Insurable Interest Canadian Insurance Blog

First-time implementation of new inflation-protection policy Toronto, ON (May 2, 2024) – The Board of Directors of the Property and Casualty Insurance Compensation Corporation (PACICC) approved a first-time implementation of its new inflation-adjusted limits for Personal Property and Automobile lines of business at its April 11 Board Meeting. The idea of incorporating inflationary adjustments into benefit limits was the subject of an industry consultation in the Summer of 2023, where it received strong support. The principle was approved by the PACICC Board in November of 2023 and regulatory approval of the changes to PACICC’s governing Memorandum of Operation received the required unanimous support from regulators in all 13 Participating Jurisdictions (10 provinces and three territories) on March 4, 2024.  The changes will take effect on Canada Day – July 1, 2024. Says Dave Oakden, newly-elected Chair of the PACICC Board of Directors, “PACICC is a policyholder protection mechanism and the decision to reflect the impact of inflation in our personal lines benefit limits is an important step forward in our larger modernization agenda.  It is good news for consumers and is strong evidence of the customer-focus of Canada’s home, car and business insurance companies.” He continued, “Limits were first set...

Coalition 2024 Cyber Claims Report Also Reveals Increased Risks Associated with Boundary Devices like Firewalls and VPNs San Francisco, CA (May 2, 2024) — Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, is pleased to announce the expansion of its cyber insurance offering to large enterprise businesses in Canada with revenues of up to CAD 5 billion, except in the province of Quebec. “This expansion to enterprise-sized businesses means Coalition can offer all the benefits of Active Insurance to customers with much larger attack surface to defend and, therefore, greater cyber exposures,” said Kelly McGuinness, Coalition’s Team Lead Canada, Production Underwriting and Eastern Business Development. “Now, large Canadian businesses can gain access to Coalition’s first integrated cyber defense that brings together active cyber risk assessment, proactive protection against cyber threats, expert response, and comprehensive cyber coverage.” Each policy offered by Coalition Insurance Solutions Canada, Inc. (CIS Canada) includes onboarding calls with experts to guide policyholders on what to expect through their Active Insurance journey, a variety of Tabletop Exercises to guide policyholders on how to respond and recover from cyber incidents, and dedicated Security Services offerings through Coalition’s affiliate, Coalition Incident Response. This...

Austin, TX (May 1, 2024) – Synthetik has announced the successful demonstration of their “Flood Data Collection and Analysis” platform, Flowcore – an end-to-end tool for modeling of flood scenarios and prediction of resulting damage and financial/insurance losses. Flowcore incorporates Synthetik’s proprietary GPU-accelerated flood simulation code, and uniquely leverages artificial intelligence (AI) to deliver results in seconds on standard laptop systems – enabling measurement of cumulative events or high-volume probabilistic analysis. Flowcore has undergone significant validation using real world events and was used to recreate a flash flooding event in Fort Lauderdale, FL from April 2023 with virtually perfect accuracy at unprecedented speeds. Flowcore meets the Federal Emergency Management Agency (FEMA) and National Flood Insurance Program’s (NFIP) objectives of better understanding historical flood impact, real-time analysis and damage forecasting for future events across the country and represents a step-change in scalability for physics-based flood simulation. Flowcore is already being marketed and utilized by Synthetik’s partners in the insurance industry. Josh Hatfield, Director of Research and Development for Synthetik said: ‘Climate change is rapidly and radically changing the landscape of risk in climate-related events, so we are delighted with the success of Flowcore and its potential to assist public and private...

Start Slideshow “If you want to get your name out there, get involved in the community.” You’ve heard this advice in countless training sessions and articles. How do you do it? Here is the good news: It’s not hand to hand combat. When I wrote my book “Captivating the Wealthy Investor” I surveyed agents and advisors. The first question I asked was: “Have you ever gotten business through your involvement in a community organization?” Over 70% said yes. Next, I asked, “Did you approach them, or did they approach you?” About 66% of respondents said they were sought out. Some explained it worked both ways. Here’s what not to do. Don’t consider everyone a prospect. Don’t lead the conversation with business. Don’t assume “What do you do?” is a buying signal. Put another way, don’t be pushy. If you see people at the country club wearing logoed blazers with the name of their real estate firm on the pocket, don’t be like them. For five tips for what you should do, see the gallery above. Before long, you’ll be recognized when you enter the room and start to feel like an insider. As an added benefit, because you were not...