INSURANCE INDUSTRY NEWS

Improving Profitability In Non-Life Insurance Set To Fortify Its Vital Role As A Shock Absorber
The non-life insurance industry is adjusting rapidly to the new higher interest rate era ushered in by monetary policy tightening. Swiss Re Institute expects 2023 to be a transition year, with improving profitability for non-life insurance globally, as the industry continues to adapt prices to an elevated risk landscape, while higher portfolio yields boost net investment income. Read more.

Silicon Labs Unveils Next-Gen Series 3 Platform
Silicon Labs is pleased to announce their next-generation Series 3 platform, purpose-built for embedded IoT devices, to create a smarter, more efficient Internet of Things. Read more.

CSIO Working Groups Publish JSON API Implementation Guide
CSIO is pleased to announce that its API Implementation Working Groups have published a JavaScript Object Notation (JSON) Application Programming Interface (API) Implementation Guide to help insurers and vendors program the JSON API Standards into their systems. The Working Groups also finalized API Standards in JSON for four more use cases. Read more.

BrokerLink Acquires Strum Insurance
BrokerLink is pleased to announce the acquisition of Nova Scotia-based Roger E. Strum Ltd., effective September 1st, bringing its total number of acquisitions so far this year to 13. Read more.

Rival Appoints Martin Ouellet As VP Sales
Rival Insurance Technology, a leader in insurance management systems and connectivity solutions, is pleased to announce Martin Ouellet has joined the company's executive team as Vice President of Sales. Read more.

CMR Insurance Brokers Acquires Chatsworth Insurance Brokers
CMR Insurance is pleased to announce their acquisition of Chatsworth Insurance Brokers, a full-service, independent brokerage serving Owen Sound and the surrounding area since 1972. Read more.

Canstar Restorations Acquires Universal Restoration Systems
Canstar Restorations LP is pleased to announce the acquisition of Universal Restoration Systems Ltd., a leading restoration company based in Prince George, British Columbia. Read more.

Frank Winston Crum Insurance Selects Majesco
Majesco is pleased to announce Frank Winston Crum Insurance, a commercial insurance carrier, has selected Majesco Policy and Billing for P&C, Distribution Management on Majesco's cloud platform. Read more.

InnSure Launches Cross-Disciplinary Network
InnSure, the mission-driven nonprofit dedicated to harnessing the power of the insurance industry to combat climate change, is pleased to announce the launch of InnSure Corps, a cross-disciplinary network of experts, innovators and climate-impacted communities. Read more.

IBAO Releases Training on New Auto Endorsement OPCF 49
The Insurance Brokers Association of Ontario has released a new eLearning course to address changes to Ontario Auto that take effect January 1st, 2024. Read more.

In the InsurTech Spotlight this week:

InsureToday
The traditional process of purchasing tenants insurance is both time-consuming and inefficient; InsureToday addressed this issue by launching a youthful brand focused on simplifying the purchasing process for renters in British Columbia Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

All Lines Road Adjuster
PCA Adjusters Limited
Belleville, ON

Insurance Claims Adjuster
City of Brampton
Brampton, ON

From Doug Using computers to manage homes is nothing new – a video doorbell has existed in some fashion for decades – but the variety of IoT devices is expanding, along with their functionality. Innovation and growth have been impeded by a lack of wiring and communicating standards. In comparison, the 802.11b wireless standard released in the late 1990s unleashed tremendous change – Wi-Fi is everywhere. A new open-source connectivity standard called Matter, developed by major players in the smart home space to improve compatibility and security, will allow conforming devices to be a network rather than individual devices. The standard originated in December 2019 and is royalty-free. Matter-compatible software updates became available in late 2022 for many existing hubs, with Matter-enabled devices and software updates following in 2023. And Canadians are finding value: the proportion of homes with at least one smart-home device increased from 27% in 2019 to 76% in 2021, with 78% planning to purchase more within a year. Is the insurance industry being innovative in leveraging this trend? Doug Grant, CIP Partner Insurance-Canada.ca