Live Insurance News

Auto insurance fraud gets more attention in Ontario

June 23, 2014June 20, 2014 Logan B.

Insurance Bureau of Canada wants more action to be taken on the problem of insurance fraud Auto insurance fraud is on the rise in Ontario, Canada, and some insurers believe that relatively little is being done to resolve the issue. The Insurance Bureau of Canada is beginning to urge the provincial government to take action on the issue with the re-introduction of legislation that is meant to specifically combat insurance fraud. The legislation is known as the Fighting Fraud and Reducing Automobile Insurance Rates Act and insurers believe that it…

Flood insurance becomes a problematic issue in Canada

June 19, 2014June 23, 2014 Logan B.

Canadian insurers are beginning to revise their approach to flood protection and climate change Property insurance is about to undergo serious changes in Alberta, Canada. Last year, severe weather lead to widespread flooding throughout much of the province, causing an estimated $1.7 billion in insured losses. Severe weather throughout the whole of Canada caused more than $3 billion in financial damage to the country’s insurance industry. These losses are encouraging insurers to revise their approach to flood protection and the coverage they offer for severe weather disasters. Uncertain nature of…

Mergers and acquisition heats up within the insurance industry

May 15, 2014May 14, 2014 S.Vagus

Merger and acquisition activity is on the rise in the US and Canada There were a reported 110 insurance agency mergers and acquisitions in the U.S. and Canada during the first four months of this year, according to Optis Partners, LLC. This represents the highest frequency of mergers and acquisitions seen in the insurance industry since before 2008. There are many factors that influence the prevalence of mergers and acquisitions, including the hardening of the insurance market and ongoing economic problems. For some organizations, these sorts of deals may simply…

Insurance industry sees a decline in insured losses in 2013

March 31, 2014March 29, 2014 S.Vagus

Swiss Re report shows that insured losses in 2013 were lower than what they were in 2012 Swiss Re, a leading reinsurance firm, has announced that the global insurance industry has seen losses from natural disasters and man-made catastrophes fall by 44% in 2013. A calm hurricane season help insurers avoid significant losses, but powerful storms in Europe had a significant impact on the insurance industry. Despite this impact, however, insured losses industry-wide were less than what had been seen in 2012. As such, the insurance industry is expected to…

Study highlights plights of private health insurance in Canada

March 27, 2014March 25, 2014 Marc

Canada health critical illness insurance industry

Canada’s private insurance sector may be in need of reform A new study from the Center for Health Services and Policy Research at the University of British Columbia suggests that private health insurance may be inadequate. The study shows that there is a significant gap between the premiums that consumers pay for coverage and the claims payouts that are issued by insurance companies. As such, major reforms may be in order for Canada’s insurance sector in order to make health care more beneficial for consumers. Study shows that there is…