Live Insurance News

Insurance law to cause RBC to incur a $160 million hit

November 18, 2013November 16, 2013 Julie Campbell

In Canada, the federal government’s efforts to close tax “loopholes” is bringing on a massive hit for one insurer. According to the Royal Bank of Canada (RBC), the latest insurance law change from Finance Minister Jim Flaherty that is designed to close the tax “loopholes” in this industry will bring with it a charge of an estimated $160 million for the insurer when it makes its fourth quarter earnings report. The insurer said that after tax, the charge will fall to $118 million, but is a direct result of the…

Auto insurance is using technology to focus on driver behavior awareness

October 3, 2013October 1, 2013 Julie Campbell

As usage based programs become more common, it is changing the future of this part of the industry. As both vehicle and telematics technology continue to evolve and usage based programs come closer to the mainstream, the auto insurance industry is placing a much greater focus on the actual behaviors of the consumer, while behind the wheel. Some industry experts feel that coverage is now becoming a tool to encourage motorists to become better drivers. At the same time, it also means that increasing automation in vehicles, to the degree…

Insurance fraud on the rise in US and Canada

September 13, 2013September 10, 2013 Logan B.

Survey shows companies are concerned with growing prevalence of insurance fraud The results of a new survey have been released by FICO, an analytics firm, concerning the prevalence of insurance fraud in the U.S. and Canada. The survey suggests that insurance companies are expecting to see higher losses from fraud on personal insurance lines. Insurance fraud appears to be growing more common in both countries despite aggressive regulations being adopted that are meant to mitigate the impact of such practices. Insurers expect to see higher losses from fraud this year…

Insurance news about Olympic hockey shows costs are thinning the ice

September 2, 2013August 31, 2013 Julie Campbell

insurance policy news olympic hockey NHL

In order to ensure that the Sochi Olympics hockey tournament can proceed, the IOC is paying $8 million in coverage. The International Olympics Committee is making insurance news at the moment as it faces a bill of an estimated $8 million in order to pay for adequate coverage in order to ensure that the hokey tournament can continue in Sochi, Russia, next year. This announcement was made following what was called the world’s most expensive ball hockey game, in Calgary, Canada. When the Canadian Olympic hockey team gathered in Calgary…

Insurance news for Canadian Olympic hockey could cause struggles

July 24, 2013July 22, 2013 Julie Campbell

Coverage issues have added doubt to the ability of players from Canada to head to Sochi. Hockey Canada has been dealing with a number of different issues in finalizing its plans to be able to send hockey players to the Olympic orientation camp in August 2013, but bad insurance news is continuing to stand in the way. If the current situation doesn’t turn around, it may mean that the players won’t be able to skate after all. The CEO of Hockey Canada, Bob Nicholson, has said that no decision has…

Usage based insurance pilot program being tested on motorcycles

June 7, 2013June 5, 2013 Julie Campbell

The test will be performed by SGI, which makes it among the first in the world to use telematics on these vehicles. SGI (Saskatchewan Government Insurance) has announced its proposal to begin a program that will apply usage based insurance technology to policies that cover motorcycles, joining the very first in the world to take this step. Only a small handful of other companies across the globe have intentions to test telematics for motorcycles. Usage based insurance technology functions by installing a small device into a vehicle in order to…

Off road vehicle insurance sought by ATV Federation in Canada

April 5, 2013April 3, 2013 Julie Campbell

The organization is hoping to make coverage mandatory in all of the Maritime provinces. The ATV Federation is made a call to have required off road vehicle insurance for all drivers of these machines, throughout each of the Maritime provinces in Canada, by the end of the year. At the moment, only Prince Edward Island has failed to implement this type of regulation for ATV drivers. This would require the drivers of all terrain vehicles in every Maritime province – including P.E.I. – to have to begin shopping for coverage,…