Insurable Interest Canadian Insurance Blog

By Joseph D’Souza, Founder & CEO, ProNavigator — Pretty much every company has a Greta. Greta is a valued and experienced staff member who possesses a great deal of institutional knowledge. Unfortunately, that knowledge has not been documented. Greta is eager to be helpful and answer questions, but the one-on-one format is inefficient which makes it difficult to scale. And due to the informal nature of these direct interactions, the questions (and answers) are not tracked. So she ends up answering the same sort of questions over and over and over again. In fact, the founding of ProNavigator was inspired by a frustrating 90-minute phone call with the customer service department of my insurance company. That’s one-and-one-half hours of time that, I, a business person, really couldn’t afford to lose — and all because they could not find information about me and my situation which I had already provided to them! You would think someone like Greta would be an asset to an organization and be a solution to the problem I encountered. You would be correct . . . except that Greta is about to retire, and much of what she knows is not documented! So once Greta retires...

Risk Control’s platform will be fully integrated into Duck Creek’s comprehensive suite of SaaS solutions for P&C and general insurers Boston, MA (Oct. 10, 2024) – Duck Creek Technologies, the intelligent solutions provider defining the future of property & casualty insurance, is pleased to announce it has acquired Risk Control Technologies, Inc., a Toronto-based provider of risk management and loss control solutions. This strategic investment is set to transform how insurance carriers prevent loss and manage risk, enabling deployment of advanced AI and machine learning capabilities at the forefront. “As the world faces increasing risks—whether from climate change, cyber threats, or other emerging challenges—having advanced tools to manage these exposures is crucial. Risk Control is a leader in not only identifying potential loss, but preventing it through preemptive risk mitigation,” said Mike Jackowski, Chief Executive Officer of Duck Creek Technologies. “In addition to sharing Duck Creek’s core values, Risk Control’s leadership and team members bring a wealth of insurance knowledge and experience. Together, we will help insurers work closely with their policy holders to prevent losses, improve safety and better prepare for the future.” The RCT RiskHub platform will enhance the Duck Creek SaaS suite of insurance technology products, further...

Aon’s Fall 2024 Update Toronto, ON (Oct. 7, 2024) – Aon plc, a leading global professional services firm, has released its Fall 2024 Canadian Insurance Market Update. While a competitive atmosphere continues as insurers strive for market share, the significant catastrophe activity Canada has faced in 2024, along with other factors discussed in the report, may lead to a quicker-than-anticipated shift back to a more conservative stance characterized by stricter underwriting practices and a focused risk selection process. “The complexity and rapidly evolving nature of the Canadian Property and Casualty (P&C) insurance industry makes it extremely difficult to forecast future state. While historical market challenges like inflation and interest rate volatility are stabilizing and easing market conditions, catastrophic events continue to pressure the Canadian marketplace,” said Russell Quilley, Head of Commercial Risk and Chief Broking Officer for Canada at Aon. “As of September, 2024 is already the costliest year on record for insured catastrophe losses in Canada with estimated total losses in excess of $7.6 billion.” Other key findings include: Increased competition has moderately eased market conditions, but auto theft and increasing cost of repairs continues to erode insurer profits in the auto segment. Remediations to portfolios resulted in overall...

GUS expands its network of Property Restoration professionals with arrival of Paul’s Walls and Sons in Belleville Lévis, QC (Oct. 1, 2024) – GUS, Canada’s largest 100% Canadian-owned and operated group of property restoration professionals, is delighted to announce the addition of Paul’s Walls and Sons to its network. With a strong presence in the community of Belleville and its surrounding areas, this new addition strengthens GUS’ position in Ontario and reaffirms its commitment to providing quality post-disaster services to a growing number of Canadians. Paul’s Walls and Sons offers a comprehensive suite of solutions for policyholders, including 24/7 emergency response, water, fire, smoke, and wind damage restoration, as well as mold remediation. Founded in 1999 by Paul Adams, the company has since been passed down to the next generation and is now led by Mackenzie Cairns alongside his business partner Trevor Kay. With over 25 years of experience in renovation and construction, the Tarion-registered company has built a strong reputation for its exceptional attention to detail and quality of work. Paul’s Walls and Sons stands out for its commitment to integrity, the professionalism of its team, and its client-focused approach. Their mission to provide transparent and high-quality service has...