Insurable Interest Canadian Insurance Blog

Top-of-mind concerns include climate-related property damage, economic instability and potential for ruinous lawsuits New York, NY (Dec. 19, 2023) – A new survey from Chubb finds that more than three-quarters of wealthy Americans and Canadians believe damage from severe weather stemming from climate change poses the biggest threat to their home. That’s among the key findings of the inaugural Wealth Report from Chubb, which gauges perceptions of affluent people about their passions, mindset about wealth and the risks they face in protecting what matters most to them. “The Wealth Report provides an insightful lens into the concerns and pressures the affluent are facing. It shows a shift in how they value and invest their wealth, who they seek advice from to protect it and what keeps them up at night,” said Ana Robic, Chubb Division President, North America Personal Risk Services. The key findings are based on a survey of 800 high-net-worth (HNW) individuals in the U.S. and Canada. The survey was conducted by iResearch Services on behalf of Chubb and has a margin of error of +/- 4%. Building wealth is more challenging than ever before. Two out of three (66%) affluent Americans and Canadians say it’s more challenging to...

Google Cloud will provide AI managed services to scale generative AI, including deployment of Gemini, Google’s newest and most capable model New York, NY (Dec. 19, 2023) – McDonald’s Corporation and Accenture have announced an expansion of their strategic partnership to help execute McDonald’s strategy to leverage the latest edge technology and apply generative AI solutions across its restaurants worldwide to improve operations as well as customer and crew experience. Through this work, McDonald’s also will enhance the digital capabilities of its employees. This partnership will help support McDonald’s technology strategy which aims to leverage scale and unlock greater speed and efficiency for customers, restaurant teams, and employees. This includes the acceleration of automation innovation from equipment manufacturers, allowing restaurant general managers to quickly spot and enact solutions to reduce business disruptions, ultimately reducing complexity for restaurant crew and leading to customer benefits such as hotter, fresher food. This phase of innovation is also designed to build an even stronger technology team at McDonald’s. Accenture will help train and support McDonald’s global workforce by using Accenture’s learning and development programs, online training courses and boot camps for emerging talent to ensure the workforce has the AI, data and edge computing...

Wildfire-Ready: Practical Guidance to Strengthen the Resilience of Canadian Homes and Communities Waterloo, ON (Dec. 18, 2023) – In 2023, Canada experienced a wildfire season of unprecedented scale, shattering the previous record set in 1995 by twofold, and contributing to insurable losses estimated to exceed $3 billion (according to CatIQ).  Fires burned 18.5 million hectares — three times the size of Nova Scotia, and eight times greater than the average annual area burned over the past 25 years. Smoke and flames triggered the evacuation of 200,000 residents and ignited nation-wide calls for large-scale investment in preventative action to create wildfire-ready homes and communities. A new report, by the University of Waterloo’s Intact Centre on Climate Adaptation, offers practical guidance to help Canadians living in forested and grassland regions to follow well-tested actions that can reduce the risk of their home burning by up to 75 per cent. The report consolidates two plain language, image-based infographics, designed to accelerate implementation of practical actions. Three Steps to a Cost-Effective FireSmart Home is a step-wise guide to upgrade homes to resist wildfire.  Initiatives can include storing wood away from the house and removing shrubs and other flammable material abutting the foundation.  More complex...

Swiss Re acquires Fathom, a UK-based company, specialising in water-related risks under current and future climate scenarios Fathom’s well-established research activities complement Swiss Re’s capabilities in the field of data modelling and risk knowledge to address the protection gap for natural catastrophes, such as floods Retaining its own brand, Fathom will work closely with Swiss Re’s Reinsurance Solutions division to further develop and distribute its innovative flood and climate risk data, maps, and models Armonk, NY (Dec. 21, 2023) – Swiss Re is pleased to announce that it has acquired Fathom, a leading provider of water risk intelligence and flood models, based in Bristol, UK. Through this transaction, Swiss Re’s Reinsurance Solutions division gains valuable expertise and a robust set of products, complementing its own data and risk capabilities in the field of flood perils – a major driver for constantly rising losses from natural catastrophes globally. Russell Higginbotham, CEO of Swiss Re Reinsurance Solutions, said: “We are very pleased to join forces with Fathom in our quest to narrow the protection gap for natural catastrophe risks, such as floods. Fathom’s market-leading research and innovative tools in this area create great synergies with Swiss Re’s risk knowledge and digital capabilities....

Hub International strengthens employee benefits capabilities with acquisition of Alberta-based JRP Financial Services, Inc. Chicago, IL (Dec. 18, 2023) – Hub International Limited (Hub), a leading global insurance brokerage and financial services firm, is pleased to announce that it has acquired JRP Financial Services, Inc. (JRP). Terms of the transaction were not disclosed. Located in Calgary, Alberta, Canada, JRP is an independent benefits brokerage firm specializing in employee benefits, pension planning and human resources. Jason Conley, Benefits Consultant, Lise Gaudreau, Client Relations Specialist, and the JRP team will join Hub Prairies. JRP will be referred to as JRP Financial Services, a Hub International company. About Hub’s M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and product expertise. For more information on the Hub M&A experience. For more information on the Hub M&A experience, visit WeAreHub.com. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 16,000 employees in offices located throughout North America, Hub’s vast network of specialists brings clarity...

Start Slideshow The U.S. population is growing older: In 2017, the Census Bureau predicted that the number of Americans 65 and older would nearly double to 95 million by 2060. Many people look forward to their proverbial golden years, but for vulnerable older Americans, this period can devolve into a nightmare of physical, emotional, sexual or financial abuse, and, sometimes, a combination of these behaviors. It behooves advisors and client-facing associates to be on the lookout for indications that older clients may be at risk of financial abuse. Firms can establish risk-management policies and procedures for dealing with these sensitive situations. The personal finance website WalletHub brings this critical issue to the fore by comparing elder-abuse protections across the United States. Its dataset ranges from the volume of elder-abuse, gross-neglect and exploitation complaints to states’ laws dealing with financial elder abuse. “Falling prey to financial abuse can have dire consequences for anyone, but our older population is particularly susceptible,” WalletHub analyst Cassandra Happe said in a statement. “Abuse can greatly impact their ability to afford basic necessities, especially since many seniors are on a fixed income.” The Federal Trade Commission recently reported that older adults reported losing more than $1.6...

Start Slideshow If we thought 2023 would be a year of normal travel after a prolonged period of disruption and uncertainty, boy, were we wrong. Still, amid all of this year’s natural disasters, social unrest and geopolitical conflicts, hotels reclaimed their ability to serve as beacons of pure comfort: They largely overcame the labor and supply chain crises and returned to full-service operations. They again became capable of making us feel pampered and truly cared for during challenging times. And in fact, with 2023 also seeing the first-ever editions of the World’s 50 Best hotels list and a similar ranking by La Liste — each recognizing the industry’s global hospitality standard bearers — discussions about hotels this year were often celebratory. We certainly paid a pretty penny for that service, as nightly rates continued to soar to previously unthinkable heights. Here are the top five places I stayed this year — and the details that made them worth the (sometimes eye-popping) price tags. I think it’s no surprise that my top two were the ones I got to share with both of my kids: Family always makes a place that much sweeter. (The author is Bloomberg News’ travel czar and...