INSURANCE INDUSTRY NEWS
Tensions Peak Between Cost-of-Living Crisis, Climate Action
Conflict and geo-economic tensions have triggered a series of deeply interconnected global risks, according to the World Economic Forum's Global Risks Report 2023. These include energy and food supply crunches and strong increases in the cost of living and debt servicing. At the same time, these crises risk undermining efforts to tackle critical longer-term risks.
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Trufla Launches A.I. Retention Tool, Broker X-Ray
Trufla is excited to announce that their industry-groundbreaking tool, Broker X-Ray, is officially out of beta, and available Canada-wide. Using deep learning neural networks, Broker X-Ray can scan a brokerage's entire book of business and rank customers who are likely to cancel if they shop around at renewal.
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2022 Third-Worst Year For Severe Weather in Canadian History
Severe weather across Canada continues to highlight the financial costs of a changing climate to insurers, governments and taxpayers. Nationally, insured damage for severe weather events reached CAD 3.1 billion last year, according to CatIQ.
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Canada’s 2022 Catastrophe Losses Exceed Three Billion Dollars
Last year ended with a bang, with the east and west each recording their own catastrophe in the final week. The pair of events pushed the total of Canadian insured catastrophic losses over 3 billion dollars, a threshold that hasn't been reached since 2016 when a wildfire devastated Fort McMurray, Alberta.
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“Dos & Don’ts” Of Open Insurance
The Global Federation of Insurance Associations (GFIA) has published a set of dos and don'ts on the concept of open insurance. While the industry sees possible opportunities, there are also risks that need to be carefully considered.
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Vista Equity Partners To Acquire Duck Creek
Duck Creek Technologies, the intelligent solutions provider defining the future of P&C insurance, is pleased to announce it has entered into a definitive agreement to be acquired by Vista Equity Partners, a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses.
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Specialty Risk & Intelligence Services Launched In Canada
Specialty Risk & Intelligence Services Inc. (SRIS), a multidisciplinary intelligence, investigation and risk consulting agency, is pleased to announce its official launch in Canada, effective January 1st. SRIS offers a cutting-edge product, service and quality to a broad range of industries, including multinational corporations, financial institutions, the legal industry, insurance-based businesses, regulatory bodies, and others.
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GUS Network Adds Incredible Restorations
GUS is pleased to announce a partnership with BC-based Incredible Restorations as GUS continues to expand its portfolio of full-service restoration companies across the western provinces.
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Embroker Launches ONE by Embroker to Simplify Business Insurance for Startup Founders
Embroker, the digital platform making it radically simple to get business insurance, is pleased to introduce ONE by Embroker, a universal application that utilizes AI and machine-learning technologies to generate business insurance products tailored to specific industry needs. The streamlined process focuses on critical business information and removes the need for unnecessary and redundant questions, enabling brokers and startup founders to get quotes for a comprehensive bundle of products instantly.
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