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JANUARY 31, 2023

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INSURANCE INDUSTRY NEWS

Cyber, Business Interruption Top Threats: Allianz Risk Barometer 2023
It is both stability and change in the Allianz Risk Barometer 2023. Cyber incidents and business interruption rank as the biggest company concerns for the second consecutive year, but it is macroeconomic developments which are the top risers in this year's list of global business risks. Read more.

Coalition Launches Coalition Insurance Company
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, is pleased to announce the launch of Coalition Insurance Company (CIC), the first full-stack, Active Cyber Insurance carrier. Read more.

Mile Auto Partners With Trellis To Expand Distribution
Mile Auto, an Atlanta-based pay-per-mile auto insurance company, is pleased to announced a new partnership with Trellis, an InsurTech enabling financial institutions, fintechs, and other partners to offer embedded insurance through its Savvy platform. Read more.

Hudson Restoration Partnership To Offer Eco-Friendly Rebuild Options
Hudson Restoration Inc., a leading boutique and eco-friendly disaster restoration company, is pleased to announce it has partnered with Built Green Canada to further enhance sustainable options for insurer clients and property owner customers. Read more.

Zurich, ICS Launch Group Captive For Sustainability-Minded Companies
Zurich North America, a global insurance leader in resilience and sustainability initiatives, has collaborated with Innovative Captive Strategies (ICS) to create Envision Re, Ltd., a groundbreaking group captive insurance company that is bringing together companies from diverse industries that share a common interest in optimizing their risk management programs and also in advancing sustainable business practices. Read more.

Sym-Tech Dealer Services Completes Acquisition Of SSQ Dealer Services Distribution Business From Beneva
Sym-Tech Dealer Services, a subsidiary of Amynta Group, is pleased to announce it has completed its acquisition of SSQ Dealer Services from Beneva Group. Read more.

Mental Health Drug Claims Skyrocket Among Young Canadians
It is no surprise the pandemic has taken a toll on the mental health of Canadians. Yet new Sun Life data shows just how impacted young people have been. Mental health drug claims between 2019 and 2021 skyrocketed among young Canadians. Read more.

HDI Canada Branch Appoints Managing Director
HDI Global Specialty is pleased to announce that Derek Spafford, formerly General Manager and Chief Agent of its Canadian operations, has been promoted to Managing Director and Chief Agent of its Canada branch, effective January 1st. Read more.

Manulife, WEF Announce Global UpLink Innovation Challenges
Manulife and the World Economic Forum are pleased to announce the launch of two Innovation Challenges in 2023 through UpLink, the Forum's open innovation platform. The partnership was announced at the Forum's Annual Meeting in Davos and aims to engage ecopreneurs and partners to help them scale new and innovative ideas and ventures. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Property/Casualty Insurers Aren't Slowing Down in 2023
By Martina Conlon, Aite-Novarica Group
Normally, in a difficult environment, insurers would be tightening their belts, yet in 2023, we anticipate many insurers taking a different approach by increasing investment in IT and implementing new technologies to improve operational efficiencies, increase revenue, and enhance customer experience. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Sinistar
Harnessing the power of home-sharing, Sinistar provides insurers with flexible, personalised insurance housing solutions. The company's platform connects homeowners and claims adjusters seeking temporary homes for their insureds. This bridge between insurers and individual property owners breaks down the boundaries of the insurance housing market, enabling individual property owners to participate. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

In “Risk Management for Agriculture” (Insurance Thought Leadership, Jan. 26, 2023) Ramsey Masri notes that, “From supply chain interruptions and skyrocketing input costs to increasingly extreme and volatile weather, the effects of climate change are already apparent for farmers, the consumers that depend on them and the providers that serve them.”

I grew up on a farm in Southern Ontario, and I have watched this space with interest. Much has changed, including the crops, livestock, farm-size, farming methods, technology, processes, markets, ... in short, everything – including the risks.

Technology is used by farmers to help manage risk. For example, aerial imaging data can now detect temperature differences of 0.1°C between plants, with an absolute accuracy within 1.0°C.

Sensors collect data; communications send the data; analytics indicate issues and offer solutions.

With this same data, insurance can improve:
• underwriting and pricing;
• risk management;
• processing claims, from FNOL to settlement (will Parametric grow?)

Modern technologies – AgTech and InsurTech – are changing both businesses.

From an insurance perspective, is any vertical immune from similar change?

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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