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IBC reveals list of most frequently stolen vehicles in Canada

Auto theft continues to be an issue in Canada with car thieves becoming more technologically capable than ever before. According to the Insurance Bureau of Canada’s annual list of most frequently stolen vehicles, car thieves now rely on technology to bypass vehicle security systems. The increasing amount of vehicles with keyless entry fobs has increased electronic auto theft, as thieves are able to evade these security systems.

According to this year’s list of the top 10 most stolen vehicles in Canada, Ford trucks with a pre-2007 model year make up the majority of the list. These vehicles do not have ignition immobilizers, which prevent hotwiring. The Insurance Bureau of Canada also states in its report that auto theft costs Canadians approximately $1 billion each year, which includes the $542 million that insurers pay to fix or replace stolen vehicles.

For further information on how your vehicles ranks, contact your insurance representatives.

Source: https://www.insurancebusinessmag.com/ca/news/auto-motor/ibc-reveals-list-of-most-frequently-stolen-vehicles-in-canada-193879.aspx

Driver assist technology: is it really just another distraction?

Vehicle assist technology may actually be contributing to distracted driving but it may just be a short-term trend. Desjardins insurance conducted a national survey and found that 63% of respondents feel that vehicle safety technology can contribute to distracted driving and over 80% of respondents believe that more education is needed on how to use new safety features.

The potential for increased collisions as a result of vehicle assist technology will directly impact insurance providers. Since new safety features like the rear-view camera are no longer reserved for high-end vehicles, safety technologies are linked to increasing claims costs and car repair costs for insurance companies.

Desjardins claims that with improved driver assist technology in cars, people are having too much confidence in safety features and becoming less aware of their surroundings. According to the Vice President of claims at Desjardins, it is difficult to evaluate the exact number of collisions due to vehicle assist technology but insurance providers should be aware of this concern.

Source: https://www.canadianunderwriter.ca/technology/driver-assist-technology-is-it-really-just-another-distraction-1004171541/

How a lack of communication with other sectors is hurting insurance

When change hits other industries, property and casualty insurance leaders need to be included in the process to consider the impact such changes would have on insurance and to prepare for new trends to emerge. The lack of communication between sectors has remained a challenge for insurance companies, as it reduces the ability for insurers to plan and prepare for upcoming trends and the ripple effects they may have.

A prime example of this issue is how the lack of communication between car manufacturers and insurance companies has been hurting automobile insurance providers. The constant development of new electronic features in cars has increased the costs associated with fixing vehicle damages for insurance companies. For this reason, insurers would have benefited from the opportunity to plan and prepare for the impact that new vehicle technology would have on them.

In an effort to fix this issue, senior insurance brokers are talking to senior executives in other industries to gain insight on future trends that may emerge and have an impact on the insurance industry.

Source: https://www.canadianunderwriter.ca/brokers/how-a-lack-of-communication-with-other-sectors-is-hurting-insurance-1004171424/

Why thousands of unsafe commercial vehicles remain on Ontario roads

According to the 2019 Annual Report of the Auditor General of Ontario, the ministry has not inspected more than half of Ontario’s commercial vehicle carriers in the past two years and the number of vehicles inspected each year has decreased significantly.

The Auditor General recommends the Ministry of Transportation create a province-wide staffing plan to hire more enforcement officers and that enforcement officers are being regularly reviewed on productivity targets to increase roadside inspections. It is also recommended that random drug and alcohol testing is enforced for commercial vehicle drivers to reduce the risk of collisions involving impaired driving.

Based on the report’s findings, the Ministry of Transportation has agreed with the Auditor General’s recommendation to increase roadside inspections and reduce impaired driving involving commercial vehicle drivers.

Source: https://www.canadianunderwriter.ca/commercial-lines/why-thousands-of-unsafe-commercial-vehicles-remain-on-ontario-roads-1004171427/

A simple solution to the insurance “talent gap” equation

Today, insurance organizations are worried about the “talent shortage” in the industry as they struggle to attract new talent to fill positions as insurance veterans reach retirement age. Insurance companies need to work on making the industry appealing to the new generation of professionals.

KASE Insurance, a leading commercial insurance broker in Ontario, has avoided this issue altogether. The insurance company has grown exponentially since it was founded three years ago and the founders attribute this to their hiring process.

They believe the key is hiring people that are equally as excited about the insurance industry as they are, while also making sure their new hires are super ambitious with fresh ideas. How have they achieved this? By putting entrepreneurial spirit at the core of their recruitment strategy. Stanislav Kokojin, one the founders says that they’ve never had an issue finding talent:

“There are lots of millennials who want to make a difference and have cool ideas for projects that they’d like to implement, but too often they’re told there’s no budget or appetite for that idea. We’re looking for entrepreneurial people who strive to be the best, and we’ve been very successful in finding that talent.”

KASE is determined to break down the barriers that keep young professionals from getting a head start in the insurance industry. Their training process teaches young brokers to become excellent commercial advisors and there’s room for change in the status quo.

Source: https://www.insurancebusinessmag.com/ca/news/breaking-news/a-simple-solution-to-the-insurance-talent-gap-equation-194136.aspx

Where insurance fits into bicycle accidents

How does liability insurance work for bicycle accidents? Typically bicycle accidents are covered under a home insurance policy but cyclists who are unsure of their coverage should be asking their insurance broker or agent.

In different situations, the liability would fall on different parties. If a cyclist is involved in an accident with a pedestrian, the pedestrian can launch a personal injury lawsuit and the cyclist would likely turn to a home insurance or renter’s policy first. If a motor vehicle is involved, the cyclist has access to accident insurance benefits.

Speak to your insurance broker or agent to find out if you are covered.

Source:  https://www.canadianunderwriter.ca/insurance/where-insurance-fits-into-bicycle-accidents-1004165099/

These behaviours raise your client’s cyber risk

Some classic examples of employee behaviour that is risky are clicking on an obviously suspicious email, opening attachments they weren’t expecting and creating passwords that are easy for anyone to guess. The root causes of risky computer use are lack of awareness, lack of understanding about how security affects ordinary workflows and competing priorities.

It is important for senior leadership to transmit implicit and explicit messages about cyber safety. They should educate employees and encourage them to practice safe computer use to decrease risk of a phishing attack.

Source:  https://www.canadianunderwriter.ca/insurance/these-behaviours-raise-your-clients-cyber-risk-1004165201/

Why cyber insurance is critical protection for any business

Digital information is one of the world’s most valuable commodities and is at risk of being attacked, stolen, held for ransom or destroyed. It’s not only the large businesses that require protection against hacks and other malicious activity, any company in possession of sensitive information should have a comprehensive Cyber Insurance policy to guard against cybercrime and data breaches.

Companies in any industry can be impacted. If a company handles sensitive information or holds onto confidential information on behalf of third parties, they carry a risk for the information to be altered or lost, a violation that can cost millions.

Data breaches are one of the most common events covered by a cyber policy. Speak to your insurance broker or agent to better understand your coverage.

Source: https://www.insurancebusinessmag.com/ca/news/cyber/why-cyber-insurance-is-critical-protection-for-any-business-173331.aspx

Condominium insurance: the Ministry of Finance publishes its draft regulation

A draft clarifying six new proposed regulations was published by the Ministry of Finance in Quebec. The text governs the capitalization and contribution to the self-insurance fund and says valuers must be members to evaluate the amount of insurance of the building.

Condominiums will have two years to capitalize the new self-insurance fund that their union will set up. The law also states that co-owners must obtain liability insurance and buildings must be inspected every five years to determine the value of reconstruction (determining the amount to be insured). Additionally, there are risks that must be covered in the property insurance contract including: theft, fire, lightning, storm, hail, explosion, etc.

Speak to your insurance broker or agent to better understand your coverage.

Source: https://journal-assurance.ca/article/assurance-des-coproprietes-le-ministere-des-finances-publie-son-projet-de-reglement/

How slip-and-fall lawsuit rules could change in Ontario

Ontario is looking to change the province’s deadline for serving notice about starting slip-and-fall lawsuits. Currently, plaintiffs have two years after an accident to start a lawsuit suing for personal injuries. If Bill 118 is passed into law, plaintiffs would only have 10 days to give defendants notice of slip-and-fall claims caused by snow and ice.

Some people feel this would not be enough time for someone if they are dealing with medical treatments. However, they would still be able to proceed with a lawsuit if they convince the judge there is a reasonable excuse for the delay. The bill is meant to give defendants earlier notice, allowing them to preserve records and evidence.

Source: https://www.canadianunderwriter.ca/insurance/how-slip-and-fall-lawsuit-rules-could-change-in-ontario-1004165572/