," Manyem said. "Agentic AI is not just one AI engine, but it is a artificial intelligence ecosystem that can perform a specific goal with limited supervision. So, for example, it can be a MGA, right? "An automated MGA takes submissions from various clients,…...

1+ mon, 3+ day ago (407+ words) Where brokers can help clarify coverages with'homeowners Canadian homeowners can find themselves caught off-guard by a series of insurance'clauses they may not know about, one expert shares." "Reviewing your policy carefully and asking the right questions can mean the difference between being financially secure and facing a devastating expense." One of the most overlooked insurance clauses concerns vacancy restrictions.' If your home is vacant for more than 30 days without notifying'your insurer, coverage can be restricted or entirely voided.' "It surprises many homeowners that simply leaving a property empty for a few weeks can'affect their insurance. Even an extended trip could trigger this clause if you'don't'inform your provider, says Dsouza.' Another commonly overlooked clause pertains to coverage limits on valuables." "If you have a $15,000 engagement ring and your policy caps jewellery coverage at $6,000,'you're'on the hook for the difference. That gap…...

1+ mon, 6+ day ago (737+ words) Don't get caught advising on workplace benefits plans when talking to clients about optional auto insurance income replacement benefits, regulator warns When accident benefits optionality in Ontario comes into force July 1, 2026, brokers will have to be careful when they advise clients on whether to keep or drop the income replacement portion of their auto insurance, the province's broker regulator cautioned last week. "On that income replacement piece, [if your clients have] got a workplace benefit plan or something, you've got to be careful as a broker to stay within the bounds of your own license," Registered Insurance Brokers of Ontario CEO Mark Abraham warned at an IBAOcon panel discussion in Niagara Falls last Wednesday. "You may also have an accident sickness license, but if you don't, you've got to be very careful not to stray into that [workplace benefits] territory,…...

1+ mon, 6+ day ago (675+ words) In many cases, drivers scaled back on optional coverages such as collision or comprehensive insurance One-third of polled Ontario drivers have changed their coverage or deductibles as auto insurance premiums continue to rise, finds a recent survey from LowestRates.ca. Conducted in late September, the poll of 691 Ontario drivers who used LowestRates.ca's auto insurance quoter found 33% of Ontario drivers changed their coverage or deductibles, making it the most common way to save on auto insurance. In many cases, drivers scaled back on optional coverages such as collision or comprehensive insurance, particularly for older cars for which repair costs may outweigh the car's value. For instance, LowestRates.ca data show a driver with a 10-year-old Honda Civic could save about $500 a year by removing these coverages, lowering annual premiums from $1,976 to $1,476." But drivers dropping optional coverages and increasing their deductibles…...

1+ mon, 1+ week ago (537+ words) Recent modelling shows many insurance customers wouldn't get a cheque if a major earthquake were to hit downtown Vancouver If a major earthquake were to hit Vancouver's City Hall, only 8% of earthquake policyholders in the Lower Mainland would likely receive a cheque from their insurers, computer simulations conducted by the Institute for Catastrophic Loss Reduction (ICLR) suggest. For many policyholders, the damage will be below their earthquake policy deductible. For others, various policy exclusions will apply. And still others may not have purchased an earthquake endorsement when they bought their standard home insurance policy. Earlier this year, ICLR modelled a shallow, Magnitude 7.5 earthquake hitting near Vancouver's City Hall. When the model reached Magnitude 6 projected damages reached $10 billion. The City of Vancouver published the results of its own simulation showing the areas of Vancouver at highest risk of damage if a…...

1+ mon, 1+ week ago (529+ words) Recent modelling shows many insurance customers wouldn't get a cheque if a major earthquake were to hit downtown Vancouver If a major earthquake were to hit Vancouver's City Hall, only 8% of earthquake policyholders in the Lower Mainland would likely receive a cheque from their insurers, computer simulations conducted by the Institute for Catastrophic Loss Reduction (ICLR) suggest. For many policyholders, the damage will be below their earthquake policy deductible. For others, various policy exclusions will apply. And still others may not have purchased an earthquake endorsement when they bought their standard home insurance policy. Earlier this year, ICLR modelled a shallow, Magnitude 7.5 earthquake hitting near Vancouver's City Hall. When the model reached Magnitude 6 projected damages reached $10 billion. The City of Vancouver published the results of its own simulation showing the areas of Vancouver at highest risk of damage if a…...

1+ mon, 1+ week ago (513+ words) When it comes to auto insurance in Ontario, it doesn't pay to be young. A 20-year-old new driver in Ontario can end up paying around $4,000 more annually for car insurance than a 35-year-old new driver with a similar profile, a new report from aggregator Rates.ca finds. What's more, that 20-year-old male in Toronto driving a recent-model-year Honda Civic, who has no claims history and also no driver training, might pay about $13,418 per year. A female driver with the same profile of age, experience level and car type could expect to pay around $9,607. But a 35-year-old new male driver could pay about $7,612 per year. That's almost $4,000 less than a 20-year-old with the same level of experience." Estimated premiums for the 20-year-old male driver are based on the three lowest average quotes for a Toronto resident driving a 2024 Honda Civic four-door,…...