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Insurance-Canada.ca - Where insurance and technology meet

JULY 9, 2019

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INSURANCE INDUSTRY NEWS

Global Insurance Premiums Hit USD 5 Trillion
Global insurance premiums passed the USD 5 trillion mark for the first time in 2018, equivalent to more than 6% of world gross domestic product (GDP). This was based mostly on solid growth in the non-life sector, particularly in China and other countries in emerging Asia, and also among advanced markets, according to the latest sigma report from Swiss Re Institute.
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MGA & Program Sector Continues To Soar
The Managing General Agent and Program market is continuing its growth and is solidly entrenched as a key business model for property-casualty business, according to a new study by Conning.
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Acturis Acquires Zycomp In Market Shakeup
Acturis Group, the award-winning Software-as-a-Service (SaaS) provider of insurance technology solutions, is pleased to announce that it has acquired Zycomp Systems Limited, a leading provider of broker software in Canada.
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Markel International Launches Cyber 360 Policy
Markel International has launched its Markel Cyber 360 policy, which provides insureds with all-round protection against cyber risks to help them safeguard their business before, during and after a cyber attack. Markel Cyber 360 is offered across most businesses, industries and geographies; coverage will be provided on a stand-alone and add-on basis for businesses in the UK, Europe, Canada, Asia and elsewhere.
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Navacord Launches Disruptive Energy Solution
Navacord continues to fuel their entrepreneurial spirit with the launch of Navasure Structured Surety Solutions, Canada's only provider of innovative structured surety solutions for the energy and power industries, effective July 8, 2019.
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Aon Launches New IFRS 17 Solution
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has launched an IFRS 17 solution on its ReMetrica capital modelling platform to help insurers to fulfill their reporting obligations.
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Archway Makes Triple Acquisition In NB
Archway Insurance has announced a mega-deal to acquire three New Brunswick brokerages – Shaw Insurance Agency Ltd., Solutions Assurances 360° Inc. and J. & N. Assurances Ltée. The purchase will nearly double Archway's footprint in the province with seven new offices. It is Atlantic Canada's largest M&A deal this year.
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Navacord acquires Benefit Consultants Inc.
Navacord Corp. is pleased to announce the establishment of a group benefits and retirement presence in Western Canada with the acquisition of Edmonton-based Benefit Consultants Inc., effective July 1st.
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Hub Acquires BenefitLink Resource Group
Hub International Limited, a leading global insurance brokerage, is pleased to announce it has acquired BenefitLink Resource Group Edmonton Holdings Inc. Terms of the transaction were not disclosed.
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Hub Acquires Berk Bilgen Insurance
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired Berk Bilgen Insurance Ltd. Terms of the transaction were not disclosed.
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AIR Shares Catastrophe Exposure Data Schema
Catastrophe modeling firm AIR Worldwide has announced that it has published its Catastrophe Exposure Data Exchange (CEDETM) database schema publicly, to facilitate accurate and transparent data exchange throughout the insurance value chain more efficiently, and to encourage additional analytics on a greater number of exposures.
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Sun Life Completes Acquisition of Majority Stake in BentallGreenOak
Sun Life Financial Inc. has announced the completion of its acquisition of a majority stake in BentallGreenOak. Leveraging the deep and successful history of both firms, BentallGreenOak will form the real estate pillar of our recently established institutional asset management business, SLC Management, a top 100 global asset management firm.
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Spring Flood Caused >$200M In Insured Damage
The spring flooding that took place in late April and May across Ontario, Quebec and New Brunswick caused close to CAD 208 million in insured damage, according to Catastrophe Indices and Quantification (CatIQ) Inc. The most common cause of damage was overflowing rivers, which led to road and basement flooding, submerged vehicles, and shifted home foundations. Heavy rain also caused roof leaks and sewer backups.
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Is Your Car Ready For Summer Heat?
As high heat and humidity move in, CAA South Central Ontario is reminding motorists to check their car batteries in order to ensure their vehicles are ready for the summer heat.
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Drivers: #SlowDown For Construction Season
It's summer, and that means it's construction season. SGI is reminding drivers to be mindful of workers while travelling through construction areas – be patient, slow down and stay alert. Always obey traffic signs and directions from any flag person you see.
Read more.


The Intersection: Insurance-Canada.ca Blog

What's going through the Intersection
of insurance and technology?

Insurance 2030: Preparing for Fundamental Change
By Mark Breading, Strategy Meets Action
There is little doubt that the P&C insurance industry is transforming. The so-called disruption touted by InsurTechs and others has not hit full force, but there is a coming tsunami of change that will be driven by outside forces. The demographics of the insurance workforce are shifting. New technologies in the connected world promise to change the risk landscape – in some cases dramatically reducing risk, and in others introducing new risks. Read more.


ICEF2019: “Insurance in the Platform Economy” – 7th annual Insurance-Canada.ca Executive Forum – Wednesday, August 28, 2019

“Insurance In The Platform Economy”

Wednesday, August 28, 2019

TODAY is the LAST DAY for early-bird rates!

ICEF2019 will bring together industry thought leaders, insurance pioneers who are taking advantage of new models and platforms, and solution providers with products and services to help you move ahead and compete successfully in the platform economy.

Register nowprices increase tomorrow!

Visit insurance-canada.ca/icef for details.


Insurance Works

Featured job opportunities:

Regional Area Manager
DKI Canada
Mississauga, ON

Account Executive
Healthcare Insurance Reciprocal of Canada
Winnipeg, MB


InsurTech Spotlight

The InsurTech Spotlight features insurance practitioners and InsurTech(nology) providers which are – or are becoming – InsurTechs. In the spotlight this week are:

Zensurance
Zensurance is an online commercial insurance brokerage obsessed with making the process of purchasing small business insurance simple and fast. With a strong focus on technology, and a national footprint, Zensurance has enjoyed phenomenal growth since its founding in 2016. Learn more.

Calling all InsurTechs! Click here to participate.


ICEF2019: “Insurance in the Platform Economy” — 7th annual Insurance-Canada.ca Executive Forum — Wednesday, August 28, 2019, at the St. James Cathedral Centre, Toronto


From Doug

I continue to be amazed by M&A in Canadian insurance. Lots is happening.

Canadian Underwriter notes that recent mergers & acquisitions “have re-arranged the pecking order of brokerages” with 631 transactions in Canada and USA amid a white-hot M&A market globally.

These aren't fire-sales. Why, then?

Is there an objective to be “big”? Hub International, very active in Canada, is now in the “big” group – and continues to buy, with four acquisitions since the beginning of June.

Is it more about scale? Be bigger so that the investment needed to innovate and compete – people, technology, marketing – is affordable?

But at the same time, we see new startup Brokers and MGAs – InsurTechs, if you will. Creating a startup is not inexpensive; there are obviously pots of funding somewhere behind these.

It's fascinating to ponder the reasons why. At the end of the day, people see insurance as a good business to be in. We have a future!

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

The Chronicle weekly newsletter features news, events, and general information relating to technology and innovation in the Canadian insurance industry and marketplace. Subscribe here or view past issues.

If you would like to recommend an item for inclusion – with a focus on technology in insurance relevant to the Canadian Property & Casualty insurance industry, please contact [email protected].

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