Insurable Interest Canadian Insurance Blog

Diverse Portfolio of Robust Mobility Solutions, Commitment to Delivering Leading Customer Service and Experience London, UK (Oct. 24, 2023) – Purpose-led and people-first, Enterprise has been moving mobility forward for more than 65 years. Now, as this global leader reaffirms its mobility ambition and looks to partner with others to help shape future experiences, the business is connecting its full portfolio of offerings – car rental, fleet management, flexible vehicle hire, carsharing, vanpooling, car sales, truck rental, vehicle subscription, luxury rental, technology solutions, and more – under a new corporate brand. Introducing Enterprise Mobility™. “Since day one, we’ve been inspired by a bold idea: creating better experiences for how the world moves,” said Enterprise Mobility President and CEO Chrissy Taylor. “This marks the beginning of our next chapter, reinforcing our 90,000-strong global team’s commitment to deliver exceptional service for partners, customers and neighbors – innovating with intention to meet their ever-changing needs.” The motivation behind the shift is to reflect the business’ evolution from a fleet of seven cars, more than six decades ago, to a global network of mobility solutions serving consumers, businesses and governments. “We were founded as a car leasing business and are best known today as...

London, UK (Oct. 24, 2023) – Howden, the international insurance broker, is pleased to announce the creation of Howden Climate Parametrics, a global practice that brings together (re)insurance, climate, and data expertise to focus parametric risk transfer solutions on meeting the escalating demand for climate de-risking capabilities across industries, financial markets and public sector. The practice brings together over 30 specialists from across Howden and the Group’s underwriting business, DUAL, combining climate, analytics and advisory, structuring and placement, (re)insurance, underwriting and capital markets expertise. Co-chairs Philipp Kusche, Global Head of Insurance Linked Securities (ILS), Howden Tiger in New York, and Rowan Douglas CBE, the recently appointed CEO of Howden’s Climate Risk and Resilience team based in London will co-lead the practice. Pioneered in the reinsurance and energy markets, parametric insurance offers pre-determined pay-outs based on specified trigger events. A unique benefit is the speed and transparency of these pay-outs, which is essential for financial institutions looking to hedge exposure to weather, carbon or commodity risks and humanitarian agencies seeking urgent resources after a disaster. Parametrics, often enabled by satellite data, can help provide financial protection in emerging and frontier markets and are fast growing market share. They are well suited...

Amica Mutual Ranks Highest for Second Consecutive Year: J.D. Power 2023 U.S. Auto Claims Satisfaction Study Troy, MI (Oct. 26, 2023) – Long repair shop backlogs and lingering parts shortages have caused the average auto insurance repair cycle time to reach 23.1 days in 2023, up 6.2 days from 2022 and more than double the average repair time in 2021. According to the J.D. Power 2023 U.S. Auto Claims Satisfaction StudySM, that long delay has not adversely affected customer satisfaction. Surprisingly, customer satisfaction with the auto insurance claims process improves this year, thanks to concerted efforts by insurers to carefully manage customer expectations. “It’s really a testament to strong client management processes and improved digital communications,” said Mark Garrett, director of global insurance intelligence at J.D. Power. “Insurers have been able to earn significantly higher auto claim satisfaction scores at a time when costs and rates are rising—even though it’s never taken longer to get a vehicle repaired. Notable, too, is that insurers that have improved the most in overall satisfaction have done so in two key customer areas: showing concern for their situation at the beginning of the process and keeping them informed. Being empathetic toward the customer situation...

Hoboken, NJ (Oct. 26, 2023) – Sfara is pleased to announce the world’s first all-speed crash detection, from zero motion to high speeds, capturing the additional 70% of automobile crashes that other solutions miss. Sfara’s smartphone-based crash detection covers users through the full range of driving conditions, including under 25mph and when a vehicle is not moving. Other solutions either miss or don’t report these incidents because they are unable to reliably perform. This means Sfara’s technology is the only solution on the market that detects the additional 70% of incidents others miss, and works quickly and accurately enough to support programs for both First-Notice-of-Loss (FNOL) and emergency response. Despite conventional thinking, collisions that occur below 25mph are vitally important, given the injuries and the property damages that occur. Government and industry statistics present a startling picture of what occurs on roadways that the others miss. Injury and Damage Facts What occurs under 25mph:     70% of crashes     48% of crashes with injury     22% of crashes with fatalities     20% of crashes occur in parking lots Non-moving vehicle (injury and damage facts)     27% of crashes with injury occur when a vehicle is not moving     11% of crashes with fatalities occur when a...