Close X
Friday, December 27, 2024
ADVT 
National

Canadian Auto Insurance Giant Working With Uber On New Products For Ridesharing

Darpan News Desk, 08 Sep, 2015 11:59 AM
    TORONTO — One of Canada's largest auto insurance providers is teaming with Uber to create products tailored for the ride-hailing service, after concerns emerged that some insurance policies may not cover drivers using their personal vehicles for commercial gain.
     
    Intact Financial Corp. (TSX:IFC) said it is also working with insurance regulators and various levels of government in provinces where Uber is available to ensure the products that it develops are in line with regulatory requirements.
     
    The insurer said it was too early to provide details about the products, which it plans to market under the Intact and Belairdirect brands.
     
    "With the growing popularity of the sharing and on-demand economy, we are adapting our product range to offer innovative solutions to meet the changing needs of consumers," Louis Gagnon, president of service and distribution at Intact Financial Corp., said in a statement.
     
    Questions began swirling around Uber's insurance policies after the Alberta government said in July that it had determined the policies do not meet the requirements of the province's Insurance Act.
     
    Uber Canada has argued that its insurance policies are adequate. A spokeswoman for the company said in July that every ride on the uberX platform is backed by $5 million of commercial auto insurance, which covers both bodily injuries and property damage stemming from a crash.
     
    "The bottom line is this: every ride on Uber is insured," spokeswoman Susie Heath said in an email at the time.
     
    However, the Insurance Bureau of Canada has recommended that drivers who work for Uber call their insurance providers to verify that their vehicles are insured for commercial use.
     
    The industry group, which counts Intact as a member, noted that some policies only provide coverage for personal automobile use and insurers could reject a claim if the vehicle is used to generate income.
     
    Uber, which allows riders to hail a ride using a smartphone app, offers an alternative to conventional taxi services, something that has caused controversy and sometimes friction in communities where it operates.
     
    "Uber is excited to be working with Intact Financial, the leading Canadian provider of auto insurance, to develop an innovative insurance plan specifically tailored for ridesharing in Canada," Ian Black, the general manager of Uber Canada, said in a statement.
     
    "Every month there are over a million Uber rides completed across Canada and that number is growing every day."
     
    Intact Financial is Canada's largest provider of property and casualty insurance, collecting $7.5 billion in premiums annually through its various subsidiaries.

    MORE National ARTICLES

    Wilfrid Laurier Names Business School For Blackberry Founder Mike Lazaridis

    Wilfrid Laurier Names Business School For Blackberry Founder Mike Lazaridis
    The tech pioneer gave the Waterloo, Ont.,-based school $20 million earlier this year to establish a program for technology executives and leaders.

    Wilfrid Laurier Names Business School For Blackberry Founder Mike Lazaridis

    Indian-Origin Man Varinder Singh Compensated For Being Sexually Harassed In New Zealand

    Indian-Origin Man Varinder Singh Compensated For Being Sexually Harassed In New Zealand
    A New Zealand court has awarded more than $35,000 to an Indian-origin man after he was fired for complaining about sexual harassment by his senior, a media report said.

    Indian-Origin Man Varinder Singh Compensated For Being Sexually Harassed In New Zealand

    QNX Founder And CEO Dan Dodge Steps Down From Blackberry

    QNX Founder And CEO Dan Dodge Steps Down From Blackberry
    TORONTO — The head of BlackBerry subsidiary QNX is retiring from the company he helped found by the end of this year.

    QNX Founder And CEO Dan Dodge Steps Down From Blackberry

    Quebec Premier To Sponsor Syrian Refugee Family With Help Of Others In Riding

    QUEBEC — Premier Philippe Couillard is going to sponsor a Syrian refugee family with the help of other people in his riding north of Quebec City.

    Quebec Premier To Sponsor Syrian Refugee Family With Help Of Others In Riding

    Pension Managers Must Consider Climate-Change Risks: Legal Study

    Pension Managers Must Consider Climate-Change Risks: Legal Study
    A legal study says climate change is one of the biggest risks faced by Canadian pension plans and trustees will be increasingly forced to take it into account.

    Pension Managers Must Consider Climate-Change Risks: Legal Study

    Economists Expect Bank Of Canada To Hold Its Key Rate At 0.5 Per Cent

    Economists Expect Bank Of Canada To Hold Its Key Rate At 0.5 Per Cent
    The Bank of Canada is expected to keep its key interest rate on hold Wednesday following a string of better than expected economic data.

    Economists Expect Bank Of Canada To Hold Its Key Rate At 0.5 Per Cent

    PrevNext