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INSURANCE INDUSTRY NEWS
Climate Failure, Social Crisis Top Risks For 2022: World Economic Forum Global Risks Report
Climate risks dominate global concerns as the world enters the third year of the pandemic. According to the Global Risks Report 2022, while the top long-term risks relate to climate, the top shorter-term global concerns include societal divides, livelihood crises and mental health deterioration.
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Canadian Insured Losses From Catastrophic Events Exceeded $2 Billion In 2021
The past year saw much discussion of a 'new normal' for Canadians, but when it comes to insured losses, it seems that the new normal is already firmly established. Total 2021 insured catastrophic loss sits at a hefty CAD 2.04 billion, landing the year in the top five loss years for the country.
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Tokio Marine Canada to Implement ISI Enterprise
Insurance Systems Inc., a provider of enterprise software solutions to the P&C insurance industry, is pleased to announce that Tokio Marine Canada Ltd. (TMCAN) has selected ISI Enterprise for its insurance operations. Headquartered in Toronto, TMCAN is a newly incorporated carrier backed by the Tokio Marine Group.
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SGI Taps Guidewire For Cloud Transformation
Guidewire is pleased to announce that SGI CANADA has subscribed to Guidewire InsuranceSuite and Guidewire Live Predict on Guidewire Cloud to power its core operations.
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GroupAssur Selects Guidewire To Increase Business Agility
GroupAssur and Guidewire are pleased to announce that GroupAssur has selected Guidewire to boost operational efficiencies and deliver an enhanced experience to brokers. Guidewire will be implemented across all of GroupAssur's commercial lines of business at the same time.
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Navacord Strengthens Benefits Position With Three New Partnerships
Navacord Corp., one of Canada's top commercial insurance brokerages and a leader in group health and wealth solutions, kicks off 2022 announcing the addition of three unique benefits Broker Partners: Group Lockhart Inc. and PGI Financial in Ontario, and Maritime Group Benefits in New Brunswick.
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Canada Faces Choices To Confront Mounting Disaster Risks
As the human and economic costs of climate disasters continue to mount, Canada faces a choice. It can continue to respond to disasters as they unfold, or it can proactively prepare for them to avoid or mitigate the worst of the damages. According to a new report from the Council of Canadian Academies, bridging disaster risk reduction and climate change adaptation practices is crucial to reducing vulnerability to disasters and safeguarding public safety.
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Blink Parametric Teams Up With Travel Insurance Specialists AwayCare
Blink Parametric, one of the world's fastest-growing Insurtech companies, is pleased to announce its partnership with AwayCare, a premier Managing General Agent (MGA) provider of travel insurance products in Canada. The coverage will be underwritten by leading Canadian insurance group Northbridge Financial Corporation, a Fairfax company, supporting the delivery of flight disruption insurance solutions.
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Canadian Renters At Risk Of Expensive Repair & Replacement Costs
Canadian renters often mistakenly believe their landlord's insurance will protect their personal belongings and valuables against common risks such as theft, fire or water damage. Meanwhile, almost half of Canadian renters do not have tenant insurance, according to the TD Insurance 2021 Tenant Insurance Survey.
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Swiss Re Capital Markets Places Inaugural Catastrophe Bond For Farmers Insurance Group
Swiss Re Capital Markets successfully closed the USD 160 million Series 2021-1 Principal At-Risk Variable Rate Notes transaction issued by Topanga Re Ltd. on behalf of the companies comprising the Farmers Insurance Group®. The transaction represents an inaugural issuance to be completed by Farmers and provides collateralized reinsurance protection against named storms, earthquakes, severe weather, and fire that affect the United States.
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Time To Get The Snow Off Your Roof
With the weather finally starting to turn after weeks of freezing temperatures, many Canadians are breathing easier. Unfortunately, after a deep freeze, warmer weather can bring new challenges of its own. The freeze-thaw cycle creates ideal conditions for condensation and ice damming. Both will cause a lot of damage
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Eastern Canada Windstorm Insured Damage Total Revealed
A storm that moved across eastern Canada from December 11 to 14, bringing strong winds to Ontario and Quebec and heavy rain and wind to parts of the Atlantic provinces, caused more than CAD 152 million in insured damage, according to initial estimates from CatIQ. Damage associated with the storm spanned the region, including reports of flooding and downed trees that caused power outages.
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