Insurable Interest Canadian Insurance Blog

Auto theft claims in Atlantic Canada are up nearly 13% – the largest increase in the country Halifax, NS (Oct. 15, 2024) – According to newly released data from Insurance Bureau of Canada (IBC), Atlantic Canada is becoming a hot spot for auto theft. In the first half of 2024, the region experienced a 13% spike in auto theft claims, the largest increase in the country. Over the last decade, auto theft claims have increased by 116% in the region. In addition to the surge in auto theft claims, the costs related to these claims are increasing. In the first half of 2024, claims costs increased 11.8% since the previous year. Alarmingly, auto theft claims costs have soared by 265% over the past decade in Atlantic Canada. “Opportunistic car thieves are increasingly shifting their focus to Atlantic Canada and away from provinces such as Ontario and Quebec, which have invested significantly in combating auto theft,” said Amanda Dean, Vice-President, Ontario and Atlantic, IBC. “The growth in auto theft in Atlantic Canada is putting pressure on auto premiums and compromising the safety and security of residents.” Looking at the provincial data in Atlantic Canada Nova Scotia saw the highest increase in...

Litigation trends for auto collisions straining affordability of insurance, with the provincial rate cap worsening the situation for Alberta’s drivers Edmonton, AB (Oct. 15, 2024) – New data shows that the lawsuits and legal fees associated with insurance claims for auto collisions continue to soar in Alberta and are a key reason for the high cost of premiums. According to the latest information from the General Insurance Statistical Agency (GISA) – a statistical agency overseen by provincial insurance regulators – the cost of the average legal settlement related to auto insurance in Alberta exceeded $100,000 in 2023. This is a new record in Canada. The size of auto insurance settlements in Alberta have surged 116% over the past 10 years, according to GISA data. As a result, Alberta drivers now pay over three times more in their insurance premiums for costs associated with legal fees and litigation following collisions than drivers in other Canadian provinces. “We need to have an honest conversation about why premiums are increasing and what can be done about it,” said Aaron Sutherland, Vice-President, Pacific and Western, Insurance Bureau of Canada (IBC). “It’s critical that those injured in a collision receive the benefits they need to recover....

Insuretechs are embedding advanced analytics and GenAI in their solutions: Insuretech for Insurers 2024 Boston, MA (Oct. 16, 2024) – For insurers, understanding the space can be a daunting task, yet it can ultimately be broken down into vendors and potential competitors to insurers. Even in the case of those insuretechs positioned competitively against incumbents, insurers can still learn a substantial amount from startups in the space. AI is revolutionizing the insurance landscape, climate risk analytics gain prominence, and customer and agent experience remains a priority. This report provides an overview of recent business, technology, and funding trends in insuretech. It is designed to assist insurers with creating shortlists and getting a better understanding of opportunities for partnerships and investment in the insuretech space. The report provides a short overview of 300 insuretech companies, including lines of business, key functional areas of focus, and insurance customers and investors when possible. The vendor profiles are based on publicly available information, briefings, and vendor conversations. Clients of Datos Insights’ Life, Annuities, & Benefits and Property & Casualty services can download this report. Click here to access the report or download the table of contents. About Datos Insights Datos Insights delivers the most...

Oak Hammock Marsh, MB (Oct. 13, 2024) – October 13 marks the International Day of Disaster Risk Reduction (IDDRR), and Ducks Unlimited Canada (DUC) is using the day to highlight the essential role of Nature-Based Solutions (NbS) in protecting communities from the growing risks of climate-related disasters. This year’s IDDRR theme focuses on protecting and empowering youth through education to create a resilient future, an action DUC passionately supports through its education and Nature Force initiatives. With the increasing frequency of extreme weather events, from floods to wildfires, the need for proactive investment in climate change adaptation and mitigation is more critical than ever. Floods are the most commonly occurring and most costly natural hazard in Canada. In the summer of 2024, Canadians experienced a record-shattering $7 billion in insured losses from extreme weather events, as reported by the Insurance Bureau of Canada. “Wetlands offer sustainable, cost-effective defences against severe weather events. By investing in and conserving these ecosystems, we can help to safeguard communities and infrastructure and mitigate the costs and impacts of climate-related disasters.” says Michael Nadler, CEO of Ducks Unlimited Canada. “As we mark the International Day of Disaster Risk Reduction, it’s vital that we invest in...

Montreal, QC (Oct. 23, 2024) – APRIL in Canada, specialized wholesale brokers in property and casualty insurance, are pleased to announce a partnership with Primaco, an expert in insurance payment and financing solutions. This agreement aims to simplify premium collection for APRIL’s Canadian partner brokers. All APRIL in Canada’s offerings now incorporate Primaco’s solution, which streamlines payment and digitizes management processes. Partner brokers thus benefit from APRIL’s range of services with a simplified payment system and optimized management. As part of continuous improvement and accelerating brokers’ digitalization, APRIL and Primaco now provide a more effective solution for premium financing management, facilitating lead conversion. “Our teams work daily to offer the best in digital solutions and human relationships to our partner brokers and their clients. This long-term partnership with Primaco complements our digital offerings for our Canadian partners, supporting their growth,” said Marie-Eve Paquette, Managing Director of APRIL in Canada. “At Primaco, we are proud to collaborate with APRIL in Canada to provide Canadian brokers with an innovative and accessible payment solution. This partnership aligns with our mission to simplify payment and financing operations, allowing brokers to focus on what matters most: delivering quality service and a streamlined experience to their...