Insurable Interest Canadian Insurance Blog

Ottawa, ON (Jan. 22, 2024) – A new survey of 1,500 Atlantic Canadians, conducted by Pollara Strategic Insights, found that 71% of respondents support the federal government’s introduction of a national flood insurance program. Insurance Bureau of Canada (IBC) commissioned the survey to gauge interest in a high-risk flood protection insurance solution through a partnership between governments and the property and casualty insurance industry. The results from the survey are clear, with the majority of Atlantic Canadians calling for the federal government to act on flood protection. The program would protect Canadians from flood risk with little or no additional cost to governments, as homeowners at high risk would be able to purchase affordable flood coverage rather than receive limited, unpredictable and taxpayer-funded disaster financial assistance. As demonstrated with similar programs in the U.K., U.S. and France, this approach to flood recovery is more cost-effective and addresses the financial and emotional toll of disasters on Canadians. “After recent catastrophic events such as Hurricane Fiona in 2022, flooding has devastated communities across Atlantic Canada. Yet the residents at greatest risk continue to be unable to obtain affordable flood insurance,” said Craig Stewart, Vice-President, Climate Change and Federal Issues, IBC. “IBC understands...

Constrained by ageing technology, London Market brokers will upgrade their core technologies in 2024 to comply with CDR and Blueprint 2.0 regulations London, UK (Jan. 30, 2024) – Three-quarters (75%) of insurance organisations worldwide are preparing to implement new core insurance management platforms in the next two years. In the London market, this timeframe is being accelerated to 2024 due to the arrival of Blueprint 2.0 – one of several key findings in a comprehensive new global report commissioned by Novidea, creator of the cloud-based, data-driven insurance management platform for brokers, agents, MGAs/MGUs, carriers, and wholesalers. Currently, just 13% of UK brokers say they are ‘very ready’ to meet the standards needed to match new regulation and requirements surrounding upcoming Core Data Record (CDR) and Blueprint 2.0 developments. The report, Legacy Out, Digitalization In: The State of Modern Insurance Technologies 2024, is based on data collected in a 2023 survey of 330 full-time, C-level insurance leaders across eight countries. The research underscores the struggle insurance organisations face with ageing, disparate technology that is difficult to manage, scale, and leverage to meet digital transformation needs. The average organisation manages six different insurance technology systems, and the average age of these systems...

Calgary, AB (Jan. 30, 2024) – Acera Insurance Services Ltd. is pleased to welcome its newest partner, KRS Insurance Brokers Ltd. Based in Newmarket, Ontario, KRS Insurance has been providing industry-leading coverage for pet care and beauty service professionals across Canada for more than 20 years through its well-established PROfur and PROtique programs. “I’m pleased to welcome this highly specialized team to Acera Insurance,” says Bruce Rabik, Chief Operating Officer, Acera Insurance. “This partnership demonstrates our commitment to expanding not only the industries we serve across Canada, but also our team’s depth of knowledge and expertise.” As the largest independent, employee-controlled brokerage in Canada, Acera Insurance offers the utmost certainty in the specialized personal insurance, commercial insurance and group benefits solutions it provides. “By partnering with Acera Insurance, our team looks forward to further enhancing and expanding the distinct coverages and services that Canadian pet care and beauty service professionals rely on,” says Chris Ingoe, President, KRS Insurance Brokers, which operates under the PROfur and PROtique brands. This partnership will serve the evolving needs of the growing pet care and beauty service industries across Canada. According to Statistics Canada, there were more than 4,600 Canadian businesses in the pet care...

By Heather Turner, ReSource Pro — The Consumer Electronics Show (CES) has long been a beacon for groundbreaking innovations, showcasing the latest advancements in technology across various industries. This year was no different, but one topic stood out in particular. A major focus at CES 2024 was the new technologies addressing human security needs, from personal health and public safety to agriculture and economic stability. In fact, the Consumer Technology Association (CTA), the organization behind CES, is a partner in the Human Security for All (HS4A) global campaign, which aims to cultivate collaboration and innovation across all industries and countries to improve the human experience. Aligned with this initiative, the 2024 event showcased many solutions to help individuals, businesses, and governments create safer and more sustainable living for all. Here are a few notable examples: Digital Health: The convergence of technology and healthcare was evident in the selection of personal health monitoring devices at CES. Exhibitors highlighted wearables capable of tracking vital signs, monitoring sleep patterns, and even detecting potential health emergencies, which can help to save lives, as well as reduce costs. There were also technologies that provide individuals with greater access to care and more control over their...

CBN Announces 2024 Membership Expansion with Addition of its Newest Member Toronto, ON (Jan. 10, 2024) – Canadian Broker Network (CBN), Canada’s leading network of independent insurance brokers, is pleased to announce its continued 2024 expansion as it welcomes two new members from Manitoba and Quebec. Kilgour & Bell Insurance, Winnipeg, MB “We look forward to the new opportunities that CBN will provide and the chance to collaborate with our talented counterparts across Canada to further the success of the independent broker community”, says Joel Davison, President of Kilgour Bell Insurance. OVC Assurance, Saint-Hubert, QC “We are proud to be a part of a solution-oriented group that shares the desire to improve the industry”, says Hugo Lamarre, Marketing Director at OVC Assurance. “We have witnessed many great ideas from the other members and are committed to contributing to the group with our own expertise”. As new members in our network, they get the power and potential from their CBN peers, their new strategic partners. “We are excited to welcome both organizations to our expanding CBN community”, says Andrew Kemp, Chairman of CBN. The Canadian Broker Network is continuing with its growth plans. “If you’re an independent broker looking for a...