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JULY 11, 2017

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INSURANCE INDUSTRY NEWS

Global Insurance Premiums Increased In 2016
Global insurance premiums increased by 3.1% in real terms in 2016, a fairly solid outcome in an environment of moderate global economic growth, Swiss Re Institute's latest sigma report says. The main cause of the weaker global premium development compared to 2015 were the advanced economies but growth in many emerging markets – excluding China – slowed also. Read more.

Core Systems Modernization: Insurer Progress
Strategy Meets Action has released a new research report which analyzes P&C and L&A insurers' progress in core systems modernization – and whether this is true progress or the churn of systems replacement. Read more.

Autonomous Vehicles Could Reduce Auto Insurance By Two-Thirds
Autonomous vehicle technology could shrink the auto insurance sector by 71 percent by 2050, while radically changing the type and amount of insurance sold, according to new research by KPMG. Read more.

June Disasters Cost Global Economy Billions
Impact Forecasting, Aon Benfield's catastrophe model development team, today launches the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during June 2017. Read more.

Gartner Reveals 2017 Cool Vendors
CIOs and IT leaders should partner with digital disruptors that can help them maintain a pace of innovation that is at once high and sustainable, according to Gartner, Inc.'s 2017 Cool Vendors research examining disruptive vendors. Read more.

Half of CEOs Plan to Adopt Cognitive Computing
Cognitive computing has nearly endless possibilities to improve business processes and functions, with 73 percent of surveyed CEOs in a recent IBM study citing it will play a key role in their organizations' future. Read more.

Benefits Of Telematics And InsurTech: IMS
Positive disruptive changes taking place in the insurance industry center around using data-driven technologies to provide new and better services that deliver greater value to policyholders. The challenge for insurers is recognizing and adapting to the substantial changes that are reshaping the industry. Read more.

CROMS Now Accepting Photo Uploads
Accident Support Services International Ltd. (ASSI) is pleased to announce a new initiative to provide additional photographic evidence, including possible on-scene photographs, for insurers and police. Read more.

Trimont Completes Acquisition Of Western
Trimont Financial Ltd., a subsidiary of the Wawanesa Mutual Insurance Company, has announced formal closing of its previously announced agreement to purchase Western Financial Group and Western Life Assurance from Desjardins Financial Corporation, a Desjardins Group subsidiary. Read more.

MacCoy Insurance Brokers Joins Archway Insurance
Archway Insurance, one of Atlantic Canada's largest insurance brokerages, is pleased to announce a new location in Cape Breton, MacCoy Insurance Brokers Ltd. Read more.

British Columbia Wildfires: Safety Advice
As British Columbia has declared a state of emergency due to wildfires burning out of control throughout much of the Interior, Insurance Bureau of Canada is reaching out with information and advice for those affected. Read more.

SGI Sues Bars Who Served Catherine McKay
SGI has filed a statement of claim in Saskatoon Court of Queen's Bench against two Saskatoon liquor establishments that served Catherine McKay in January 2016. Read more.

Wildfire Evacuatees Can Expect Financial Losses
Canadians evacuated from their homes because of wildfires can expect to suffer an average of $11,300 in financial losses, according to a recent study conducted by Square One. Those with home insurance can recover most, but not all, of the financial loss. Read more.


The Intersection: Insurance-Canada.ca Blog

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

Blockchain Moving to Mainstream, With Help from the Cooks
Blockchain is getting more traction in the business press, but implementation still seems to have remained in the IT domain. However, applications relying on Blockchain technology are emerging in the insurance domain. In addition, third parties are providing entry points for insurance professionals to understand and drive Blockchain applications. Are you part of these developments? Read more.


“Insurance: Connected”
ICEF2017: 'Insurance: Connected' - 5th annual Executive Forum - August 29, 2017
Tuesday, August 29, in Toronto

It is the best of times; it is the worst of times. Digital transformation, InsurTech, the threat of disruption, and the power of the consumer have combined to create unprecedented challenges.

From challenges come opportunities.

Join your peers to explore thought leadership in:
• “Enabling On-Demand Insurance“ by Trōv
• “The Art of Customer Connection“ by Celent
• “Hackathons to Startups“ by Kanetix
• “The Future of Claims” by Crawford

Register now or learn more.



From Doug

I have one more little piece of Canada now under my belt. A group of 12 family members, aged 6 to 70, spent a week on the Teslin and Yukon Rivers between Johnson's Crossing and Carmacks, near Whitehorse.

It was an easy trip, with no rapids or portages. We ate well and slept well (except for the six-part cacophony of snoring). The silence was awesome – a great break from the hustle and bustle. That's another item crossed off my bucket list!

Back now to the excitement of insurance transformation and making sense of InsurTech and disruption. Where are we headed? What will change in the next few years?

I look forward to sharing thought leadership at our 2017 Executive Forum – only eight weeks from today.

Doug Grant, CIP
Partner
Insurance-Canada.ca

Doug Grant

The Chronicle weekly newsletter features news, events, and general information relating to insurance, technology, and innovation in the Canadian insurance industry and the marketplace. Subscribe here or view past issues.

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