Insurable Interest Canadian Insurance Blog

A quarter (25%) of US business executives feel unprepared to deal with cyber risk. Over a fifth (22%) of US business leaders cited cyber risk as the number one threat they face this year, down from 28% in 2023. As AI technology comes of age, over a quarter (26%) of US boardrooms reported feeling unprepared against the threat of tech obsolescence risks, including outdated technology and missing out on new technology opportunities. London, UK (Sept. 10, 2024) – Beazley, the leading specialist insurer, is pleased to announce the publication of its latest Risk & Resilience report, Spotlight on Cyber & Technology Risk 2024. The report details how businesses across the globe perceive the growing threat posed by cyber crime, tech obsolesce, tech disruption and intellectual property risks in today’s era of fast-paced technological innovation. Over the past year the cyber threat landscape has become more complex for businesses to navigate due to increasing sophistication of cyber criminals’ tactics, aided by AI tools. Beazley’s survey of 3,500 global business leaders revealed that despite the growing risk landscape, global executives have something of a blind spot over cyber risk. 23% of the US executives surveyed ranked cyber as their top risk this year,...

Cork, Ireland (Sept. 10, 2024) – WTW, a leading global advisory, broking and solutions company today announced a partnership between its Affinity Insurance business and Kayna, the award-winning insurance infrastructure platform. The partnership has been developed to enable delivery of innovative WTW insurance solutions to SME clients in the UK and US through Vertical Software-as-a-Service (‘vSaaS’) platforms. Vertical SaaS platforms provide types of software solutions which are created for specific industries and the partnership between WTW and Kayna intends to provide full program administration for US and UK-based industry-specific platforms in the construction, legal, salon/spa, fitness and field service sectors, distributing tailored insurance solutions. Specialist WTW teams in the UK and US will lead the product development and broker all insurance offerings as the company affirms its primary focus to delivering next generation distribution for the fast-growing Affinity Insurance sector. The partnership between WTW Affinity and Kayna will enable WTW to distribute property, general liability, workers’ compensation, commercial auto and umbrella liability insurance solutions to industry-specific vSaaS platforms. The partnership aims to drive top-line growth for vSaaS platform providers by leveraging platform data to serve relevant, tailored insurance through a streamlined process direct to the customer base that use such...

frequency for repairable battery electric vehicles has jumped 45% in the U.S. and 39% in Canada year-over-year while increasing more gradually for hybrids San Diego, CA (Sept. 10, 2024) – Mitchell, an Enlyte company and leading technology and information provider for the Property & Casualty claims and Collision Repair industries, is pleased to announce that it is teaming up with PAVE to automate vehicle inspections and conditioning. Using Mitchell’s cloud-based appraisal solution, comprehensive data and open platform with PAVE’s proprietary artificial intelligence (AI) and guided image capture application, U.S. and Canadian organizations will be able to generate graded condition reports from uploaded photos. These reports will identify the vehicle damage and include estimated costs for parts, labor, repair or replace operations, and regional taxes. “PAVE has developed an advanced, AI-powered solution for virtual vehicle inspections,” said Steve Southin, co-CEO and founder of PAVE. “By joining forces with Mitchell, a leader in collision estimating technology and repair data, PAVE will be able to provide our customers with complete and consistent damage appraisals—arming them with the information needed to effectively run their businesses.” PAVE will be the latest AI innovator to integrate its machine-learning and computer vision models with the Mitchell Intelligent...

Insurance industry addressing 228,000 claims, a 406% increase compared to previous 20-year average Toronto, ON (Sept. 4, 2024) – Canada’s home, auto and business insurers are reporting the most challenging summer on record for damage from weather events and natural disasters. The flooding in Toronto and other parts of southern Ontario, the Jasper wildfire, the Calgary hailstorm and flooding in regions of Quebec, have resulted in approximately 228,000 insurance claims. In comparison, last year, insurers reported 113,000 claims in July and August and 160,000 claims for the entire year. “This summer has been the most challenging in history for the hundreds of thousands of Canadians across the country who were impacted by these storms and wildfires. The insurance industry is there: we are on-the-ground in Alberta, Ontario and Quebec, assisting our customers as they put their lives back together and we’ll be there throughout the recovery and rebuilding,” said Celyeste Power, President and CEO, Insurance Bureau of Canada (IBC). “These four catastrophic weather events, which occurred in over the span of four weeks this summer, have resulted in more claims in one summer than insurers have reported in any summer over the last 20 years. While insurers continue to assist...