"Chronicle" weekly newsletter - Where insurance and technology meet

OCTOBER 4, 2022

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Global Annual Insured Losses From Extreme Events Exceed 120 Billion USD: Verisk
Verisk Extreme Event Solutions is pleased to announce it has released its 2022 Global Modeled Catastrophe Losses report detailing key global financial loss metrics based on its latest suite of catastrophe models. Verisk estimates that on an annual average basis, catastrophes around the world are expected to cause about USD 123 billion in insured losses, compared to an average of USD 74 billion in actual losses over the past 10 years. Read more.

Manulife Expands Vitality Program In Move To Disrupt Traditional Insurance Industry
Manulife is pleased to announce the expansion of the Vitality program across its core product suite, launching a new two-tiered membership program with enhanced rewards and benefits, and a complimentary program for all new life insurance customers. The enhancements will be available in Mid-November. Read more.

Rising Auto Premiums Killing Home Bundles
The future of the home and auto insurance bundle has come into question as legions of customers have started to break up their polices, with rapidly rising auto insurance premiums largely to blame, according to the J.D. Power 2022 U.S. Home Insurance Study. Read more.

Cyber Threats Remain Top Business Concern: Travelers Risk Index
The Travelers Companies has released its 2022 Travelers Risk Index results, which found that cyber threats were the top overall concern for business decision-makers and more than half of survey participants think a future cyber attack on their organization is inevitable. Read more.

Northbridge, Applied Systems Complete CSIO Commercial Lines Certification
CSIO is pleased to announce that Northbridge Insurance and Applied Systems Canada have partnered to complete CSIO’s Commercial Lines (CL) Certification Program. Both organizations met the key requirements to finish all three levels of the Program: Foundation, Verified and Certified, by working together to launch real-time quoting. Read more.

CAFO Selects Input 1 Premium Billing System
CAFO Inc., Truist Insurance Holdings' Canadian premium finance operation, has selected Input 1's cloud-based Premium Billing System to support its future growth and technology offerings. Read more.

Trisura Acquires Sovereign’s Surety Business
Trisura Group Ltd. and Sovereign Insurance are pleased to announce the acquisition by Trisura of Sovereign Insurance's surety business in Canada. The acquisition strengthens Trisura's surety operation in Canada and provides Trisura with access to a portfolio of contract, commercial and developer surety accounts. Read more.

ASSI Officially Opens In Edmonton
Accident Support Services International Ltd., in partnership with Edmonton Police Services, are pleased to announce their grand opening of two Collision Reporting Centres (CRCs) on Thursday, September 29, in Edmonton, Alberta. Read more.

First Onsite Partners With Alert Labs
First Onsite Property Restoration, one of Canada’s largest disaster recovery and restoration providers, is pleased to announce it has entered into a partnership with Alert Labs, a provider of solutions for real-time water usage monitoring, flood detection, and analytic, to help commercial clients proactively minimize water damage. Read more.

Westland, American Rental Association Partner
Westland Insurance Group and the American Rental Association are pleased to announce an exclusive partnership to deliver insurance solutions to ARA members across Canada. Westland and ARA offer a commercial insurance package that includes liability, property , contractors’ equipment, and cyber insurance. Read more.

CBN Announces Underwriters Of The Year
Canadian Broker Network (CBN), Canada’s leading network of independent insurance brokers, is pleased to announce its 2022 Underwriters of the Year. Read more.

IBAO Virtual Town Hall On ‘Going Paperless’
The Insurance Brokers Association of Ontario will be presenting the conclusions of their initiative on the insurance industry moving to paperless delivery of insurance documentation. This event is free and open to all relevant parts of the Canadian insurance industry – brokers, carriers, technology vendors and industry associations. Read more.

New Regulations Allow E-Scooters On SK Roads
Saskatchewan municipalities can now choose to allow e-scooters on public roads, thanks to a new provincial regulatory framework developed in consultation with municipalities, law enforcement, safety organizations, and stakeholders. Read more.

Foresters Financial Members Walk To The Moon And Back (Twice) With Foresters Go
Foresters Financial, the fraternal life insurer that's boldly redefining the life insurance industry through innovation, purpose and wellness, is celebrating the first anniversary of the launch of Foresters Go, an innovative wellness platform that integrates wearable app-enabled technology and behavior sciences to inspire and reward healthy lifestyles.[ Read more. ‘Technology In Action’ Series
Taking the Pain out of Commercial Lines Insurance
WebinarThursday, Oct. 13

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Insurance Works

Featured job opportunities:

Commercial Account Manager (Remote)
Canadian Insurance Brokers
North York, ON

Licensed Customer Service Representative
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InsurTech Spotlight

In the InsurTech Spotlight this week:

Quotey is a software solution for brokers which transforms the commercial insurance sales process from end-to-end: enabling brokers to get multiple insurer quotes for their client in real time or ‘go to market’ in a smarter digital way. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug

Climate change is the challenge of our age. Consider:

• The hottest decade in 125,000 years was 2010-2020;
• Atmospheric CO2 is at the highest level in 2 million years;
• 1.2 trillion tons of sea ice are melting annually.

Hurricane seasons bring disaster, as we saw up close when Fiona crashed into Atlantic Canada; the Globe & Mail's article “Fiona’s storm surge blasted weather stations” illustrates the gravity. DBRS Morningstar estimates up to $700 million in insured losses – a record high in the region.

Hurricane Ian in USA just days after Fiona may rank in the top ten hurricane losses there.

The insurance industry in Canada has tackled climate change for years:

• Initiatives to research and recommend;
• IBC with a significant portfolio;
• Traction with some governments: federal, provincial and municipal;
• Greater focus on resilience but dependent on the political will to act.

More is needed.

A more strident call to action: “Running Toward Climate Risk.” The US Insurance industry in aggregate is retreating from climate risk, at a time when society needs it to run toward the most severe risks that threaten us. It's time for the industry to step up.

Doug Grant, CIP

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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