Insurable Interest Canadian Insurance Blog

Halifax, NS (Jan. 22, 2025) – QuickFacts, a leader in knowledge management software for insurance brokerages, is proud to announce an expanded partnership with Wawanesa Insurance. This collaboration underscores Wawanesa’s commitment to supporting its broker partners through innovative solutions that enhance access to critical information and streamline operations. With this partnership, QuickFacts will provide Wawanesa contracted brokerages with underwriting information that saves time, reduces costs, and allows them to deliver excellent service through detailed, up-to-date carrier comparisons. This service equips brokers with the tools needed to deliver outstanding service to their clients while navigating a complex and ever-evolving insurance landscape. “We are honoured to strengthen our partnership with Wawanesa Insurance, an organization that is dedicated to empowering its brokers through strategic, forward-thinking solutions,” said Christy Barsalou, President and CEO of QuickFacts. “By offering brokerages who sell Wawanesa products with access to our comprehensive knowledge base, Wawanesa is investing directly in the efficiency and success of its broker partners across Canada.” “This partnership aligns with Wawanesa’s values and commitment to supporting brokers as they guide policyholders through important insurance decisions,” said Paul Fast, Director, Business Development Executive Office at Wawanesa. “Our collaboration with QuickFacts marks an ongoing investment in the broker...

Canadian insured losses from catastrophic events in 2024 totalled CAD $8.5 billion Toronto, ON (Jan. 15, 2025) – The magnitude of catastrophic events experienced across Canada in 2024 pushed the insured loss total for the region to CAN $8.5 billion, according to CatIQ, Canada’s insured loss and exposure indices provider. In addition to the unprecedented losses, the number of total catastrophe claims exceeded 273,000, far in excess of the previous record of 197,000 in 2016. The insured loss figure of CAN $8.5 billion makes 2024 the largest loss year for the country on record, far exceeding the previous record of CAN $6.2 billion recorded in 2016. The largest insured loss years (adjusted for inflation) are: 1. 2024 – CAN $8.5 billion2. 2016 – CAN $6.2 billion3. 2013 – CAN $3.9 billion4. 2023 – CAN $3.6 billion5. 2022 – CAN $3.5 billion While the number of events that generated insured losses in excess of CAN $30 million – which CatIQ categorizes as a catastrophe – was on par with the annual average at 12, the fact that four events generated losses of CAN $1 billion or above made 2024 a record-breaking year. In less than a month, Canada recorded four new...

83% of IT decision-makers across Canada reported progress on their AI strategies in 2024 More than half of Canadian respondents (56%) plan to increase AI investment in 2025 Despite limited return on investment (ROI) so far, Canadian organizations are betting on AI in the long term, prioritizing innovation and productivity gains over traditional financial savings Toronto, ON (Jan. 15, 2025) – Canadian companies surveyed are investing in AI for the long term, with a growing interest in using open-source tools to drive ROI and innovation going forward, according to a new study commissioned by IBM. The study of more than 2,400 IT decision makers (ITDMs), conducted by Morning Consult and developed in collaboration with Lopez Research, revealed that 83% of Canadian respondents report making progress in executing their 2024 AI strategy, with 42% already seeing positive ROI from their AI investments. The data reveals that Canadian businesses are using a combination of buying or leasing AI tools from vendors (65%), using an open-source ecosystem (57%) as compared to in-house development (42%). “This is a crucial year to pivot on AI adoption in Canadian organizations and our success hinges on strategic investments across models, platforms and supporting our people,” said Deb Pimentel,...

Generative AI streamlines translation of member communications and documents for Medicare Advantage Organizations Toronto, ON (Jan. 15, 2025) – Messagepoint Inc. is pleased to announce that it has been named a winner for the second consecutive year in the 2025 BIG Innovation Awards, presented by the Business Intelligence Group, in the software category. The Healthcare Touchpoint Exchange, a SaaS solution designed to support Medicare Advantage Organizations (MAOs) in preparing health plan materials, was recognized for its groundbreaking new AI-powered translation capabilities. “The demand for translated Medicare Advantage materials has surged in the last few years due to regulatory changes and growing recognition of diverse member needs. For years, MAOs have relied on fragmented, expensive and time-consuming translation services for member materials, frequently rushing to meet the stringent deadlines of the Centers for Medicare and Medicaid Services,” said Sohail Malik, vice president, Healthcare Solutions at Messagepoint. “Messagepoint’s AI-powered translation and translation accuracy checks enable translation of these complex materials faster, more affordably and with greater accuracy than ever before. We’re honored to be recognized by the Business Intelligence Group for this innovation.” The Healthcare Touchpoint Exchange leverages Messagepoint’s no-code content authoring environment to automate and streamline the preparation of complex, regulated...