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Who should run Queen’s Park? Brokers weigh in

by Admin2

The Insurance Business poll question, ‘Who will be the best voice for the insurance industry at Queen’s Park?’ produced a clear winner – and some clear losers.
Of the 128 who took part in the poll, 54 indicated that the Conservatives would best represent the insurance industry while running Ontario.

http://www.insurancebusiness.ca/news/who-should-run-queens-park–brokers-weigh-in-178009.aspx

ONTARIO AUTO INSURANCE: WHAT ARE WE PAYING FOR?

by Admin2

If you drive a vehicle in Ontario, the law requires that you insure your vehicle. Every auto insurance policy includes mandatory no-fault benefits. We pay for these benefits with our premium dollars. While premiums have continued to climb year after year, the no-fault accident benefits for injured victims continue to erode. While benefits have been steadily declining for many years, the changes that were imposed in September 2010 were the most drastic and punitive to date.

http://otlablog.com/ontario-auto-insurance-what-are-we-paying-for/

FSCO introducing guideline changes next week

by Admin2

An increase to Ontario’s minimum wage won’t be the only change coming June 1, as the Financial Services Commission of Ontario is revising the hourly rate guideline for attendant care benefits in the province’s standard auto insurance policy.

http://www.insurancebusiness.ca/news/fsco-introducing-guideline-changes-next-week-177987.aspx

Savings Grace

by Admin2

Several insurers in Ontario have opted to use telematics to provide auto policyholders in the province with discounts. But some insurance professionals contend that only by also adding surcharges for risky behaviour will drivers be on their best behaviour and carriers be able to take full advantage of the technology.

http://www.canadianunderwriter.ca/news/savings-grace/1003082714/?type=Print%20Archives

Out of Order

by Admin2

Ontario auto insurance is in need of a major overhaul. Tinkering with the already poor system can only serve to make matters worse, and once again, miss an opportunity to make the significant changes required to return the system to efficiency and fairness.

http://www.canadianunderwriter.ca/news/out-of-order/1003082772/

Tribunal Declares Stress Provisions of Workplace Safety and Insurance Act Unconstitutional

by Admin2

In one of the most significant decisions in recent memory, the Workplace Safety and Insurance Appeals Tribunal (the “Tribunal”) has declared that most of the legal restrictions placed on Workplace Safety and Insurance Board traumatic mental stress claims are unconstitutional. The Tribunal essentially held that imposing restrictions on eligible mental conditions which are not imposed on physical injuries violates the equality provisions of section 15 of the Charter of Rights and Freedoms.

http://www.ilstv.com/stress- claim-tsunami-tribunal- declares-stress-provisions-of- workplace-safety-and- insurance-act-unconsitutional/

FSCO introducing guideline changes next week

by Admin2

http://www.insurancebusiness.ca/news/fsco-introducing-guideline-changes-next-week-177987.aspx

Robots and the nature of risk

by Admin2

Facebook buys Oculus, a manufacturer of VR headsets. Google buys Nest (connected thermostats) and Boston Dynamics (autonomous robots).Amazon and DHL are developing drones for delivery.

http://www.insblogs.com/technology/robots-nature-risk/

Speeding up court can be costly, make things worse

by Admin2

In a world of supposed scarce judicial resources, we now we have the ultimate judicial approval of yet more budget cuts: Hryniak v. Mauldin. Access to justice, which some believe is code language for merely trying to speed things along, is now a financial decision driven by the need for more efficient use of judicial resources.That’s budget speak for suggesting there’s no more money.

http://www.lawtimesnews.com/201405263978/commentary/speaker-s-corner-speeding-up-court-can-be-costly-make-things-worse

Insurance industry’s driver monitoring device is habit-forming

by Admin2

The Insurance Bureau of Canada has some stats guaranteed to scare the hell out of parents everywhere:People in the 16-to-24 age group account for 9 per cent of all drivers but 25 per cent of all road accidents and fatalities. Drivers 16 to 19 have four times the fatalities of those aged 25 to 34 and nine times those aged 45 to 55.

http://www.theglobeandmail.com/globe-drive/news/industry-news/insurance-industrys-driver-monitoring-device-is-habit-forming/article18804860/