INSURANCE INDUSTRY NEWS

Disinformation Tops Global Risks 2024
Drawing on nearly two decades of original risks perception data, the World Economic Forum's Global Risks Report 2024 warns of a global risks landscape in which progress in human development is being chipped away slowly, leaving states and individuals vulnerable to new and resurgent risks. Against a backdrop of systemic shifts in global power dynamics, climate, technology and demographics, global risks are stretching the world's adaptative capacity to its limit. Read more.

Marsh Launches AI-Powered Risk Financing
Marsh, the world's leading insurance broker and risk advisor and a business of Marsh McLennan, is pleased to announce the launch of ReadyCell ^SM, a simplified and flexible risk financing solution that enables organizations of all sizes to quickly open their own insurance company and take greater control of their risk management. Read more.

Blink Teams With Baloise In “Parasurance” Cross-Industry Initiative
Blink Parametric is pleased to announce it has partnered with Baloise, one of the largest Swiss all-industry insurance service providers, to roll out Blink Parametric's Flight Disruption and Delayed Luggage travel insurance solutions as add-on options to Baloise single trip travel insurance policies, offering real-time assistance services to travellers when they need it most. Read more.

SIB Acquires Seymour Fair Insurance Brokers
SIB Corp., operating as StoneRidge Insurance Brokers (SIB), is pleased to announce its continued expansion in Southern Ontario with the acquisition of Seymour Fair Insurance Brokers Inc. Read more.

SWIG Announces Acquisition Of AMFUM
South Western Insurance Group Ltd. has acquired A.M. Fredericks Underwriting Management Ltd. This alignment will expand each business's potential for growth and a pathway for continued success. Terms of the transaction were not disclosed. Read more.

Global Economy Exposed To Major Cyber Attack
Lloyd's, the world's leading marketplace for insurance and reinsurance, has published a systemic risk scenario that models the global economic impact of a hypothetical but plausible cyber attack on a major financial services payments system, resulting in widespread disruption to global business and potential global economic losses of USD 3.5 trillion. Read more.

Crawford Technologies Announces High-speed Document Language Translation Service
Crawford Technologies is pleased to announce AccessibilityNow® Translate as part of its AccessibilityNow® platform. Coming on the heels of the Instant Language Assistant introduced last month, AccessibilityNow Translate is the company's second language translation solution designed to ensure that all individuals have access to vital information, regardless of language. Read more.

Broker Network Announces Newest Member
Canadian Broker Network, Canada's leading network of independent insurance brokers, is pleased to announce its 2024 membership expansion. To our CBN member community, we welcome our newest addition: Keyes Insurance, based in Halifax, NS. Read more.

New Research Links Telematics Engagement To Crash Reductions
Cambridge Mobile Telematics has released a new study which offers a comprehensive look at the crucial role user engagement in telematics programs plays in reducing road risk. It found that the riskiest drivers with the highest engagement reduced their likelihood of a bodily injury claim. Read more.

10 Major Causes Of Distracted Driving
Whether you employ drivers or simply want to help protect employees who travel to work every day, raising awareness of common causes of distracted driving can help reduce risks ... and maybe even prevent a tragedy. Read more.

CHES Expands Liability Portfolio For Contractors
CHES Special Risk is thrilled to announce the expansion of its Commercial General Liability Insurance Portfolio with a range of new products designed to address the evolving needs of the construction and contractor industry. Read more.

In the InsurTech Spotlight this week:

BeneOffice
BeneOffice Canada is a complete Employee Benefits Brokerage Office Technology platform to assist insurance brokers in selling, servicing and renewing employee benefits programs. Our InsurTech software enhances the flow through of transactions, improving financial outcomes for customers, brokers and insurance carriers. We help you to do more in less time in order to create and leverage a greater overall insurance experience. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Financial Security Advisor, Insurance
RBC Insurance
Montreal, QC

Assistant to Underwriting in P&C Insurance
Premier Marine
Laval, QC

From Doug Is the future of insurance ‘adaptive’? Embedded insurance offered at time of purchase of a product may be included (a basic warranty), or may be optional (an extended warranty, or travel and insurance). Like most insurance, embedded insurance is intended to compensate you for loss, damage or inconvenience. As insurance is moving towards a "predict and prevent" service, is a new opportunity emerging. Increasingly products themselves are being updated digitally to fix "bugs" or make improvements. Many product providers today have lots of data about their product while insurance companies have claims data relevant to that product. The two – product and insurance – are independently designed and produced and bolted together after the fact, often as an imperfect complement. If the two sets of data were brought together and the next product designed collaboratively between insurer and manufacturer, then the combined product could be better optimized. If it can be updated by digital updates, then even more value to the customer. My exposure to this combination of insurance and other product or service, with the ability to update digitally, referred to as 'Adaptive' Insurance was in the article “‘Adaptive’ Insurance Is Now Possible,” by Chris Bassett, Capgemini. Would leading Cyber security or auto manufacturers providers which also provide insurance be early examples of Adaptive Insurance? Doug Grant, CIP Partner Insurance-Canada.ca