Insurable Interest Canadian Insurance Blog

Berkeley, CA (Sept. 24, 2024) – KatRisk, a premier provider of dynamic catastrophe risk software, is pleased to announce the launch of its groundbreaking Severe Convective Storm (SCS) model. This unique-to-the-industry tool is designed to transform how the insurance industry manages volatile weather risks, such as hail, tornadoes, and straight-line wind. With severe convective storms causing approximately $70 billion in insured losses globally in 2023, the need for advanced risk management tools has never been more critical. KatRisk’s SCS model rises to this challenge by offering unparalleled precision and efficiency developed to meet the diverse needs of insurers, government agencies, and financial institutions. What Sets KatRisk’s SCS Model Apart KatRisk’s SCS model boasts an array of features and benefits designed to keep clients ahead of severe weather risks, some of which include: Transparency and Customization: Well-documented, climate science-backed methodologies that provide a strong view on risk, and the ability to customize High-Resolution Data: Best-in-class resolution offers realistic representations of severe weather events. With a 1-km resolution for hail and straight-line wind and 100-m resolution for tornado, the model captures nuanced intensity gradients critical for accurate risk assessment. Speed and Efficiency: KatRisk’s SCS model stands out for its speed, facilitating rapid...

$900 million in unexpected claims, alongside a rate cap, may contribute to insurers leaving Alberta Calgary, AB (Sept. 19, 2024) – Insurance Bureau of Canada (IBC) is warning that the massive volume of auto insurance claims from the recent Calgary hailstorm could create an economic environment that may push even more insurers out of the province due to the rate cap. The August 5 hailstorm is now the second-largest insured loss event in Canadian history. It caused roughly $2.8 billion in insured damage and 130,000 insurance claims. Over half of those claims – about 70,000 of them – were for damage to vehicles; it’s estimated that auto damage claims alone cost $900 million. “The Calgary hailstorm will add $900 million in unexpected claims cost pressures at a time when Alberta’s auto insurance system is in crisis due to the province’s rate cap,” said Aaron Sutherland, Vice-President, Pacific and Western, IBC. “Under the rate cap, auto insurers are unable to recover from the growing cost of claims over the past two years. This has created a dire economic environment that has forced several companies to leave Alberta’s auto insurance market, limiting competition and choice for consumers. Unless the rate cap is...

Combination advances a scalable, real-time, technology-driven equity compensation platform that delivers leading digital experience to public and private clients of all sizes Clients to benefit from full suite of capabilities and services to drive integrated workplace and wealth management solutions Greenwood Village, CO (Sept. 23, 2024) – Empower, a leading provider of retirement and wealth management services, is pleased to announce that it has acquired Plan Management Corporation (PMC), the creator of OptionTrax®, a leading digital equity plan administration platform and service provider. Under the agreement, Empower has wholly acquired PMC, headquartered in West Conshohocken, Pennsylvania, including its technology, proprietary product and service offerings, intellectual property, licenses, and contracts. Financial terms of the transaction are not being disclosed. The combination will bring together Empower’s leading retirement and wealth management services and integrated financial tools with OptionTrax’s growing, digitally oriented equity compensation platform and administration services. Empower will be available to both publicly traded and privately held companies. The OptionTrax equity plan platform will be integrated with Empower’s digital experience, which provides individuals a complete view of their financial picture — including their personal assets and liabilities — and the ability to manage their progress toward financial goals. The OptionTrax platform...

Start Slideshow RIAs today face an increasingly competitive playing field. Since just a year ago, their ranks have increased by 374 to 15,860 advisors, according to a new report from SmartAsset. Faster connections, expanded geographical reach and more access to financial tools, all sped up by financial technology, are forcing RIAs to innovate and act quickly in order to attract clients and managing growing assets. In its report, SmartAsset ranked the 100 fastest-growing RIAs, narrowed down from some 2,000 firms that met initial qualifications: Each one is based in the U.S., offers financial planning services, has at least $500 million in regulatory assets under management (RAUM) and has no disclosures on its Form ADV. Firms involved in recent mergers or acquisitions did not make the cut. Analysts then ranked qualifying firms on their one-year and three-year changes in number of clients and in RAUM, based on SEC data. The one-year period is for August 2024 and August 2023, and the three-period is for August 2024 and August 2021. See the gallery for the 12 fastest-growing RIAs, according to SmartAsset. Start Slideshow