INSURANCE INDUSTRY NEWS
InsurTech Startup Market Strong In North America Despite Pandemic
While the pandemic had a significant impact on InsurTech in 2020, investment rebounded in 2021 with the release of travel restrictions, reopening of conferences, and maturation of InsurTech companies to meet the needs of insurance carriers and better explain their use cases. In its fifth annual report, Aite-Novarica Group provides an overview of 300 InsurTech startups, indexing them on their lines of business and the parts of the insurance enterprise value chain they support.
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The Impacts Of A Changing Climate: Canada’s Top Ten Weather Stories of 2021
This year clearly demonstrated that Canadians across the country are experiencing unprecedented extreme weather, in the form of devastating flooding, widespread wildfires, relentless heatwaves, and powerful tornadoes.
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Coalition Launches Captive To Accelerate Growth In Cyber Insurance
Coalition, the world's largest commercial InsurTech provider, is pleased to announce it will launch a new captive to begin taking risk on its cyber insurance programs. With this captive, Coalition will enhance its ability to manage capacity and its long-term growth objectives while further aligning incentives with its customers.
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Beneva Selects Global IQX For Group Benefits Underwriting
Beneva, the largest insurance mutual in Canada, has chosen Global IQX Sales & Underwriting Workbench as its underwriting tool for new business and renewals in order to leverage end-to-end automation, granular configurability, powerful integrative capabilities, and domain expertise in the Canadian group benefits market.
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Risk Control Guidance For Places Of Worship Regarding Arson
Arson continues to be the leading cause of fires affecting Canadian places of worship. Ecclesiastical Insurance offers several resources on its website to assist places of worship in protecting against fire, vandalism and arson.
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CSIO Working Groups Reach Major Milestone
CSIO's INNOTECH API Working Groups have reached a major milestone in finalizing the JSON API industry standards for personal automobile and property insurance policy inquiry.
This is the first set of API Standards published for the P&C industry in JSON (JavaScript Object Notation), the latest state of the art technology for real-time data interchange for APIs.
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2021 Global Catastrophe Losses Fourth-Highest On Record
Extreme weather events in 2021, including a deep winter freeze, floods, severe thunderstorms, heatwaves and a major hurricane, resulted in annual insured losses from natural catastrophes estimated at USD 105 billion, the fourth highest since 1970, according to Swiss Re Institute's preliminary sigma estimates.
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Andrew Agencies Acquires Kimp Services, Ducharme Agencies
Andrew Agencies is pleased to announce the acquisition of two brokerages in Manitoba – Kimp Services in Shoal Lake, effective November 1, 2021, and Ducharme Agencies in Winnipeg, effective December 1, 2021.
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StoneRidge Acquires John Stark & Company
SIB Corp., operating as StoneRidge Insurance Brokers, a leading independent provider of insurance and consulting services whose platforms include an insurance brokerage, MGA/MGU, group benefits and an adjusting firm, has acquired John Stark & Company, to expand its personal, commercial and life insurance offerings.
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Kayna Launches Vertical SaaS Embedded Insurance Solution
An award-winning InsurTech duo have launched their latest offering to the InsurTech market with Kayna, a Vertical SaaS Embedded Insurance solution for Small to Medium sized businesses.
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Westland Insurance Acquires Reider Insurance
Westland Insurance Group Ltd., Canada's largest independent Canadian-owned brokerage, is very excited to announce the acquisition of Reider Insurance in Winnipeg, Manitoba.
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Cyber Risk Scoring & Modeling Overview
Cyber insurance adoption is growing at double-digit rates, but without a history of claims experiences – especially against an emergent risk – insurers looking to invest in this growing line of business must ensure that growth is profitable.
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B.C. Floods Insured Damage Total Revealed
Catastrophe Indices and Quantification Inc. has revealed its preliminary estimates of the insured damage caused by flooding in southern British Columbia in November.
This will be the most costly severe weather event in the province's history, and
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