Insurance-Canada.ca - Where Insurance & Technology Meet

Product innovation extends the reach of commercial insurance

Highlights of the Latest Swiss Re sigma study Structural changes in the economy create new risks, such as supply chain disruption The corporate sector has changed from being dominated by manufacturing, with physical assets, to services with mostly intangible assets To meet the needs of a service economy, new products are being developed, improving insurability… Read more »

Swiss Re develops solutions to help clients address new challenges

Demand continues to grow for new solutions beyond traditional core reinsurance business; Swiss Re, a founding member of insurance industry blockchain initiative B3i, continues to deliver solutions that meet clients’ needs, as new technology enables solutions across multiple lines of business and the value chain Swiss Re expects prices to stabilise due to recent loss… Read more »

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Studies show insurance mitigates risk of poverty and contributes to overall development in emerging markets

New sigma study from Swiss Re Insurance has grown rapidly in emerging markets but there are still significant protection gaps Evidence-based research shows that insurance facilitates higher income-generating activity by households and small business, and can improve quality of life Understanding the heterogeneity and barriers to insurance in emerging markets supports establishment of effective risk… Read more »

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Global Insurance Premiums Increased In 2016; Overall Growth Outlook Remains Positive

Swiss Re Institute sigma study • Global insurance premiums increased by 3.1% in 2016; down from 4.3% growth in 2015. • Life premium growth slowed to 2.5% and non-life to 3.7% in 2016, due to weaker performance in advanced markets • Profitability in the life and non-life sectors weakened amid low interest rates and robust… Read more »

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Earthquake Risk in Eastern Canada: Swiss Re Institute

Toronto, ON (July 13, 2017) — Western Canada’s high exposure to earthquake risk is well known, given its proximity to an area of intense seismic activity off the coast of British Columbia, one which has the potential to produce some of the strongest earthquakes in the world. Eastern Canada is also exposed to earthquake risk,… Read more »

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Global insurance premiums increased in 2016, overall growth outlook remains positive

Latest Swiss Re Institute sigma study Global insurance premiums increased by 3.1% in 2016; down from 4.3% growth in 2015. Life premium growth slowed to 2.5% and non-life to 3.7% in 2016, due to weaker performance in advanced markets Profitability in the life and non-life sectors weakened amid low interest rates and robust competition Life… Read more »

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Global insurance premiums increased in 2016, overall growth outlook remains positive

Latest Swiss Re Institute sigma study Global insurance premiums increased by 3.1% in 2016; down from 4.3% growth in 2015. Life premium growth slowed to 2.5% and non-life to 3.7% in 2016, due to weaker performance in advanced markets Profitability in the life and non-life sectors weakened amid low interest rates and robust competition Life… Read more »

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The Rollout of Automated Driver Assistance Systems and the Impact to Insurance Costs

Long available as high-end luxury vehicle options, Advanced Driver Assistance Systems (ADAS) are now offered on a number of 2017 vehicle models. For example, Toyota Safety Sense offers an ADAS bundle that will be included as standard on the majority of Canadian models starting with the 2017 model year. How is the insurance industry responding… Read more »

Threats, Opportunities & The Future of Insurance

We normally write about technology’s impact on the process of insurance.  However, respected analysts and practitioners suggest that the cause / effect relationship between  technology and the business of insurance is blurring.  We cite examples below and are developing a program which will explore this further at the Insurance-Canada.ca Executive Forum (ICEF2015) on August 31, 2015. PWC’s… Read more »

Some (Conditionally) Encouraging News for Brokers

Two recent reports are suggesting that the independent broker channel may have positive prospects, if (big ‘if’) its members can embrace rapidly emerging trends in business and technology.  We’d like your thoughts on this possibility. The channel needs to change as fast as the consumer … A recent Swiss Re Sigma report,  “Digital Distribution in… Read more »