Insurable Interest Canadian Insurance Blog

New program enables partners to rapidly integrate AI-powered risk intelligence into their platforms and services Ottawa, ON (June. 1, 2024) – MindBridge, a pioneering leader in AI-powered financial risk intelligence, is pleased to announce the launch of the MindBridge Global Partner Program. Coming in conjunction with the latest release of the MindBridge Platform, this program welcomes other enterprise software and solution providers, automation vendors, professional services and advisory firms, and data infrastructure providers to collaborate on the delivery of continuous risk intelligence across all financial flows in the enterprise. The Global Partner Program provides product integrations, development support and collaboration, go-to-market resources, and numerous other benefits enabling partners to integrate MindBridge’s leading risk intelligence engine into their new or existing solutions and services. Through this program, MindBridge is equipping its partners with an AI-powered risk analytics platform that they can integrate with and extend bringing innovative financial risk, GRC, audit, and workflow solutions to customers worldwide. “The future of the autonomous enterprise requires real-time intelligence plugged into the flow of all financial transactions,” said Stephen DeWitt, MindBridge Analytics CEO. “With over eight years of innovation and having operated at scale, MindBridge AI is an extremely powerful risk analytics platform that...

New York, NY (June 1, 2024) – Global commercial insurance rates increased by 1% in the first quarter of 2024 (down from a 2% increase in Q4 2023), according to the Global Insurance Market Index from Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan. Rates continued to be relatively consistent, with most regions experiencing small decreases in Q1. This was largely driven by a strengthening of the trend for decreases in financial and professional and cyber lines and increasing competition among insurers in the global property market. On average, rates declined in the UK, Asia, Pacific, Canada and in India, Middle East & Africa regions by 2%. Rates increased in the US and Europe by 3%, and in Latin America and the Caribbean by 5%. Other findings included: Global property insurance rates were up 3%, on average, in the first quarter of 2024, compared to a 6% increase in the previous quarter. In the US, companies with concentrations of assets in catastrophe zones such as the Gulf of Mexico, Atlantic coast, and California have begun to see lower increases or even decreases in rates, compared to higher increases in recent years. Casualty insurance...

Aon’s Spring 2024 Canadian Insurance Market Update Toronto, ON (May 7, 2024) – Aon plc, a leading global professional services firm, has released its Spring 2024 Canadian Insurance Market Update. Published in support of Aon’s ongoing commitment to help Canadian clients make better decisions about risk management and insurance programs, the report finds that a robust competition within the Canadian insurance market is creating a more buyer-friendly market. Competition is returning as insurers look for growth opportunities with a particular emphasis on well-performing risks. The appetite for growth is expected to expand and evolve with insurers competing to retain and grow their positions in the market. “Overall, there is an expansion in capacity and appetite signaling that the market is transitioning into a more competitive space. However, the focus on risk selection continues to prevail as insurers strive to maintain profitability,” said Russell Quilley, head of commercial risk and chief broking officer for Canada at Aon. “Underwriting remains disciplined and risk differentiation continues to be a top priority as underwriters increasingly rely on data, insights, and analytical tools such as modelling to support decision making.” Other key findings include: As organizations seek to manage volatility in their insurance programs, there...

SIB continues to expand its presence in Alberta with the acquisition of Astro Insurance Ancaster, ON (June 4, 2024) – SIB Corp., operating as StoneRidge Insurance Brokers (“SIB”), is pleased to announce its continued expansion in Alberta with the acquisition of Astro Insurance. Based in Lethbridge, AB, Astro Insurance is a full-service insurance brokerage and registry agent which has been operating since 1972. “We have been providing superior coverage and personalized personal and commercial insurance products to meet the needs of our clients for over 50 years. As part of the SIB network, we can continue to provide our customers with the same high level of service they have come to expect, as well as increase our capabilities in personal and commercial lines to provide comprehensive insurance solutions for all of our customers” said Mark Swartout of Astro Insurance. Following the acquisition, Astro Insurance will continue to be led by Mark and Cindy Swartout. “Astro Insurance is an impressive business and presented a great opportunity for SIB to continue its expansion in Alberta. We are very excited to welcome Astro Insurance and Mark and Cindy to the SIB family. This is SIB’s 3rd transaction of 2024, and we are on...

Auto theft claims costs in Ontario surpassed $1 billion for the first time in 2023 Toronto, ON (Jun. 3, 2024) – For the first time, Insurance Bureau of Canada (IBC) is releasing a list of the Top 10 costliest cities in Ontario for auto theft claims. According to newly released data, auto theft claims costs have surged by a record-shattering 524% across Ontario since 2018, with auto theft claims costs surpassing $1 billion for the first time in 2023. “Ontario is seeing an alarming increase in auto theft claims and auto theft claims costs,” said Amanda Dean, Vice-President, Ontario and Atlantic, IBC. “As IBC’s numbers reveal, the Greater Toronto Area has been hit particularly hard by the auto theft crisis. These claims costs speak to the growing severity of the auto theft crisis in Ontario – a crisis that is having a material impact on auto insurance premiums, to say nothing of the concern and trauma it is causing Ontarians.” Across Ontario, between 2018 and 2023, the incidence of people making insurance claims due to the theft of their vehicles increased by 165% and auto theft claims costs have increased by 524%. Between 2022 and 2023, the increase in the...