INSURANCE INDUSTRY NEWS

Climate Change Increased Average Annual Insurable Damages By 379% In The Last Decade
This past summer in Canada will go down as one of the most challenging periods for homeowners and insurers alike. MyChoice has conducted a thorough analysis of how insurable losses from natural disasters changed over the last 40 years across the country. Read more.

APRIL in Canada Announces Exclusive Agreement with Primaco to Simplify Premium Collection for Canadian Brokers
APRIL in Canada, specialized wholesale brokers in property and casualty insurance, are pleased to announce a partnership with Primaco, an expert in insurance payment and financing solutions. This agreement aims to simplify premium collection for APRIL's Canadian partner brokers. Read more.

Neutrinos Unveils New Intelligent Automation Platform
Neutrinos is pleased to announce the launch of its next-generation Neutrinos Intelligent Automation Platform, moving beyond low-code to offer a comprehensive suite of intelligent automation tools designed to help insurers automate, optimize, and innovate at every level of their operations. Read more.

Nature-Based Disaster Risk Reduction Solutions
With the increasing frequency of extreme weather events, the need for proactive investment in climate change adaptation and mitigation is more critical than ever, and Ducks Unlimited Canada is highlighting the essential role of Nature-Based Solutions in protecting communities from the growing risks of climate-related disasters. Read more.

Global Executives Regard Employee Risk As Their Biggest Threat: Beazley
Beazley, the leading specialist insurer, is pleased to announce it has published the first insights from its latest Risk & Resilience report, Spotlight on Boardroom Risk 2024. Read more.

PropTech Startup Raising Funds To Bring Disruptive Building Diagnostics Technology To Market
Lamarr.AI is pleased to announce the successful completion of a pre-seed funding round – led by Hazelview Ventures, supported by milemark•capital, Newlab, Georgia Tech's Venture Fund and MIT's SBXi Fund – to allow the company to productize and scale bleeding-edge tools that eliminate carbon emissions while reducing building maintenance and ownership costs. Read more.

Datos Guide To InsurTech Startups
InsurTech can be a daunting subject for insurers, but ultimately it can be broken down into vendors and potential competitors, and insurers can still learn a substantial amount from startups in this space. Read more.

PetleyHare Acquires Gwilliames & Associates Insurance Brokers
PetleyHare is excited to announce it has acquired Gwilliames & Associates Insurance Brokers, continuing its mission to become the most recognized and recommended insurance retailer within Durham Region. Read more.

Liberty Mutual Announces JLR Partnership
Liberty Mutual Insurance and Jaguar Land Rover North America, LLC are pleased to announce the launch of an exclusive partnership on September 1st that seamlessly provides auto insurance to US JLR vehicle owners during the car-buying journey. Read more.

Auto Thieves Target Atlantic Canada: IBC
Auto theft in Atlantic Canada experienced the largest spike nationwide in the first half of 2024, and stolen vehicle claims have more than doubled in the last decade, according to newly released data from Insurance Bureau of Canada. Read more.

Alberta Leads Canada In Auto Insurance Lawsuit Costs
Lawsuits and legal fees associated with insurance claims for auto collisions continue to soar in Alberta and are a key reason for the high cost of premiums, according to the latest data from the General Insurance Statistical Agency, as reported by Insurance Bureau of Canada. Read more.

In the InsurTech Spotlight this week:

JAUNTIN’
Jauntin’ is an on-demand insurance platform that allows insurers to distribute short term health, liability and/or accident coverage down to the hour. Coverage can be distributed via mobile and/or web and can even be embedded in the third-party gig platforms (e.g. Uber, DoorDash, etc.) for seamless distribution. The quote, bind, and issue can all be done on the platform without the need to integrate with the insurer's legacy systems, which drastically reduces the cost of distributing short term policies.
Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Personal Insurance/Private Client Services - Account Manager
KRGInsure, a division of RRJ Insurance Group
Toronto, ON

Financial Security Advisor, Insurance
RBC
Montreal, QC

From Doug Digital Twins in Insurance (Cont’d) A digital twin (DT) is a set of adaptive models that emulate the behaviour of a physical system in a virtual context, fed with real-time data to update it along its life cycle. For auto insurance, I have considered an auto DT, a human DT and a location DT – three major auto insurance factors. As DTs evolved, real-time updates of the model have been added. A digital twin uses modern technology – simulation, machine learning and reasoning (AI) – to help make decisions such as underwriting or improving driver behaviour. Interestingly, all these components are in use today, with telematics and real-time IoT sensors to coach drivers how to improve, and even provide real-time driver alerts. I wonder if even Progressive a quarter-century ago using a dongle could have imagined today's capabilities, and what lies beyond. Doug Grant, CIP Partner Insurance-Canada.ca