When laws change, the insurance industry changes. The Canadian government’s plan to legalize marijuana in October of 2018 will alter the landscape of both commercial and home & auto insurance in dynamic fashion. While the ink is not yet dry on legalizing cannabis, here are some of the ways it will affect the insurance industry once it becomes a reality.
As driverless cars become a reality, the auto insurance industry will need to change drastically to stay afloat. At the present time, auto insurance accounts for 42% of all property and casualty insurance. This is a $200 billion market in the United States alone, but it has already begun to shrink.
Distracted driving has become a major problem in the province of Ontario. According to the Ontario.ca website, the number of deaths by collisions caused by distracted driving has doubled since the year 2000. Additionally, 2013 data shows that one person is injured during a distracted driving collision every 30 minutes in the province of Ontario. If you are guilty of distracted driving beware! A distracted driving conviction can have the following penalties on your auto insurance:
In June 2016, the Ministry of Government and Consumer Services in Ontario announced that the government would be altering the way sex and gender are displayed on all government identification including driver’s licenses. The goal was to ensure the “fair, ethical and equitable treatment of people with trans or non-binary gender identity.”