Insurable Interest Canadian Insurance Blog

Vehicle theft insurance claims top $1.5 billion in 2023 Toronto, ON (May 16, 2024) – Canada’s auto theft crisis is showing no signs of slowing down, according to new data released by Insurance Bureau of Canada (IBC). In 2023, the cost of insurance claims for replacing stolen vehicles in Canada skyrocketed to a record-breaking $1.5 billion. This marks the second year in a row auto theft claims costs have topped $1 billion. To put this into perspective, between 2018 and 2021, auto theft claims costs averaged $556 million annually. “These numbers indicate that the auto theft crisis persists, disrupting the lives of Canadians and causing them concern and trauma. It places a heavy burden on law enforcement and courtroom personnel who work tirelessly to address these crimes,” said Liam McGuinty, Vice-President, Strategy, IBC. “Canada’s auto theft crisis is also placing pressure on drivers’ insurance premiums – as auto theft continues to increase, so do the associated costs. Auto theft is not a victimless crime.” Between 2018 and 2023, auto theft claims costs have increased significantly across the country: Nationally, auto theft claims costs increased by 254%. In 2023, auto theft losses amounted to over $1.5 billion, an increase of nearly...

Toronto, ON (May 16, 2024) – Accident Support Services International Ltd. (ASSI), facilitators of Collision Reporting Centres, is excited to announce the opening of its newest Collision Reporting Centre (CRC) in Leduc. The Leduc CRC will be located in Unit 1, at 4119 50 St. in Leduc and will operate from Monday through Friday 8:30 a.m. to 4:30 p.m. The grand opening took place on Wednesday, May 15, 2024 at 11:00 a.m. ASSI has provided superior customer service to citizens for the last 30 years; with the goal to facilitate an active partnership between police and insurers in post-collision care by providing knowledgeable advice and assistance to those involved in collisions. Participation in the CRC program allows police services to reallocate officers from collision reporting to higher-priority calls for service. Collision reporting is moved from the side of the road to a safe and comfortable location for citizens, preventing possible secondary collisions and injuries. Police services also gain valuable insight into traffic patterns and high-risk locations through our powerful analytics tools, allowing them to be proactive in their response and potentially preventing collisions before they can happen. Supporting insurers fund the program; there is no cost to the police or...

‘Flood BI’ will support NFIP and primary flood coverage where BI coverage isn’t available in the United States New York, NY (May 10, 2024) – FloodFlash, the parametric insurance technology company, is pleased to announce the launch of its new Business Interruption coverage ahead of hurricane season. Preparing for Hurricane Season A widely predicted hyperactive hurricane season is on the way. Many experts anticipate huge losses from property damage and Business Interruption (BI). Inefficient insurance claims and recovery processes mean that whole communities can be out for months on end, putting massive pressure on businesses cash flow and ability to service debt obligations. Public entities that rely on hotels and tourist tax revenues are also hit hard. The challenge that many at risk businesses face? BI coverage simply isn’t available for them. It isn’t included under NFIP policies and private carriers rarely offer standalone BI. In previous years the approach to Hurricane season was accompanied with a collective holding of breath. As the devastating storms loom on the horizon, thousands of businesses and public entities were left to fend for themselves. This year is different. FloodFlash, the world’s leading sensor-based parametric flood provider, is launching its first product designed specifically...