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JANUARY 14, 2025

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INSURANCE INDUSTRY NEWS

“Back To The Law Of The Jungle”: Eurasia Group Releases 2025 Top Risks Report
Eurasia Group has released its annual Top Risks report, forecasting the political risks most likely to play out in 2025, with with specific implications for governments and businesses in Canada. Read more.

Merger Creates Largest Independent Brokerage In Atlantic Canada
Cal LeGrow Insurance and Financial Group and MacLeod Lorway Financial Group Limited are merging to create the largest independent insurance broker in Atlantic Canada with more than CAD 130 million in combined premium volume. Read more.

Commonwell Strengthens Data Security With CSIO Certification
CSIO is pleased to announce that The Commonwell Mutual Insurance Group has successfully enhanced their systems by implementing CSIO's Application Programming Interface (API) Security Standards and achieved CSIO's API Security Standards Certification. Read more.

Wawanesa Achieves eDocs Certification
CSIO is pleased to announce Wawanesa Insurance has achieved CSIO's eDocs Certification by successfully programming the updated eDocs Standards. This ensures that all of Wawanesa's eDocs reflect the updated codes and descriptions. Read more.

Prudential Gives Generation Beta Savings Kick-Start
Prudential Financial, Inc. joins the world in welcoming Generation Beta (people born 2025-2039) with a first-of-its-kind report titled Redefining Life, Longevity and Retirement that reveals how Americans envision the future, and how technological, social and economic shifts will impact their financial security. Read more.

Harmonia Assurance, DPJL Join La Turquoise
La Turquoise are proud to announce their alliance with Harmonia Assurance and DPJL effective January 1st 2025, creating one of Québec's biggest general insurance firms and among the largest Intact Authorized Agencies in the province. The merger of the three major Québec general insurance firms is an ambitious venture that will give these historically rich companies an even stronger and more engaged presence in the communities where they all have been established for decades. Read more.

MPI Shares Top Five Frauds Of 2024
Insurance fraud comes in all forms and costs everyone. To help raise awareness, Manitoba Public Insurance (MPI) has compiled a list of unique cases that its Special Investigations Unit team was able to uncover in 2024, saving Manitoba ratepayers $15 million dollars. Read more.

Purchasing Power Rises For Middle-Income Families: Primerica Household Budget Index
Primerica, Inc., a leading financial services provider, is pleased to announce the release of the Primerica Household Budget Index™ (HBI), a monthly index illustrating the purchasing power of middle-income households. November marked the seventh consecutive month in which average purchasing power purchasing power rose for middle-income families. Spending power is at its highest level since January 2021. Read more.


Insurance Works

Featured job opportunities:

Insurance Product Research & Development Analyst
Ontario Mutual Insurance Association
Cambridge, ON

Chief Internal Auditor
SGI
Regina, SK


The Intersection: Insurance-Canada.ca Blog

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

Broken Trust – Insurance Industry Included
By Stephen Applebaum & Alan Demers
It is a well-known adage that “trust takes years to build, seconds to break, and forever to repair.” The extensive and growing loss of trust in our most treasured institutions is responsible for the recent and rapid transformation of behavior and attitudes across the entire landscape. Read more.


InsurTech Spotlight

In the InsurTech Spotlight this week:

FRISS
FRISS is 100% focused on automated fraud and risk detection for P&C insurance companies worldwide. Our AI-powered fraud detection solutions have helped 175+ insurers grow their business. FRISS detects fraud, mitigates risks, helps you stay compliant and supports digital transformation while helping lower loss ratios, grow profitable portfolios and improve the customer experience. Learn more.

Calling all InsurTechs! Click here to participate.


From Doug

Last week I considered how technology has enabled innovation in terms of the data and the tools that can be used to improve insurance processes.

What about the insurance product itself?

The essence of insurance is that in return for a premium payment, an insured will be indemnified for a loss caused by a peril subject to contractual terms.

Question: has innovation started to nibble away at the that essence?

Parametric insurance brings some alterations with its promise to pay a specified amount to the insured when an event (the trigger) occurs according to some measurement. For example, a farmer's crop is insured against hail which meets a certain intensity as measured by a specified weather service.

What has changed?

No proof of loss is required. This represents savings in claims handling. On the other hand, due to a weather anomaly, perhaps only half the crop was ruined, the rest unscathed. Yet the claim payment is for the stated amount regardless of the actual loss.

More precise measurements and data could reduce the probability of such an occurrence.

Beyond parametric, what other subtle changes to the nature of the insurance product are occurring?

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.

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