Insurable Interest Canadian Insurance Blog

Hartford, CT (Mar. 12, 2024) – The insurance industry continues to adapt and find opportunities for technological transformation utilizing Generative AI. Developing and piloting these technologies will require significant investments in time and resources. This will apply upward pressure on expense ratios over the near-term with Generative AI driving the shifts in the type of staff and positions needed to run a modern insurance company. Amidst that background, Conning Insurance Research conducted its Annual Survey of C-suite executives and decision makers on AI adoption in the insurance industry. It published the results in a new study: “Transformative AI Technology: Insights from Conning’s Executive Survey.” “This is our second-year surveying industry executives on technology transformations and this year’s results show 77% of the respondents indicated that they are in some stage of adopting AI as part of their value chain, this is up 16 percentage points from 61% in 2023,” said Manu Mazumdar, a Director and Head of Data Analytics and Insurance Technology in Conning’s Insurance Research group. “Insurers are adapting, developing, and piloting innovative AI applications in pursuit of greater efficiency to drive customer and distributor satisfaction. In addition, insurers have access to a wider and larger selection of data...

Start Slideshow President Joe Biden’s budget proposal — which calls for sweeping tax increases on corporations and the wealthy — is the opening round of a looming tax fight set to consume Washington next year. Congress will be forced into tough negotiations over the future of the tax code, with large portions of former President Donald Trump’s 2017 cuts set to expire at the end of 2025. Many lower- and middle-income households will see a tax increase if lawmakers don’t act, providing motivation for both Democrats and Republicans. Trump has vowed to push for the “biggest tax cuts” ever if returned to power. Biden, meanwhile, is seeking higher levies on large businesses and investors, while preserving some of his rival’s cuts. See the gallery for details on the tax proposals in Biden’s budget request released Monday. (Credit: Shutterstock) Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Start Slideshow

Hub strengthens employee benefits services with acquisition of Zavitz Insurance And Wealth, Inc. in Ontario Chicago, IL (Mar. 6, 2024) – Hub International Limited, a leading global insurance brokerage and financial services firm, is pleased to announce that it has acquired Zavitz Insurance and Wealth, Inc. Terms of the transaction were not disclosed. Located in London, Ontario, Canada, Zavitz Insurance and Wealth provides group employee benefits, living benefits and life insurance services, and financial and retirement planning to clients in the region and across the country. President Terry Zavitz, Vice President Justine Zavitz and the Zavitz Insurance and Wealth team will join Hub Ontario. Zavitz Insurance and Wealth will be referred to as Zavitz Insurance and Wealth, 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...

Toronto, ON (Mar. 11, 2024) – To mark Fraud Prevention Month, CISRO is encouraging consumers to do their due diligence when shopping for insurance. Fraud Prevention Month is a national awareness initiative held each March that aims to empower Canadians by providing information they need to recognize, reject, and report fraud. In 2022, the Canadian Anti-Fraud Centre (CAFC) received more than 50,000 fraud reports involving over $400 million in reported losses. “When it comes to detecting fraud, the old adage ‘if it sounds too good to be true, it probably is,’ can be a guiding principle. It can also apply to shopping for insurance” says Patrick Ballantyne, CISRO Chair. “Licensing adds a layer of protection by requiring applicants to meet certain education requirements and provide criminal background checks. Checking whether your agent and broker are licensed is a simple first step you can take to protect yourself” adds Ballantyne. Some red flags to be aware of when comparing insurance providers are significant discounts on insurance premiums and requests to pay premiums by alternative payment methods such as cryptocurrency, money wiring, or gift cards, and unlicensed providers. Insurance policies should only be purchased through licensed agents or brokers or directly from...