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Insurance-Canada.ca - Where insurance and technology meet

DECEMBER 17, 2024

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INSURANCE INDUSTRY NEWS

Economic Threats Overshadowing Climate, Cyber Risks: Marsh
Despite signs of improvement in global economic conditions, business leaders across the majority of G20 countries remain concerned about the looming threats of recessions, labor shortages, and rising inflation, according to the latest Executive Opinion Survey by the World Economic Forum, Marsh McLennan and Zurich Insurance Group. Read more.

Canadian P&C Insurance Outlook 2025: Recovering From Record Weather Losses
Canadian property & casualty insurers have weathered some of the worst-ever quarterly insured losses in Q3 2024. Four natural catastrophes, within weeks of each other, affected some of the most populated regions in Canada, leading to the highest natural catastrophe loss year since record-keeping began. Yet, despite the higher severity and incidence of natural catastrophes, P&C insurers rated by Morningstar DBRS have shown stability and a resilient credit profile helped by improved investment returns and prior pricing actions, specifically in the personal property insurance market where weather-related losses have had the most adverse impact. Read more.

QuickFacts Expands Comparisons Platform With Farm Product Line
QuickFacts is excited to announce the launch of a new Farm Product Line on its Comparisons platform, designed to assist brokers in addressing the unique insurance needs of small-scale agricultural operations and rural lifestyle enthusiasts. This expansion offers comparisons for over 25 carriers nationally for livestock, equipment, structures, and more, making it easier for brokers to serve clients seeking tailored insurance solutions for their agro-business and self-sustaining lifestyle needs. Read more.

The Global Vehicle Telematics Hardware Market: Berg Insight
IoT analyst firm Berg Insight has published a new market report, The Global Vehicle Telematics Hardware Market (3rd Edition), which covers the aftermarket and OEM segments for passenger cars and commercial vehicles. This study provides unique business intelligence, including five-year industry forecasts, expert commentary and real-life case studies on which to base business decisions. Read more.

CSIO Announces Six New Compliance-Certified Insurers
CSIO is pleased to extend its congratulations to six insurers who have achieved CSIO's Compliance Certification by eliminating all non-standard coverage codes from their data exchange with brokers. Read more.

RIBO Explores AI Innovation in Ontario
The Registered Insurance Brokers of Ontario (RIBO) has released a new report on the transformative potential of Artificial Intelligence tools within the property & casualty insurance sector, exploring the benefits of AI as well as new risks that may impact consumer protection. Read more.

Winter Weather Worries Top Canadian Concerns
First Onsite Property Restoration has released its winter preparedness guides, providing seasonal advice for commercial and residential property owners, residents, and property managers. Read more.

SPGC, Totten, AMT Announce Amalgamation
Specialty Program Group Canada, a leader in commercial and personal property and casualty insurance solutions, is pleased to announce its intention to amalgamate with Totten Insurance Group and Anderson McTague & Associates, effective January 1ste. This strategic merger will unite three powerhouse specialty insurance organizations under one umbrella, strengthening their ability to serve brokers and clients across Canada. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

Player’s Health
Player's Health is a Risk Management Services firm that provides specialized risk assessment, risk prevention & mitigation and risk transfer solutions to the sport, recreation, leisure and fitness sector. Learn more.

Calling all InsurTechs! Click here to participate.


Season's greetings from Insurance-Canada.ca!


The Intersection: Insurance-Canada.ca Blog

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

Unprofitable Insurance: Tail Effect Hits Auto Lines
By Stephen Applebaum & Alan Demers
Declining auto claims and associated consequences are now in focus for the U.S. personal auto and property insurance market. Claims, reserve adjustments and both rate-setting and underwriting actions all produce a tail effect which will only be fully realized at a later time. The tail-end ultimately tells the true story as financial adjustments are made months and years down the road. Read more.


Insurance Works

Featured job opportunities:

Senior Liability Specialist
SGI
Regina, SK

Case Manager (Hybrid)
Workplace Safety and Insurance Board
Toronto, ON


From Doug

With the changing of the year comes a chance to review the past 12 months and begin to prepare for what's to come. We saw significant progress and notable trends at the intersection of insurance and technology in 2024:

• Insurance practitioner connectivity among Insurers & MGAs with brokers, e.g. CSIO.

Data that is useful for insurance (customer data, risk data, peril data) is growing with more sources, types, structures, etc.

• Improving accessibility to data makes it more useful.

• Three flavours of insurance are making increasing waves: embedded (distribution), on-demand (when active) and parametric (claims FNOL and proof of loss).

• Consumer focus in marketing, sales, underwriting and servicing, which includes claims.

AI & GenAI in particular have sparked a whole new set of expectations.

“Predict (Detect) and Prevent” is magnifying the focus on customer risk management.

The Chronicle will return on January 7th.

We at Insurance-Canada.ca wish you a healthy, happy and rewarding holiday season and all the best for the new year.

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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