INSURANCE INDUSTRY NEWS

Opportunity For Insurers: GenAI Can Boost Revenues, Reduce Costs
There is a significant financial opportunity for insurance businesses worldwide to harness generative AI technology in ways that could boost their revenues by as much as 20% and cut their costs by up to 15%, according to new research from Bain & Company. Read more.

New Record Of 142 Nat-Cats In 2023: Swiss Re
Earthquakes, severe convective storms and urban flooding were the main events driving insured natural catastrophe losses in 2023. Mitigation and adaptation measures are crucial, as Swiss Re Institute estimates that insured losses could double within the next 10 years as temperatures rise and extreme weather events become more frequent and intense. Read more.

Trinity Underwriting Announces Its Latest Specialty Product
Trinity Underwriting is thrilled to announce the launch of its latest specialty insurance product, FinTech Insurance, specifically designed to address the unique challenges faced by the financial technology sector. Read more.

CBN Announces Addition Of Two New Members
Canadian Broker Network, Canada's leading network of independent insurance brokers, is pleased to welcome two new members from Ontario: Sterling Insurance Brokers, headquartered in Oakville, and Waddell Insurance, based in Mississauga. Read more.

State Farm Expands Fire Safety Program
State Farm is pleased to announce the expansion of the Ting fire safety program as part of its longstanding commitment to fostering safer homes and communities, offering eligible customers more than 2 million smart sensors for free. Read more.

Gig Workers Willing To Risk Not Declaring Their Income: H&R Block Survey
The number of Canadians who report taking on gig work to boost their income has more than doubled since 2022, and nearly 9 million Canadians said they've taken on a side hustle to help make ends meet in these tough economic times. But a significant portion of gig workers are willing to take risks when filing their taxes, according to a new survey commissioned by H&R Block Canada. Read more.

Family Guardian Insurance Implements Equisoft
Equisoft, a leading global digital solutions provider to the financial industry, is pleased to announce the modernization of Family Guardian Insurance Company's front-end tools for its insurance businesses. Read more.

CCC Sets Bold Vision To Make ‘Life Just Work’ For Customers In Auto Claims
CCC Intelligent Solutions is pleased to announce its technology-backed vision to power the next evolution of the industry, shaping a world where Life Just Works for the millions of consumers involved in auto claims and repairs each year. Read more.

Voting Open For CAA Worst Roads Campaign
Tired of swerving around potholes? Worried about your safety as a cyclist or pedestrian? Voting is now open in Ontario for the annual CAA Worst Roads campaign, and CAA South Central Ontario is giving citizens the opportunity to voice their concerns about the bad roads in their communities Read more.

Road Alert: Is Every Driver Distracted?
New data reveals that drivers continue to be distracted behind the wheel. The latest driving behaviors survey from Nationwide polled standard drivers and commercial drivers and revealed additional risky behaviors that are impacting all drivers on the road. Read more.

U.S. Road Deaths See Second Consecutive Drop
U.S. traffic deaths fell 3.6% last year, according to full-year estimates by safety regulators. The National Highway Traffic Safety Administration said it was the second year in a row that fatalities decreased, but still, almost 41,000 people were killed on the nation's roadways in 2023. Read more.

New Capacity To Back Renewable Energy Property Insurance: Aspen & kWh Analytics
kWh Analytics, Inc., the industry leader in climate insurance, is pleased to announce a significant increase in its capacity agreement with Aspen Insurance to support its property insurance offering for renewable energy projects. Read more.

In the InsurTech Spotlight this week:

Zensurance
Zensurance is an online commercial insurance brokerage obsessed with making the process of purchasing small business insurance simple and fast. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Senior Adjuster (Commercial Property)
SGI
Toronto, ON

Financial Security Advisor, Client Care (Insurance)
RBC
Montreal, QC (Remote work available in QC, ON, NB)

From Doug IBISWorld's list of the 10 biggest global industries, based on projected 2024 revenues, ranks Life & Health Insurance second, and General Insurance sixth. There remains is an insurance gap – risks not currently insured – for reasons including: • Even when mandatory, some break the law. • Where discretionary, some opt to go uninsured. • Some are under-insured, perhaps unintentionally. • Some may be exposed to unrecognized risks. • A previously uninsurable risk became insurable. • Intentions to purchase insurance are forgotten. Embedded insurance is a growing trend. By definition insurance is "embedded" when it is acquired during the purchase of a non-insurance product or service. Embedded insurance was discussed at the Insurance-Canada.ca Technology Forum by Renée Walkom COO, Foxquilt and reported in Canadian Underwriter, “Making embedded insurance more customer-centric.” This purchase of insurance as a step in another transaction has the advantage of being simple and immediate. Will embedded insurance reduce the gap? Embedded insurance would address the last reason listed above. But the impact on the insurance gap is probably small. Doug Grant, CIP Partner Insurance-Canada.ca