Insurable Interest Canadian Insurance Blog

New report reveals widening “risk maturity gap” with only five percent of businesses keeping pace with rising economic, technological and geopolitical pressures Chicago, IL (May 15, 2025) – Hub International Limited (HUB), a leading global insurance brokerage and financial services firm, is pleased to announce it has released the HUB International 2026 North American Report, which found that one-third of North American companies are operating without a mature, organization-wide risk management strategy, leaving leaders exposed to rising threats. Drawing on proprietary research across 10 industries, the new report brings risk into sharp focus by highlighting the most urgent challenges impacting organizational profitability and resilience. In this year’s report, HUB introduces the Risk Management Maturity Model, a framework designed to assist organizations with evaluating their current level of maturity and identifying steps to enhance risk management strategies. As the new year approaches, the HUB International 2026 Profitability & Resiliency Executive Survey reveals a widening gap between risk awareness and action, with many organizations working to adapt to today’s complex environment. Leaders cite rising costs, cybersecurity, and regulatory pressure as top threats, yet many are not evolving their strategies quickly enough to keep pace. “Most organizations know about the cracks in their...

Swiss Re and Reinsurance Intelligence Quotient (RIQ) announce strategic collaboration to jointly develop novel capacity solutions, drive risk origination, and build AI-native capabilities Strategic collaboration increases Swiss Re’s engagement in the UAE and strengthens Abu Dhabi’s role as a global centre for reinsurance and finance innovation Collaboration leverages Swiss Re’s strong data foundation and early adoption of AI Zurich (Dec. 11, 2025) – Swiss Re and RIQ have signed a Memorandum of Understanding (MoU) to develop and scale innovative capacity solutions, risk origination opportunities and AI-enabled capabilities across the United Arab Emirates (UAE). RIQ was launched in June 2025 by global investment company IHC, in partnership with BlackRock and Lunate. Headquartered in the Abu Dhabi Global Market (ADGM), RIQ is building an AI-native reinsurance platform that integrates AI and advanced analytics to improve underwriting accuracy, capacity deployment, and investment management. Swiss Re and RIQ will collaborate on developing capacity solutions and explore broader areas of cooperation over the medium and long term. Swiss Re’s Group Chief Executive Officer Andreas Berger said: “This collaboration builds on Swiss Re’s deep risk expertise, strong data foundation and early adoption of AI. Together with RIQ, we aim to realise an AI-native reinsurance platform and further...

Ancaster, ON (Dec. 9, 2025) – SIB Corp. is pleased to announce the acquisition of Coreservice Insurance Brokers Inc. (“Coreservice”). This acquisition further expands SIB’s presence in the Greater Toronto Area and enhances its ability to serve a growing and diverse client base across both personal and commercial lines. Based in North York, ON, Coreservice is a full-service brokerage that has built a reputation for dependable service, deep client relationships, and a commitment to responsive insurance solutions. Kevin Choi and Halim Lee have grown the brokerage into a trusted advisor for clients seeking a personalized service experience and will remain in leadership roles throughout a gradual transition period. “We are excited to be joining SIB and entering this next chapter for Coreservice,” said Kevin Choi, President of Coreservice. “Our priority has always been to support our clients with honest advice, timely service, and insurance solutions that fit their needs. Partnering with SIB allows us to continue on our growth trajectory while maintaining the client-first values that built our business.” “We are thrilled to welcome Kevin, Halim, and the entire Coreservice team to SIB,” said Ted Puccini, President & CEO of SIB. “Coreservice brings a strong culture and a loyal client...

We’re delighted to announce a new tool available to brokers worldwide to help facilitate client conversations and unlock new streams of SME cyber clients Whitby, ON (Dec. 9, 2025) – CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, is pleased to announce a new tool available to brokers worldwide to help facilitate client conversations and unlock new streams of SME cyber clients. Cutting out the overwhelming amount of information that other threat analysis reports deliver, CFC’s new bite-sized Cyber Threat Review reports hone in on the real threats that any one business actually faces. Moreover, CFC’s Cyber Threat Reviews are the first globally to provide brokers with a dynamic side-by-side cost comparison of cyber security services available to clients for free with their policy, specific to their business risk, benchmarked against their insurance premium. “Existing reports available in the market have typically only ever been simple compilations of security hacks that companies would use to try and show prospective clients that they had weaknesses. They failed to provide a comprehensive report that actually correlated to true risk. As a result, SMEs have been overwhelmed with reams of stats and details of risks that they...

Acquisition Creates Premier Technology Partner for Group & Benefits and Retirement & Pension Markets with Advanced AI-Powered Intelligent Solutions Morristown, NJ (Dec. 9, 2025) – Majesco, the insurance industry’s foremost innovator in cloud-native, AI-native software for the P&C and L&AH segments, is pleased to announce that it has entered into an agreement to acquire Vitech, a provider of cloud-native pension and benefits administration software. This acquisition will position Majesco as the premier market leader for cloud-native and AI-native core technology for the Group & Benefits and Retirement & Pension segments. Combined, Majesco will serve more than 375 customers including over 100 customers across the L&AH segment and over 275 customers across the P&C segment. The combined product portfolio will deliver greater value to insurers operating across both the P&C and L&AH market segments, with over 40% of insurers operating in both segments. Majesco is a portfolio company of Thoma Bravo, a leading software investment firm, and Vitech is a portfolio company of CVC, one of the world’s leading private markets investment firms. As part of this transaction, CVC Funds will make a minority investment into Majesco to further the combined company’s growth and innovation. “We’re thrilled to bring together the...

Stamford, CT (Dec. 1, 2025) – Gartner, Inc., a business and technology insights company, has identified five critical blind spots stemming from overlooked risks and unintended consequences of generative AI (GenAI) adoption. Chief information officers (CIOs) must proactively address these hidden challenges to ensure GenAI value realization and avoid AI project failures. “GenAI technologies and techniques are evolving at an unprecedented pace, matched only by the surrounding hype, which makes it challenging for CIOs to navigate this dynamic landscape,” said Arun Chandrasekaran, Distinguished VP Analyst at Gartner, during Gartner IT Symposium/Xpo, taking place this week in Kochi. While organizations often focus on immediate GenAI challenges such as business value, security and data readiness, they may overlook critical blind spots because these are second- or third-order effects that are not often visible upfront. Risks like shadow AI, technical debt, skills erosion, data sovereignty demands, interoperability issues and vendor lock-in represent hidden undercurrents that can undermine long-term success. Gartner predicts that by 2030 these blind spots will create the dividing line between enterprises that scale AI safely and strategically and those that become locked in, outpaced or disrupted from within. To stay competitive and resilient, CIOs must tackle both visible challenges and...