Globe & Mail Insurance Trends Report: April 2020
Toronto, ON (Apr. 24, 2020) – The insurance sector is responding to the immediate impacts of COVID-19 and looking to an uncertain future. Canada’s insurance providers are taking action to help their customers deal with the short-term impacts of COVID-19. At a time when large numbers of Canadians are working from home, many insurers are offering consumers lower auto insurance premiums, to reflect reduced driving. Companies are also providing financial relief to both consumers and businesses losing income and revenues – for example, by deferring premiums and waiving fees.
On April 8, 2020, Insurance Bureau of Canada (IBC) announced that its member companies would provide relief measures for a 90-day period. This national association represents private home, auto and business insurers, which collectively make up 90 per cent of the property and casualty (P&C) insurance market in Canada.
Separately, digital insurance company Onlia offers its customers flexibility and financial relief, Pieter Louter, CEO at Onlia expands on their basic premise of increased safety “We can play a role in the broader safety of Canadians by rewarding safe behaviour – both on and off the road.”
“The purpose is to reinforce safe driving behaviours,” says Olivia van Eyk, head of marketing at Onlia. “By driving safely and improving on these behaviours over time, users can earn Starbucks gift cards and, for Onlia insurance customers, cashback rewards.”
Since it launched in Canada in 2017, Onlia has stressed its “prevention first” model – flipping the traditional idea of insurance on its head.
- Globe & Mail Fall 2019 Insurance Trends Report (PDF)
About the Globe and Mail
The Globe and Mail, founded in 1844, is Canada’s foremost news media company and a part of Canada’s fabric. We cover events that have changed our nation as well as the day-to-day happenings that continue to shape us as a country.
Each day, The Globe leads the national discussion by engaging Canadians through its award-winning coverage of news, politics, business, investing and lifestyle topics, across multiple platforms. The Globe and Mail print and digital formats reach over 6 million readers every week, with Report on Business magazine reaching over 1.5 million readers every issue in print and digital. The Globe and Mail is owned by Woodbridge, the investment arm of the Thomson family.
SOURCE: The Globe and MailTags: Globe and Mail, Insurance Bureau of Canada (IBC), Insurance-Canada.ca, Onlia, trends