By Catherine Kargas, Vice President, MARCON
(Jun. 13, 2013) – I am of the opinion that as a society, we are ill-prepared for a trend that is staring us in the face: our aging population. And yet, this demographic certainty is already having and will increasingly have profound implications for Canadians in a large number of areas: our medical systems, our labour market, our social support systems . . . and automobile insurance. Having given it some thought, I think there are some technologies that may help face the insurance challenges.
A couple of weeks ago, I read an article on CBC News entitled “For seniors, losing driver’s license like having ‘arm cut off.’”
The story discussed several facts that made an impact on me:
- Three-quarters of Canadians aged 65 and older have a driver’s license;
- Young male drivers, people aged 70 or older have the highest accident rate;
- Seniors are much more likely to be killed in collisions;
- Access to a car affects a person’s social habits (StatsCan found that seniors who primarily travelled via their car were the most likely to have partaken in a social activity in the past week, at 73%);
- Seniors who depend on others to get around are more likely to be reluctant when asking to attend leisure activities (rather than essential activities, like doctor appointments);
- People aged 65-74 are slightly more likely to live outside urban areas. Of those seniors, a large number reportedly do not use transit because of a lack of service in their area, which may only further immobilize them.
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About the Author
Catherine Kargas, MBA, is a business strategist with over 20 years of experience providing consulting advice to executives in the insurance, transportation (with an emphasis on alternative propulsion technologies) and energy sectors. She is the Vice President of the management consulting firm MARCON and the Vice Chair of Electric Mobility Canada. Catherine has worked with numerous players in the P&C space, including insurance carriers and brokers. She is a member of the Insurance 2023 group and an Insurance-Canada.ca collaborator.