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SEPTEMBER 14, 2021

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INSURANCE INDUSTRY NEWS

P&C Premiums Will More Than Double By 2040
Global P&C premiums are expected to more than double to USD 4.3 trillion in 2040 from USD 1.8 trillion in 2020, as the P&C portfolio composition is expected to shift from lower-risk motor insurance towards higher-risk property and liability lines, according to Swiss Re Institute's sigma study, More Risk: The Changing Nature of P&C Insurance Opportunities to 2040. Property insurance is forecast to become the fastest growing line of business. Motor, although its share is shrinking, is expected to remain the largest of all P&C lines, with premiums forecast to almost double by 2040. Read more.

Tractable Launches New AI-Powered Vehicle Assessment Solution
Tractable, the company developing AI for visual assessment and disaster recovery, is pleased to announce the launch of AI Inspection, a new solution that accurately assesses the external condition of a vehicle's body within minutes. Read more.

Relay Announces Launch Of I5 Affinity
Brokers: your small business clients are struggling with a variety of new problems; navigating and implementing virtual workforces, events, covering payroll while trying not to cut costs, etc. The pandemic shone a spotlight on the value and importance of insurance and in tandem it has created a unique opportunity for professional associations to offer relevant insurance coverage for their members through Affinity Programs. Read more.

CFC Launches Phishing Prevention Tool
CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, is pleased to announce the addition of a new phishing simulation tool to its award-winning mobile app, Response. Read more.

Global Reinsurers Adjust as Traditional Risks Take on Unpredictable Patterns
Although the global reinsurance industry has been able to absorb the exceptional shock from the COVID-19 pandemic, perils that are becoming more complex and interrelated highlight the need for innovation to cover unmodeled risks as they emerge, and traditional risks as they evolve, according to a new AM Best special report. Read more.

BIG Continues Growth In Ontario
Billyard Insurance Group is pleased to announce the successful opening of three new branch offices in Ontario – BIG Grimsby, BIG Tecumseh, and BIG Uxbridge. As they advance across Ontario, and nationwide, BIG continues their commitment to providing top-notch service and affordable rates for auto insurance, home insurance, business insurance, travel insurance, and life insurance. Read more.

Westland Acquires Two Alberta Brokerages
Westland Insurance Group Ltd., Canada's largest independent Canadian-owned brokerage, is pleased to announce the acquisition of Riverstone Insurance in Canmore, AB, and Hill n Dale Insurance Ltd. in Breton, AB. Read more.

Electric Vehicle Implications For P&C Insurance
The latest CCC Trends report analyzes emerging trends in electric vehicles. This year, the U.S. has joined numerous countries using the pandemic as an impetus to shift their vehicles in operation from internal combustion engine vehicles to electric vehicles. Consumer acceptance of EVs is expected to grow, and sales in the U.S. have already begun to ramp up. Read more.

Securian Financial Acquires Armour Group
Securian Canada, Inc., a subsidiary of Securian Financial Group, is pleased to announce it has acquired Armour Group Inc., a distributor of credit and specialty property and casualty products through automobile dealers, recreational vehicle dealers and finance companies in Canada. Read more.

The Benefits Alliance Group Announces Aetna International As Newest Preferred Partner
The Benefits Alliance Group is proud to announce that Aetna International has been selected as its newest Preferred Partner with the goal of providing member firms access to their wide-ranging medical and health solutions. As a result of the partnership, plan sponsors working with a Benefits Alliance member firm or broker will have access to more products and options for their globally mobile employees Read more.

Brokerslink Adds New Affiliate Fenchurch Law
Global broking business Brokerslink is pleased to announce that Fenchurch Law, a leading law firm supporting policyholders in insurance disputes, has become an affiliate and will offer a dedicated advisory service for claims and coverage disputes relating to policies written exclusively into the Lloyd's and London markets. Read more.


The Intersection: Insurance-Canada.ca Blog

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

A First Look At The EU’s Artificial Intelligence Proposal
By Martino Scheepens, FRISS
While powerful Artificial Intelligence (AI) tools are already present in our day to day lives, AI is still in its relative infancy. According to PWC research, it could contribute up to $15.7 trillion to the global economy in 2030, and it is no surprise that regulation is trailing behind the market in this rapidly evolving area. In response to an increased awareness of the possible dangers this technology carries, the European Union (EU) has adopted a proposal in the first ever international effort to regulate AI. Read more.


InsurTech Spotlight

Join XRM Vision for a FREE virtual conference on Tuesday, Sept. 21, with special guest Christine Wyatt, Director of Group Digital Channel at Empire Life.

Explore the different levels of technology adoption among group insurance brokers and learn everything you need to know about the impact of technology on Group Insurance in 30 minutes. Register now.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Goose Digital
Goose Digital specializes in developing strategies and executing complex marketing automation programs for national carriers, brokers and MGAs across Personal and Commercial Lines insurance. We take organizations on a journey of digital transformation to optimize operations and drive faster return on marketing investment with proven digital strategies and expertise with cutting-edge technologies.
Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Two trending insurance themes are embedded insurance and group benefits.

As Majesco's Denise Garth noted, “Insurance can be ‘soft’ embedded, offered as an opt-in option during the purchase of another item; ‘hard’ embedded, included as an opt-out option with the purchase of another item; or ‘invisible,’ included in the purchase of another product without the option to remove it (e.g. bumper-to-bumper warranty with a new car).”

Group insurance and benefits for both administration and distribution, usually both, are a technology opportunity. The two are complementary.

Group benefits, some of which tend to be pure insurance, often come as part of the package when one is a member of a group (e.g. a university alumnus), joins a group (e.g. an organized club) or becomes an employee.

Addressing both is part of the innovation and digital transformation we are seeing everywhere, and true to form, InsurTechs are in the middle of it.

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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