Insurable Interest Canadian Insurance Blog

Start Slideshow At first glance, a majority of baby boomers appear content with their financial situation in retirement, according to a recent survey from IRALOGIX, a retirement industry fintech provider.  Probe a little deeper, however, and their contentment is counterbalanced by having to adapt to fixed incomes, heavy reliance on Social Security, coping with rising living costs, feeling socially disconnected, managing health care expenses and other challenges.  “Retired boomers have a unique perspective on financial security compared to other generations,” Peter de Silva, chief executive of IRALOGIX, said in a statement. “They rely strongly on early and proactive retirement saving, and the importance of stable, dependable income sources like Social Security and traditional monthly pensions.” In contrast to younger age groups, financial security for boomers is about both accumulating wealth and managing unexpected costs to ensure long-term stability, de Silva said.  Forty-five percent of retirees surveyed advised younger generations to establish a retirement savings plan as soon as possible and diligently adhere to it. Others advised paying off as much debt as possible before retirement, and setting specific retirement goals and factoring them into a savings plan. “This approach reflects their resilience and adaptability, offering valuable insights into prudent financial...

Toronto, ON (June 25, 2024) – CSIO is pleased to welcome five new vendor members: ClicAssure Inc., Driver Verified Inc., HM Custom Solutions Inc., Norima Consulting and Quandri Technologies Inc. These new members will benefit from CSIO’s Data Standards and technology solutions to seamlessly integrate systems and advance industry connectivity. CSIO’s Data Standards are programmable lines of code in a standardized format containing information that can be easily shared between insurers and brokers via an Application Programming Interface (API), real-time download or batch data exchange. When insurers and vendors implement the Data Standards, communication between insurers and brokers becomes easier and more accessible. As part of CSIO’s multi-year strategic plan, we are committed to producing clear and concise Data Standards that are not subject to different interpretations, so that all parties speak the same language. CSIO’s vendor membership provides the opportunity to join our Working Groups and network with industry leaders. Working Group members frequently come together to drive Data Standards forward and address common broker channel pain points. Vendor members can also leverage CSIO’s secure and reliable technology solutions to help their insurer and broker clients better serve their customers. These include our widely adopted CSIOnet platform, where eDocs and data are exchanged between...

Toronto, ON (June 17, 2022) – ForMotiv, the leading provider of behavioral data science solutions for life and property and casualty insurance, is pleased to announce a strategic partnership with FRISS, a global leading provider of trust automation solutions for the insurance industry. The collaboration between ForMotiv and FRISS aims to provide insurers with new insights into applicant behavior and intent, significantly enhancing fraud detection and risk assessment processes. By combining ForMotiv’s behavioral analytics with FRISS’s predictive AI models and analytics, insurers can capture and analyze thousands of digital behavioral data points during the application process. The integration allows for real-time identification of potential fraudulent activities and misrepresentations, improving the accuracy and efficiency of underwriting decisions. Through this partnership, insurers can offer a more secure and personalized user experience without increasing risk. By understanding the digital behavior of applicants, insurers can tailor their interactions to each individual, ensuring a seamless and trustworthy application process. This helps to defeat fraud and better support trustworthy customers. “Partnering with FRISS is an exciting step forward for ForMotiv,” said Woody Klemmer, Head of Marketing at ForMotiv. “The integration of our behavioral analytics technology with FRISS’s trust automation solutions will provide insurers with critical insights into applicant behavior, helping...

CAD 19 trillion of Property Assets Insured Toronto, ON (June 20, 2024) – Catastrophe Indices & Quantification Inc. (CatIQ), a subsidiary of Zurich-based PERILS AG, has released the annual update of its Canadian insurance Industry Exposure Database (IED). In total, the new CatIQ IED 2024 includes detailed sums insured exposed to natural perils of CAD 19 trillion of property assets. The year-on-year increase in sums insured is 11.3% in the Canadian market which is in line with the increase in sums insured observed by PERILS AG in many European markets in its latest IED update. The CatIQ IED also showed continued growth in insured assets for personal lines overland flood insurance, revealing a year-on-year increase of 12% in the overall number of insured risks and an increase of 18% in flood sums insured to CAD 7.3 trillion. The CatIQ IED is based on detailed exposure submissions from the majority of the Canadian insurance market and now contains 2023 year-end estimates of Canadian industry property sums insured. Consistent with PERILS’ globally recognized methodology, the IED is updated annually from the ground-up. The database makes available industry property sums insured, number of risks, and prevailing original insurance conditions by: Canada Post Forward...