Insurable Interest Canadian Insurance Blog

Hoboken, NJ (Mar. 11, 2025) – Insurance companies now get access to over forty reference points for vehicular incidents at all speeds, plus the increased ability to identify fraud, especially at those difficult to capture low speeds. Reconstructing a crash by reading incident reports is a challenging task. With the release of SDK 8, Sfara provides the tools to better review the data leading to an incident, as well as identify fraud, even at low speeds. Sfara’s new adjustor-focused collision insights provides over forty points of reference for a crash, giving adjusters and managers the ability to quickly view data points, timelines, maps and direction of impact. Plus, Sfara is introducing declared and flagged anomalies for better identification of fraud. Anomaly detections are incidents captured by phone sensors but determined not to be a crash by Sfara’s technologies. Flagging these incidents makes it possible to review and compare reported incidents or discovered dents and scratches to actual data. Claims adjusters can now compare an incident report to flagged anomaly data without having to search through raw data feeds. If an incident is reported during a timeframe with no crash declaration or flagged anomaly data, there is reason to suspect fraud....

Toronto, ON (Mar. 11, 2025) – Crawford Technologies, a provider of innovative document solutions that streamline, improve and manage customer communications, is pleased to announce the release of Sunrise Enterprise,  the only cloud-first, real-time, omnichannel digital document conversion and delivery solution designed for large-scale enterprises. Sunrise Enterprise sets a new benchmark for transforming and delivering transactional customer communications. It enables large corporations and government entities to convert complex transactional documents, such as account statements, bills and insurance explanations of benefits, into customer-friendly formats—including PDF for web portals and responsive HTML for mobile apps—in milliseconds and scalable to hundreds of documents per second. Developed to meet the rigorous and complex transactional customer communications needs of large-scale operations, Sunrise Enterprise addresses the customer communication challenges faced by industries such as finance, insurance, telecommunications and healthcare. Its ability to deliver secure and on-demand omnichannel communications meets customer demands for real-time, personalized communications. The solution is first in its ability to offer flexible deployment options and benefits that adapt to the unique needs of the enterprise. They include: Cloud – Leverage the scalability and cost-efficiency of cloud-based deployment to handle high volumes and concurrent user demands. On-premises – Maintain control over sensitive data with...

By Stephen Applebaum and Alan Demers — Until recently, it was said that the only constant was change – now the only constant is uncertainty. Uncertainty is at a generational high in almost every aspect of our lives; socially, financially, politically, and technologically. One of the most serious consequences of this uncertainty is its impact on risk assessment across all lines of insurance. However, it also represents a major opportunity for insurers. Risk is defined as the odds or probabilities that future events can be estimated. The model of risk transfer is centuries old and thrives on predicting when and how much known exposures are likely to happen and the costs involved.  Thus, not all risks are insurable such as moral hazards where the incentives are misaligned.  Risk transfer is further disrupted when doses of uncertainty distort predictive models. Uncertainty exists when the magnitude (frequency and severity) of possible future events is obscured, making reasonably accurate forecasts unreliable. As uncertainty grows, the ability to effectively manage risk is proportionally reduced. The implications of this new normal for insurance are existential for some insurers and more expensive for all, as it becomes harder to assess and properly price risk in the...

Active Insurance Provider Also Forecasts Over 45,000 Software Vulnerabilities in 2025 San Francisco, CA (Mar. 11, 2025) — 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. According to the report, most ransomware claims in 2024 started with threat actors compromising perimeter security appliances (58%), like virtual private networks (VPNs) or firewalls. Remote desktop products were second-most (18%) exploited for ransomware attacks. “While ransomware is a serious concern for all businesses, these insights demonstrate that threat actors’ ransomware playbook hasn’t evolved all that much—they’re still going after the same tried and true technologies with many of the same methods,” commented Alok Ojha, Coalition’s Head of Products, Security. “This means that businesses can have a reliable playbook, too, and should focus on mitigating the riskiest security issues first to reduce the likelihood of ransomware or another cyber attack. Continuous attack surface monitoring to detect these technologies and mitigate possible vulnerabilities could mean the difference between a threat and an incident.” Other key findings from the report include: The total number of...

Toronto, ON (Mar. 13, 2025) – 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. The Institute’s Accelerated Competence Series is designed to support new adjusters in reaching their Level 1 licenses by offering the C11: Principles and Practice of Insurance course in an accelerated format. The partnership will also support the onboarding of new adjusters to CIAA. “This will help prepare for the current state of high demand in adjusters, as Canadian insurers continue to grapple with the increased frequency and severity of extreme weather events in Canada. It also provides readiness should interprovincial trade barriers soon be removed in facilitation of needed mobility of adjusters within Canada,” IIC’s president and CEO Peter Hohman says in a release. “The partnership with CIAA is an extension of the IIC’s talent gap initiatives, prioritized to assist P&C employers to meet workforce growth and demand for qualified resources…” Hohman said. The industry handled $8.5 billion in insured damages in 2024, making it the largest loss year in Canadian history. Laura Twidle, CEO of Catastrophe Indices and Quantification Inc., has told Canadian Underwriter that the figure has...