Insurable Interest Canadian Insurance Blog

Erie Insurance Ranks Highest in Customer Satisfaction for Third Consecutive Year Customers getting more quotes than ever before (3.5 on average) A competitive price is key to keeping customers engaged States in the South show high shop and switch rates Troy, MI (June 18, 2026) – As the wave of auto insurance price increases begins to cool, customers are easing off the panic button, but they’re not getting complacent. According to the JD Power 2026 U.S. Insurance Shopping StudySM, the share of customers shopping for auto insurance has declined from 57% to 53% year over year, but still remains elevated by historical standards. At the same time, shoppers are getting more quotes than ever and shifting decisively toward digital channels—including mobile apps and emerging AI tools—to compare, understand and purchase policies. “We’re moving from a crisis-driven market to a digital- and AI-driven market,” said Stephen Crewdson, managing director, insurance intelligence at JD Power. “Even as rate pressure eases, customers are getting more quotes than ever because mobile apps and AI tools make it so much easier to compare options and understand coverage. Separate JD Power research indicates that shoppers who use AI during their insurance journey are more likely to...

Toronto, ON (June 10, 2026) – As freight movement continues to play a critical role in Canada’s economy, brokers are seeing increased attention on the evolving risk profile within the trucking and transportation sector. From long-haul fleets to regional operators, trucking exposures have become more layered in recent years, driven by higher cargo values, tighter delivery timelines, and increased operational pressures. Industry observers note that these shifts are reinforcing the importance of understanding how different types of risks often assumed to be covered under a single policy are actually separated within insurance structures. Mobile Equipment (All Risks Physical Damage) coverage applies to the trucks and trailers themselves protecting against loss or damage to owned or operated units. Separately, Motor Truck Cargo (MTC) coverage addresses liability for goods in transit, including damage, loss, or theft of cargo while under the carrier’s responsibility. “While these exposures are closely linked operationally, they are fundamentally different from an underwriting and claims standpoint,” noted Andre L. Prasad, Underwriting Manager, Transportation. “Clarity around this distinction is becoming more important as cargo values increase and supply chains become more interconnected.” The need for clear separation between unit and cargo coverage is further amplified by factors such as cross-border...

The partnership combines Insurity’s cloud-based software with EOX Vantage’s insurance operations and managed services expertise to accelerate modernization, enhance service delivery, and support growth for carriers, MGAs, and brokers Hartford, CT (Mar. 5, 2026) – Insurity, a leading provider of cloud-based software for insurance carriers, MGAs, and brokers, has announced a new strategic partnership with EOX Vantage, an insurance-focused operations and workflow automation firm. The partnership will enable P&C insurers to modernize faster, scale operations more efficiently, and improve policyholder service by combining Insurity’s core software with EOX Vantage’s managed services and workflow automation capabilities. With more than 20 years of insurance operations experience, EOX Vantage offers a global team of 650 professionals. The company supports policy servicing, underwriting, billing and accounting, FNOL, and claims intake, and offers the Taruvi platform to help streamline workflows, data exchange, and integrations across the insurance value chain. Through the partnership, Insurity customers gain access to implementation expertise, flexible managed services capacity, and workflow automation capabilities that complement Insurity’s core systems. The combined offering helps insurers move beyond legacy system replacement to redesign front-line and back-office processes for a more modern, scalable operating model. “EOX Vantage is excited to partner with Insurity to help...

With over $10 billion in insured property, Stand is the first carrier to actively fund and coordinate hurricane mitigation with homeowners Tampa, FL (June 18, 2026) – Stand has launched its first open market hurricane insurance offering in Florida, a program built on a straightforward idea: understand what makes a home more vulnerable to hurricanes, connect homeowners with the improvements that matter most, and reduce their premiums based on those changes. Traditional insurers price risk by zip code based on past disasters. But storms are getting more severe and frequent, and the past no longer predicts the future. Stand’s approach is rooted in understanding what makes individual homes more resilient to the specific hazards they face. Here’s how it works: Simulate: The Stand World Model uses physics-based analysis to understand how catastrophes interact with individual structures down to specific property features and how they affect survivability. The model was developed and validated in California’s wildfire-prone communities, and now, Stand is deploying this same approach for hurricane risk in Florida. Strengthen: Stand actively coordinates the work of fortifying a home – from building a network of trusted contractors to identifying affordable solutions – so homeowners don’t have to figure it out...

Average year-over-year and quarter-over-quarter renewal rates decreased across the most commonly placed commercial lines of business Chicago, IL (May 5, 2026) – Applied Systems® is pleased to announce the first quarter 2026 results of the Applied Commercial Index™, the Canadian insurance industry’s premium rate index. Overall, the magnitude of rate increases was down across all lines relative to average premium renewals in the same quarter last year with 1.67% in Q1 2026 down from 3.85% in Q1 2025. To that end, rate increases across all lines of business were down compared to the same quarter last year. Quarter over quarter, Q1 2026 results showed average renewal rate increases were down across all lines of the most commonly placed Commercial Lines categories, including Real Estate Property, Construction, Hospitality Services, and Retail Services, except Business and Professional Services which demonstrated a rate increase. Significant findings include: Business and Professional Services: Q1 2026 premium renewal rate change average was 2.43%, up from the Q4 2025 average of 1.83%. Construction, Erection, and Installation Services: Premium renewal rate change average was 1.56% for the quarter, down from the Q4 2025 average of 2.52%. Hospitality Services: Q1 2026 premium renewal rate change average was 0.43%, down from...

IBM Launches Global AI Builders Challenge With IBM Bob for University Students, Expanding Availability of IBM Bob to 20,000 Post-Secondary Institutions Worldwide New global challenge provides university students hands-on experience with IBM Bob, helping them build practical AI skills, portfolio-ready projects and career connections New York, NY (June 3, 2026) – IBM is pleased to announce the AI Builders Challenge, a global challenge with IBM Bob – IBM’s new AI-powered development partner – that will help university students build practical AI and software development skills for the future of work. The Challenge comes as employers increasingly expect graduates to know how to use AI, yet many students lack opportunities to practice those skills before entering the workforce. A recent survey from the American Association of Colleges and Universities and Elon University found that 63 percent of faculty said graduates were not very or not at all prepared to use generative AI in the world of work. The AI Builders Challenge is intended to help address that gap by giving students practice with AI in a setting where their work has to be tested, explained and improved. Announced during IBM’s Future of AI in Higher Education Summit in New York City, the...