Insurable Interest Canadian Insurance Blog

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...

Toronto, ON (Dec. 9, 2023) – The Registered Insurance Brokers of Ontario (RIBO) recognizes the transformative potential of Artificial Intelligence (AI) tools within the property and casualty (P&C) insurance sector. AI can enhance efficiency, deliver high-quality service, and provide individualized advice to consumers. However, adopting these tools also present new risks that may impact consumer protection. To better understand these implications, RIBO commissioned the Behavioural Insights Team (BIT) to conduct a comprehensive study on the role of AI in the sector and its alignment with RIBO’s mandate. In Summer 2024, BIT completed an extensive review, which included: A scan of relevant reports and articles from regulators, academics, and industry participants. Interviews with Ontario-based brokers to gain on-the-ground insights. In addition to BIT’s research, RIBO conducted supplementary interviews with brokers representing small and medium-sized businesses, including independent and insurer-owned brokers. To further validate the findings, RIBO engaged with other industry participants including other regulators and technology vendors, which provided valuable perspectives on AI innovation and its challenges. Shaping the Future of AI Regulation in Insurance Through this research, RIBO has developed a deeper understanding of AI’s impact on the sector. This includes evaluating the resilience of the existing Code of Conduct...