Insurable Interest Canadian Insurance Blog

Lockton’s Global Parametric Insurance Practice is set to help businesses adopt cost-effective alternative risk solutions, addressing the widening gap between insured and uninsured losses Kansas City, MO (Dec. 12, 2024) – Lockton, the world’s largest independent insurance brokerage and people solutions consulting group, has announced the launch of its new Global Parametric Insurance Practice. This initiative brings together a team of experts, including data scientists and modelers, dedicated to developing efficient, customized parametric solutions to help clients protect against risks that traditional insurance often overlooks. “Over the past three years, Lockton has invested significantly in parametric expertise and resources across the U.S., Latin America, Europe, and Singapore,” said Diego Monsalve, Latin America and Caribbean Head of Risk Practices and International Head of Parametric Solutions. “This global team is uniquely positioned to address our clients’ risk management challenges through innovation, delivering the high-caliber solutions they’ve come to expect from Lockton. We are excited to support our clients as we move forward with this initiative.” As natural disasters such as hurricanes and wildfires increase in frequency and severity, and as new risks arise, including cyber threats and supply chain disruptions, the need for supplementary insurance solutions is growing. The parametric insurance market...

Toronto, ON (Dec. 17, 2024) – BrokerLink is pleased to announce it is closing the year by welcoming four new acquisitions from Ontario and Alberta: Ontario Wide Insurance Solutions Inc. (“Ontario Wide Insurance”), Donnell Financial Services on November 1, Shuman Insurance LTD. (“Shuman Insurance”) and Assurances Robichaud Insurance (“Robichaud Insurance”), effective December 1. Growing our footprint in Ontario Since 2009, Ontario Wide Insurance has provided customers with personalized service for home, auto and business insurance. In addition, the brokerage offers solutions for trucking, cargo, professional liability and niche properties. Ontario Wide Insurance is passionate about giving back to their community and is a proud supporter of Halton Women’s Place. Robichaud Insurance has offered personalized home, auto and business insurance to the people of Northern Ontario since 1937. This Kapuskasing-based brokerage has also established a strong portfolio by specializing in insurance solutions for municipal and forestry industries. The brokerage is a dedicated supporter of several local charities and community events, including local minor hockey teams, chamber of commerce events and snowmobile clubs. Additionally, the acquisition of Donnell Financial Services in Burlington, Ontario enables BrokerLink to expand its service offerings and enhance its expertise to offer employee benefits solutions. Broadening our presence...

Welland, ON (Dec. 10, 2024) – Billyard Insurance Group (BIG) is thrilled to announce that it has won the coveted Award for Digital Innovation in a Brokerage at the 2024 Insurance Business Canada Awards (IBCAs). This prestigious recognition underscores BIG’s commitment to pioneering technology solutions that not only drive operational excellence but also redefine the insurance experience for brokers and clients alike. Redefining Industry Standards with Precision The Award for Digital Innovation in a Brokerage is presented to brokerages that demonstrate exceptional leadership in leveraging cutting-edge technologies to improve broker performance, streamline operations, and enhance customer satisfaction. BIG was recognized for its groundbreaking underwriting platform, Precision, which has set a new benchmark in the industry for operational efficiency, accuracy, and innovation. Precision is a state-of-the-art platform powered by Artificial Intelligence (AI), Robotic Process Automation (RPA) and workflow automation. This platform analyzes insurance documents with remarkable accuracy, reducing human error and enhancing overall process efficiency. By automating routine tasks, Precision empowers BIG brokers to focus on what matters most—building stronger client and market relationships while driving business growth. The key benefits of Precision include: Reduced errors and omissions during the submission of new business, particularly in personal lines. Increased broker productivity,...

FIRST ONSITE kicks off winter with readiness guides for communities, residents, and businesses Mississauga, ON (Dec. 11, 2024) – First Onsite Property Restoration has released its winter preparedness guides – providing seasonal advice for commercial and residential property owners, residents, and property managers. With the official start of winter less than two weeks away, winter-like weather has already shown up in the early days of December, with Ontario, Quebec, Saskatchewan and British Columbia experiencing winter’s gamut – including everything from snow and freezing rain to extreme cold and massive snow squalls. The Farmer’s Almanac Winter 2025 Extended Weather Forecast (Canada), calls for a “season of rain and snow with not much downtime.” La Niña is expected to bring below-normal temperatures from east of the Rockies to Ontario, with the coldest period in January and February when frigid Arctic air brings a sharp plunge in temperatures – especially across the Prairies. Above normal temperatures are expected across Quebec and the Maritimes, while British Columbia will be unseasonably chilly. “Colder temperatures bring a greater need for awareness surrounding potential property damage and the challenges winter can present,” said Jim Mandeville, SVP Large Loss, North America of First Onsite Property Restoration. “It’s never too late to...

Canadian P&C Insurance Outlook 2025: Morningstar DBRS Chicago, IL (Dec. 12, 2024) – Morningstar DBRS has released a new report, titled “Canadian P&C Insurance Outlook 2025: Recovering From the Worst Weather-Related Losses on Record.” Canadian property and casualty (P&C) insurers have weathered some of the worst-ever quarterly insured losses in Q3 2024. Four natural catastrophes, within weeks of each other, affected some of the most populated regions in Canada, leading to the highest natural catastrophe loss year since record-keeping began. Yet, despite the higher severity and incidence of natural catastrophes, P&C insurers rated by Morningstar DBRS have shown stability and a resilient credit profile helped by improved investment returns and prior pricing actions, specifically in the personal property insurance market where weather-related losses have had the most adverse impact. Key Highlights: P&C insurers in Canada showed stability and resilience despite a tough 2024 that saw the highest natural catastrophe insured losses ever recorded. The pricing environment is diverging among personal and commercial insurance segments with differences set to become more pronounced in 2025. Investment returns will continue to bolster overall returns but with a smaller contribution to overall earnings as interest rates have declined. “We expect higher reinsurance prices, increased...