INSURANCE INDUSTRY NEWS

MGAs, Insurers Losing Half Of Broker Submissions Due To Data Format Issues: Insly
Canadian MGAs and insurers could be missing out on at least half of broker submissions due to incompatible data formats, according to a new analysis by Insly, a leading provider of low-code insurance software, which highlights significant inefficiencies in broker-insurer and MGA interactions. Read more.

Vertafore Enhances Broker Efficiency With CSIO eDocs Certification
CSIO is pleased to congratulate Vertafore Canada on achieving CSIO's eDocs Certification by implementing the 40 updated eDocs codes and descriptions into their SIG Broker Management System. Read more.

2024 Shatters Canada's Record For Weather-Related Losses
In 2024, for the first time in Canadian history, insured damage caused by severe weather events surpassed CAD 8 billion, according to CatIQ. The 2024 total is nearly triple the total insured losses recorded in 2023 and smashes the previous record from 2016, following the Fort McMurray wildfires. Read more.

Rethinking Basement Usage: Allstate Data Reveals Water Damage Among Top Claim Reasons
Allstate Canada data reveals that water damage is one of the top reasons customers submit a home insurance claim, and the cost to repair a water-damaged basement rose by nearly 20 per cent between 2019 and 2024. Read more.

Flume Partners with HSB to Provide Homeowners with Advanced Water Leak Protection
Flume, a leader in smart home water leak detection, is pleased to announce an exciting new partnership with HSB to offer its advanced flow-based water leak detection service to homeowners through HSB's extensive network of insurance providers and partners. Read more.

Most Ransomware Incidents Start With Compromised VPN Devices
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, has published its Cyber Threat Index 2025, detailing insights on cybersecurity trends from 2024 and emerging threats businesses should be aware of in 2025. Read more.

Accenture Invests In QuSecure To Protect Against Future Quantum Threats With Crypto Agility
Accenture is pleased to announce it has made a strategic investment, through Accenture Ventures, in QuSecure™ a leader in post-quantum cybersecurity. Together, Accenture and QuSecure offer comprehensive post-quantum crypto agility solutions to help government agencies and private sector businesses mitigate emerging quantum risks. Read more.

Partnership Accelerates Adjuster Onboarding
A new partnership between The Insurance Institute of Canada and the Canadian Independent Adjusters' Association will accelerate some Level 1 licensing courses to support the quicker onboarding of adjusters. Read more.

Brokerlink Completes Three Acquisitions
BrokerLink continues to grow in Alberta and Atlantic Canada with the acquisition of Bankers and Traders Insurance in Edmonton, Aspen Insurance Brokers Ltd. in Calgary, and SeaLand Insurance Corp. in St. John's, all of which closed March 1st. Read more.

Westland Insurance Acquires Loewen Agencies
Westland Insurance, one of Canada's leading independent insurance brokerages, has acquired Saskatchewan-based Loewen Agencies Ltd., effective March 1st. Read more.

In the InsurTech Spotlight this week:

Sinistar
Harnessing the power of home-sharing, Sinistar provides insurers with flexible, personalised insurance housing solutions. The company's platform connects homeowners and claims adjusters seeking temporary homes for their insureds. This bridge between insurers and individual property owners breaks down the boundaries of the insurance housing market, enabling individual property owners to participate. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Insurance Operations Manager
Tripemco Insurance Group
Stoney Creek, ON

Auto Appraiser
Gore Mutual Insurance
Cambridge, ON

From Doug Where there is insurance, and related insurance losses, there is a risk of fraud – whether overt or opportunistic – as an accompanying activity. Insuring a Risk: Insurance has traditionally been based on data about the loss history to the class of risk by the peril to determine the general price. Underwriting then applies characteristics of the specific risk to determine an insurance price. Settling a Claim: When a loss occurs, the process of settling the claim follows. Verification of the coverage, of the actual loss and of the cause of loss are requisite steps. Fraud: Inherent in any of these steps, before or after a loss, is the opportunity for fraud. simply genuine "mistake" on the part of insurance. Accurate Information: Data is the basis of all the steps above. Incorrect data may be the result of poor activities or assumptions, or of bad actors. Detect and Prevent: The increasing volume of data being gathered today allows for more accurate models and predictions, and the possibilities of tasking actions to prevent or mitigate a loss. The Future of Insurance: AI and GenAI are tools which – with the consent or cooperation of the customer – help insurance people to provide better personalized insurance, prevent loss, and detect fraud. Doug Grant, CIP Partner Insurance-Canada.ca