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Insurance-Canada.ca - Where insurance and technology meet

JANUARY 5, 2021

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INSURANCE INDUSTRY NEWS

Swiss Re Estimates 2020 Insured Catastrophe Losses As Fifth-Costliest On Record
Insurance industry losses from natural catastrophes and man-made disasters globally amounted to USD 83 billion in 2020, according to Swiss Re Institute's preliminary sigma estimates. This makes it the fifth-costliest year for the industry since 1970. Losses were driven by a record number of severe storms and wildfires in the US.
Read more.

Logic Governs Firming Reinsurance Landscape: Willis Re 1st View
Despite the impact of COVID-19 both on working conditions and exposures – and with discussions of the latter largely deferred until after 1 January treaty renewals – reinsurers have largely arrested the persistent downward trends which characterised recent years. For buyers, terms and conditions have overall been less onerous than initially feared again revealing the efficient working of the global reinsurance market, according to the latest 1st View renewals report from Willis Re.
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State Of No Code / Low Code Insurance Platforms
Majesco is pleased to announce the release of a new thought leadership report on the evolution, definitions and industry viewpoints of digital and no code / low code platforms, highlighting key technology components and capabilities.  The report details three different and progressively advanced and innovative no code / low code platforms that are transforming insurance business models.
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Ransomware Severity, Costs Increasing: Beazley
Specialist insurer Beazley reports that ransomware attacks increased in terms of both severity and costs in 2020 compared to 2019 and have become the biggest cyber threat facing organizations.
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Canadians Value Life Insurance More During Pandemic: Survey
Research from Canada's leading online insurance brokerage PolicyAdvisor.com finds more than three-quarters of Canadians feel anxious about their financial future due to the economic effects of COVID-19, but not at the expense of their life insurance coverage. The company's State of the Nation: Life Insurance Trends 2020 - Pandemic Checkup seeks to determine consumer attitudes and buying behaviour towards life insurance considering COVID-19's impact on their lives.
Read more.

Westland Acquires Storm Insurance Group
Westland Insurance Group Ltd. is pleased to announce that it has entered into an agreement to acquire Nova Scotia-based Storm Insurance Group, with a scheduled close date of January 6, 2021. This acquisition supports Westland's expansion strategy and marks the company's first acquisition with offices in the provinces of Nova Scotia and Quebec.
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2020’s Quirky And Unusual Claims: Aviva
Insurance companies were created to help people get back on their feet after a rough time. In 2020, Aviva Canada has handled thousands of property and auto claims – including a few quirky and unusual ones.
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Most Canadians Haven’t Set Goals For 2021
The past year tested Canadians' physical, mental and financial health in many ways. As we welcome 2021, a Sun Life survey tells us Canadians are not setting goals, with a majority (57 per cent) having set zero goals for 2021.
Read more.


The Intersection: Insurance-Canada.ca Blog

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

Battling Insurance Agent Fraud
By CaseWare RCM, Inc.
Insurance fraud is a constant challenge to the industry and can take on many appearances, from fraudulent claims to elaborate scams and conspiracies created by agents themselves or working with complicit policyholders. The fraud can be small, amounting to an individual payment of a few dollars, or it could be a highly planned scheme worth millions. CaseWare's new white paper can help insurance providers focus on one specific area of fraud that often receives less attention. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

BrokerLift
BrokerLift is an eCommerce Platform purpose-built for Insurance Brokers to digitally sell "transactional" products to their customers from their preferred Insurance Partners. The platform integrates digital products (20+ to choose from!) into the Broker's website, email and other branded experiences. BrokerLift is NOT an insurance entity, Brokers earn full commissions and can swap product providers without losing their data or digital customer experience. Learn more.

Calling all InsurTechs! Click here to participate.


Insurance Works

Featured job opportunities:

Account Assistant / Associate, Personal Insurance
Hunters International Insurance
Toronto, ON

Customer Service Representative
Al Dorman Insurance Brokers Ltd.
Mount Albert, ON


From Doug

I hope you managed to find something enjoyable and meaningful over the end of the year.

The last decade and a half have been divided into several periods of time. Each was known by a significant trend, especially with respect to the influence of technology.

The industry evolved through digitization (or digitalization); transformation; innovation and disruption; and InsurTech.

These were cumulative; each was dependent on – and included continuing use of – the previous ones, and built on them.

InsurTech has been around for a while – what might characterize the next "era" in insurance?

A number of functions have emerged, including marketplaces, platforms, ecosystems, partnerships, and embedded insurance.

It may well be something entirely different.

I wish you health, safety and happiness in 2021, and some fun living this era of rapid change in insurance.

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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