Insurable Interest Canadian Insurance Blog

Report includes new ACORD research revealing a material correlation between high-performing insurance organization Total Shareholder Return (TSR) and use of ACORD assets New York, NY (Mar. 20, 2024) – ACORD, the global standards-setting body for the insurance industry, is pleased to announce the release of its 2023 Member Report, detailing its efforts on behalf of its members over the past year. ACORD welcomed more than 100 new members across various stakeholder types, from carriers to brokers to solution providers. The report notes several key achievements, including: Expansion of ACORD Next-Generation Digital Standards (NGDS), which provide lightweight, technology-agnostic Standards for use in fine-grained transactions, such as microservices and RESTful APIs Support of London Market modernization with ACORD Global Reinsurance and Large Commercial Standards as the market’s chosen method of data exchange Enhancements to ACORD Transcriber, ACORD Solutions Group’s intelligent document processing solution, with launches of extended features leveraging AI- and ML-enabled models to facilitate fast and accurate data extraction and population. “ACORD is in a unique position to help shape the future of insurance,” said Bill Pieroni, President & CEO of ACORD, in his annual message to the ACORD member community. “We have witnessed great change in the industry, and ACORD has grown and changed alongside our members....

Toronto, ON (Mar. 21, 2024) — Join Insurance-Canada.ca, a cutting-edge firm driving innovation at the crossroads of insurance and technology. As a forward-thinking organization, we are in search of a Part-Time Event Strategist to play a crucial role in shaping our event agendas and securing dynamic speakers. If you possess a deep understanding of the Property & Casualty insurance industry, or have experience with strategic event planning, we invite you to be a part of our team. Job Title: Part-Time Event Strategist Company: Insurance-Canada.ca Location: Toronto, Ontario Job Overview: We are seeking a skilled Part-Time Event Strategist with a focus on curating event agendas and securing engaging speakers. In this role, you will be responsible for developing compelling and insightful event programs that align with our company’s goals and resonate with our target audience in the insurance and technology sectors. Responsibilities: Agenda Curation: Collaborate with internal teams to understand business objectives and industry trends. Develop strategic event agendas that address key topics, challenges, and opportunities in the insurance and technology space. Incorporate innovative formats and session types to enhance attendee engagement. Speaker Acquisition: Identify and reach out to industry experts, thought leaders, and influencers to participate as speakers in our...

First natural catastrophe of 2024 highlights growing cost pressures facing insurance premiums Toronto, ON (Mar. 11, 2024) – A deep freeze in Western Canada in January is estimated to have caused over $180 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). “It’s been an unusual winter season, with extreme swings in conditions across the country,” said Rob de Pruis, National Director, Consumer and Industry Relations, IBC. “In January, British Columbia, Alberta and Saskatchewan experienced an extreme cold weather event that led to widespread water damage caused by frozen and burst pipes. Based on total claims counts, approximately 70% of all claims related to this extreme cold event were personal property claims.” Much of Western Canada started 2024 with unseasonably mild temperatures; however, on January 12, daytime highs dipped sharply to well below the seasonable normal and persisted for several days. Environment Canada reported dozens of new daily minimum temperature records were set. Edmonton saw four straight days with temperatures between -40 to -45 degrees Celsius. IBC reminds residents that an insurance policy does not change in winter, or with specific temperatures. Instead, insurance covers various perils outlined in your policy. That means that...

Ottawa, ON (Mar. 15, 2024) – In response to the Housing & Climate Task Force’s release of its Blueprint for More and Better Housing, Jason Clark, Chair, Climate Proof Canada, issued the following statement: “Canada needs 5.8 million new homes by 2030 to restore housing affordability. Climate Proof Canada is pleased that 18 of the recommendations from its National Climate Adaptation Summit were cited in the formation of the Blueprint. One of the requirements of the National Adaptation Strategy (NAS) is that resilience must be incorporated into all infrastructure investments by 2024. Canada must recognize the impact climate change is having on households across the country. We must factor resilience measures into housing investments so that we build homes in the right way and in the right places, so that households are protected now and into the future. Where we build resilient homes represents the biggest opportunity in the report. Seizing it will require coordinated leadership by all orders of government. As such, we call on governments to legalize density, including by eliminating unit maximums, abolishing parking minimums, and adopting ambitious density rules near transit lines, as well as ensuring no new housing is built in areas at high risk of...