Insurable Interest Canadian Insurance Blog

The Inaugural ‘State of Wildfires’ Report report, published in the journal Earth System Science Data (ESSD), offers a comprehensive analysis of global wildfires, supported by data from the Copernicus Atmosphere Monitoring Service (CAMS). The report provides crucial insights into extreme fire events, their causes, predictability, and the role of anthropogenic factors, and the findings highlight the essential role of scientific data in informing policy and improving resilience. The report shows that if there is no action to tackle greenhouse gases now, wildfires similar in scale to the 2023-24 season will become over six times more common in Canada by 2100, and twice as common under a low emissions scenario. Highlights: Fueled by climate change and human activity, a series of wildfires shattered records for burned areas and carbon emissions across the globe in 2023-2024, leaving a lasting impact on ecosystems, air quality, and communities. The 2023-2024 global fire season saw unprecedented wildfire activity in several regions, particularly in Canada. Approximately 3.9 million square kilometers burned globally during the 2023-2024 fire season; this ranks 12th among the 22 fire seasons since 2002. However, despite the lower-than-average burned area, fire carbon emissions were 16 percent above average and ranked seventh-highest since 2003....

Ransomware attacks surge in frequency and severity since 2023, buoyed by major attacks on Change Healthcare, CDK Global, and others San Francisco, CA (July 1, 2024) – Threat actors evolved their tactics in 2024 to take advantage of business and technology consolidation, the leading cyber risk solution company Resilience found in its Midyear 2024 Cyber Risk Report. Increasing M&A and reliance on ubiquitous software vendors created new opportunities for threat actors to unleash widespread ransomware campaigns by exploiting a single point of failure. Some of the most disruptive cyberattacks over the past year involved heavily interconnected systems or recently acquired companies, to devastating effect—even putting entire economic sectors on hold. The Midyear 2024 Cyber Risk Report, published today, leverages data from Resilience’s Threat Intelligence team and insurance claims portfolio to analyze trends in hacking activity and industry responses. Key findings include: Ransomware remained the leading cause of loss since January 2023, with 64% of ransomware-related claims resulting in a loss. The financial severity of claims related to ransomware attacks increased 411% from 2022 to 2023. Ransomware attacks on Change Healthcare and CDK Global, as well as the PanOS zero-day vulnerability, represented 2024’s top claim-driving events thus far. Of all claims...

Bedminster, NJ (Aug. 13, 2024) – FastTrack, a leader in technological innovation for the life and disability insurance vertical since 2012, is excited to announce that its latest Claim Decision Readiness Technology has been granted patent pending status by the United States Patent and Trademark Office (USPTO). This significant milestone underscores the unique capabilities of FastTrack’s latest invention, poised to disrupt the life and disability insurance claims processing workflow landscape. The patent pending technology, Claim Decision Readiness (CDR), represents a culmination of more than a decade of research, development, and ingenuity. This innovative solution promises to revolutionize the life and disability insurance vertical, offering unprecedented benefits and capabilities to insurance carriers processing life and disability claims from a workflow perspective. Key highlights of Claims Decision Readiness technology include: Unmatched Performance: Claim Decision Readiness sets new standards for performance, reducing claims administrative processing times by 40%. Enhanced Efficiency: By streamlining processes and optimizing workflows, Claim Decision Readiness significantly boosts productivity and efficiency, enabling life and disability carriers to achieve more with less. Advanced Features: Claim Decision Readiness incorporates cutting-edge technology such as Robotic Processing Automation and Machine Learning, setting it apart from existing solutions in the market. Scalability and Adaptability: Whether...

Claims 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 (Aug. 15, 2024) – Mitchell, an Enlyte company and leading technology and information provider for the Property & Casualty claims and Collision Repair industries, has  published its Q2 2024 Plugged-In: EV Collision Insights report. This edition features the latest U.S. and Canadian claims data on battery electric vehicles (BEVs), mild hybrid electric vehicles (MHEVs) and plug-in hybrid electric vehicles (PHEVs)—highlighting how differences in their complexity and construction are affecting claim costs and repair operations. “Although BEV sales have slowed in 2024, sales of mild and plug-in hybrid automobiles remain strong,” said Ryan Mandell, Mitchell’s director of claims performance. “Like BEVs, these vehicles can be costlier to repair after a collision when compared to their internal combustion engine, or ICE, counterparts. However, with both an ICE and small electric battery, mild hybrids are remarkably similar to gasoline-only powered automobiles when it comes to claims severity.” In Q2 2024, average claims severity for repairable MHEVs was $4,726 in the U.S. and $5,302 in Canada. For vehicles with an ICE, it was $4,806 in the U.S....