Insurable Interest Canadian Insurance Blog

Human lives lost to extreme heat exceed the total toll from earthquakes, floods and hurricanes Heat-related risks extend to wildfires, healthcare systems, infrastructure and agriculture Swiss Re’s latest SONAR report examines emerging structural risks, among them a rising number of artificial intelligence (AI) incidents and decreasing trust in institutions Armonk, NY (June 12, 2025) – Up to half a million people globally succumb to the effects of extreme heat each year, according to recent scientific research, exceeding the combined impact of floods, earthquakes and hurricanes. This places the observable increase of extreme heat events among the most important emerging risks, according to Swiss Re’s 2025 SONAR report. The study highlights how this peril reaches beyond the human toll, mapping its effects across industries such as the energy and telecommunications sectors. “Extreme heat used to be considered the ‘invisible peril’ because the impacts are not as obvious as of other natural perils,” says Jérôme Haegeli, Swiss Re’s Group Chief Economist. “With a clear trend to longer, hotter heatwaves, it is important we shine a light on the true cost to human life, our economy, infrastructure, agriculture and healthcare system.” There is clear evidence that extreme heat events are happening with greater...

Atlanta, GA (June 10, 2025) – Crawford & Company® is pleased to announce the release of its Large Loss Claims Review and Outlook report highlighting the key challenges affecting the insurance industry today and in the future. The report details clear evidence of an uptick in the frequency and severity of extreme weather events which are serving to create a ‘new normal’ of climate change-driven catastrophes, as the insurance industry responds to the extreme volatility this generates. Further, it highlights how the adoption of new and innovative approaches are required to ensure a satisfactory and sustainable response to these large-loss events. The report also addresses inflationary pressures that drive up claim values. Rising costs of materials and labor, exacerbated by global supply chain disruptions and tariffs, have significantly increased the expenses associated with rebuilding and repairs. These inflationary pressures are further compounded by regulatory requirements in some territories that mandate higher standards for rebuilding, thus extending the duration and cost of claims. Additionally, the report highlights the growing challenge of rising business-interruption losses. Business interruption (BI) has consistently ranked as one of the top concerns for companies globally, with 31% of businesses citing it as a major risk in 2025.1...

Applied Systems Canada Becomes the First BMS Vendor to Achieve CSIO’s API Security Standards Certification and Platinum Standards Certification Rating Toronto, ON (June 10, 2025) – CSIO congratulates Applied Systems Canada on becoming the first Broker Management System (BMS) vendor to earn its Application Programming Interface (API) Security Standards Certification. In doing so, Applied improved its CSIO Standards Certification Rating to Platinum—the highest Rating. They are also the first BMS vendor to achieve this distinction. API Security Standards are a set of industry authentication and authorization guidelines developed by CSIO’s INNOTECH Advisory Committee and its API Security Standards Working Group. The team updates the Standards annually to ensure they reflect the latest security best practices. Applied achieved the API Security Standards Certification by demonstrating that customer information exchanged between the Applied TAM or Applied Epic management systems and an insurer’s system is safeguarded by leading security protections. Standards Certification Ratings were developed by CSIO’s Standards Governance Advisory Council to signify an organization’s commitment to the use of Data Standards for the benefit of the P&C broker channel. Applied has earned Certifications for API Security Standards, Commercial Lines Data Standards, eDocs and uses a current version of CSIO’s EDI and XML Standards,...