Insurable Interest Canadian Insurance Blog

New White Paper from InnSure Toronto, ON (Feb. 1, 2025) — InnSure, the mission-driven nonprofit dedicated to harnessing the power of the insurance industry to combat climate change, is proud to announce the release our comprehensive white paper, A Bold Reimagination of Insurance Markets: Why It’s Needed and How to Get There. As climate risks escalate and protection gaps grow, our traditional risk financing systems are struggling to meet society’s needs. This white paper presents a critical analysis of current market failures and, more importantly, charts a bold path forward through cross-sector innovation and collaboration. Key insights from the paper include: Why existing insurance and risk financing models are becoming increasingly misaligned with emerging risks How siloed approaches between public and private sectors are creating critical protection gaps A framework for reimagining insurance markets through community up innovation focused pilots and demonstration projects that integrate both physical and financial resilience adaptations The urgent need for catalytic capital to drive innovation, particularly in establishing Community Development Reinsurance Institutions (CDRIs) – building on the successful model of CDFIs in the lending space The challenges we face demand unprecedented cooperation across sectors and concrete steps for transforming risk financing to better serve all...

Plugged-In: EV Collision Insights report San Diego, CA (Feb. 20, 2025) – Mitchell, an Enlyte company and leading technology and information provider for the Property & Casualty claims and Collision Repair industries, is pleased to announce the release of its latest Plugged-In: EV Collision Insights report. This edition features an overview of the most notable annual trends in battery electric vehicle (BEV), mild hybrid electric vehicle (MHEV) and plug-in hybrid electric vehicle (PHEV) collision claims. Following a second year of record sales for new cars with electrified powertrains, claims frequency for repairable BEVs rose to 2.71% in the U.S. and 3.84% in Canada in 2024, a year-over-year increase of 38% and 34% respectively. MHEV and PHEV claims frequency also grew by approximately 7% in the U.S. and 24% in Canada over the same period. “In addition to an uptick in the number of claims for repairable, collision-damaged BEVs, we also saw an uptick in the number of total losses last year,” said Ryan Mandell, Mitchell’s director of claims performance. “While not unique to BEVs, this increase in total loss frequency can be attributed to the continued overall decline in vehicle values and surge in catastrophic claims activity in the second half of 2024.”...

Toronto, ON (Feb. 18, 2025) – CSIO is pleased to announce that its Commercial Lines (CL) Working Group has added Cyber and Errors & Omissions (E&O) to the list of segments with published CL Data Standards – a key 2025 priority for broker efficiency. This brings the total number of segments with real-time quoting enabled through an Application Programming Interface (API) to 14. The addition of Cyber allows brokers to seamlessly quote and bind cyber risks up to $1 million. By publishing the CL Data Standards for E&O, CSIO has now incorporated over 380 Insurance Business of Canada (IBC) codes for instant API quoting. The related business requirements for these new segments are included in CSIO’s latest XML Standards release (v1.48). Developed by the CL Working Group, CL Data Standards provide a consistent workflow for brokers by allowing them to quote and bind commercial risks in seconds directly through their Broker Management Systems (BMS). This workflow alleviates common pain points such as logging into portals, emailing or calling insurers and manually resubmitting information to obtain a quote. A simplified quoting process means brokers can focus on delivering high-quality insurance solutions to their customers. “Together, the Commercial Lines Working Group responded...

Montreal-based clothing & textile cleaning company joins GUS Montreal, QC (Feb. 18, 2025) – GUS, the largest 100% Canadian-owned and operated network of property restoration professionals, is proud to welcome Omyload, an innovative clothing and textile cleaning company to its group. This integration strengthens and reaffirms GUS’s commitment to innovation and sustainable development. Founded by Jessica Lahaie, Pascale Allaert, and Sébastien Témoin, Omyload is the first wet cleaning and textile restoration service in North America to significantly reduce water consumption, capture 98% of plastic micro-particles, and eliminate petroleum-derived solvents commonly used in the industry. The company serves the Greater Montreal area with cleaning techniques that greatly reduce the ecological footprint while using no harmful products. Additionally, Omyload offers a 100% online pickup service, providing customers with unprecedented convenience. “The arrival of Omyload in our network marks a major step forward in our pursuit of innovation and sustainability,” said Jaime Smith, Director of Franchise Development at GUS. “Their revolutionary approach to textile cleaning—combining efficiency with environmental responsibility—is exactly what our industry needs. Together, we will transform the property restoration sector and provide greener, more responsible solutions to our clients.” Sébastien Témoin, CEO of Omyload, added: “We are very proud of this...

Mississauga, ON (Feb. 20, 2025) – First Onsite Property Restoration, Canada’s leading property restoration company, is pleased to announce that it has acquired a majority stake in Great Canadian Roofing & Siding. Great Canadian Roofing & Siding operates in Alberta and Saskatchewan with offices in Calgary, Edmonton, Red Deer and Saskatoon. Over the years, the company has evolved from a roofing company into a full-service, one-stop, energy-efficient renovation specialist with a range of residential services from roofing, siding, windows and doors, stone and stucco, to insulation and thermal imaging. “Great Canadian Roofing & Siding has a strong and well-respected reputation in the markets it serves. While getting to know the company, we have been very impressed by the organization and we have high expectations for this partnership,” said Peter Corsano, EVP of Operations at First Onsite Property Restoration. Today’s acquisition enables First Onsite to support its insurance partners with enhanced service offerings. Additionally, when there’s a catastrophic weather event or property damage, First Onsite can better help its customers get back on their feet quickly. This announcement comes on the heels of a record-breaking hailstorm that hit the Calgary area in early August 2024, resulting in nearly $2.8 billion in insured...

By Stephen Applebaum and Alan Demers — The expression “Mind the gap” dates to the 1960s when it was first announced on the London Underground. The purpose was to warn passengers of the potentially dangerous gap between the train door and platform which are not perfectly aligned. It has since evolved to become a general warning about the danger of open space or gap between two points. It applies especially well to the many risks and headwinds faced by the insurance industry today. And if unattended, may be irreversible or much harder to close. The P&C industry is by design, resilient with layers of financial insulation. Reinsurance, surplus capital, low-risk and liquid investment portfolios are just some of these layers with individual state oversight to monitor financial stability. The insurance model has been tested over time during high inflationary periods and severe catastrophic events and alternating hard and soft market cycles.  However, the last three years are arguably the most challenging from fluctuating inflation and worsening climate risks. Meanwhile, there are emerging and widening gaps that both threaten and are reshaping massive segments such as real estate and homeownership. Climate Resilience Gap As made painfully obvious by the recent series...