Insurable Interest Canadian Insurance Blog

Howden launches world-first insurance innovation hub with £500m of delegated underwriting capacity London, UK (Oct. 15, 2023) – Howden, the international insurance broker, is pleased to announce it has launched Howden Ventures, subject to Lloyd’s approval, with £500m of delegated underwriting capacity, to create an investment and risk incubator that will fast-track insurance product development. Howden Ventures will draw expertise and resources from specialist innovation teams across the global insurance market. The platform includes a world-first delegated underwriting authority, backed by leading Lloyd’s underwriters, including Tokio Marine Kiln, Chaucer, and Liberty Specialty Markets that provides £500m of syndicated underwriting capacity to support the development of new insurance solutions. As new funding for the global insurtech sector continues to fall following the collapse of Silicon Valley Bank, Howden Ventures has initially committed £10m of new funding to the sector, with a view to support at least five new startups over the next two years. By bringing together funding, underwriting capital, expertise, governance and distribution all in one place for the first time, Howden Ventures will create an end-to-end platform and commercial solution that accelerates new product development and insurance innovation. As the UK government moves forward with its planned Solvency II...

Boston, MA (Oct. 18, 2023) – Carriers are prioritizing profitability, especially when it comes to fostering innovation, according to Insurance Operations in a Changing Industry, a new study by Earnix, the global provider of intelligent SaaS solutions for insurers and banks. The survey of 400 insurance executives provides insight into how carriers can compete and win in the rapidly changing industry. Among the key findings are that 48 percent of participants reported they are prioritizing profitability, as opposed to 13 percent who stated growth metrics take precedence. With nearly four times as many executives elevating profit margins, it’s not surprising that 28 percent of C-suite executives reported “dealing with macroeconomic factors,” is a top focus. Economic impacts of inflation, interest rates, supply chain breakdown, and similar factors will persist. To succeed, carriers must adopt new technology. Innovative approaches designed to create more effective rating and pricing strategies will enable insurers to thrive today and tomorrow. The insurance industry is infamously slow to adopt new technology. Still, an average of 38 percent of participants reported that changing industry regulations will require them to consider new tools or technology like AI, machine learning, personalization, dynamic pricing, and predictive analytics. Nearly all respondents...

Toronto, ON (Oct. 16, 2023) – The Toronto Police Service (TPS) and the Ontario Provincial Police (OPP) are pleased to announce the creation of a Provincial Carjacking Joint Task Force (PCJTF), aimed at addressing the rising incidents of violence related to auto crimes in our communities. Whether it be a carjacking, a home invasion, an assault, or other form of intimidation, the level of violence being used in the commission of these offences represents a new and evolving threat to public safety. Co-led by TPS and the OPP, the task force is a collaboration between police services from across the Greater Toronto Area (GTA), including York Regional Police (YRP), Halton Regional Police Service (HRPS), Durham Regional Police Service (DRPS), Peel Regional Police (PRP) and other external agencies, including Criminal Intelligence Service of Ontario (CISO). The purpose of the PCJTF is to disrupt the networks responsible for high-risk auto thefts, which increasingly involve violence, firearms and other weapons. Members of the task force will work collaboratively to maximize enforcement efforts against criminal organizations involved in violent vehicle crimes who are operating within the GTA. The PCJTF will be notified of violent auto crime occurrences taking place in each jurisdiction, which will...

Study finds more than 80% of Canadians say they are concerned about community safety due to the auto theft crisis, while the number of stolen vehicles continues to increase after historic highs in 2022 Vancouver, BC (Oct. 13, 2023) – Équité Association has released its First Half of 2023 Auto Theft Trend Report and it is clear that Canada’s auto theft crisis is getting worse. Furthermore, according to a recent survey, the continued rise in auto theft is having a significant impact on Canadians’ sense of safety. The survey, which was conducted among members of the Angus Reid forum in September 2023, found that: 84% of Canadians say the rise in auto theft makes them concerned about the increase in crime in their community 69% say the rise in auto theft makes them concerned about their personal safety and/or the safety of their family 65% say that government, auto manufacturers, law enforcement and the courts need to work together to fix this issue “Canadians are feeling vulnerable,” said Terri O’Brien, President & CEO of Équité Association. “The majority of Canadians are clearly worried about how this alarming increase in auto theft will impact the crime rate in their communities, and they are especially concerned for their...

Start Slideshow The Halloween season has once again arrived. While many people will say their biggest fear this year is not finding the perfect costume or eating too much candy, for many late-career Americans, there is another frightening specter to grapple with this fall season: their lack of retirement preparedness. In fact, for many workers both young and old, the association between retirement planning and a vague but persistent feeling of dread is all too real. In a world where pension plans are in decline and there are big questions about the future of Social Security, much more pressure is being put on the shoulders of individuals to provide for themselves during life in retirement — and workers are feeling the pressure. The good news is that Americans have an increasingly diverse set of retirement investing tools and services to rely on, and those who commit to retirement savings early and persistently stand at least a decent chance of achieving a dignified retirement. Still, there is no doubt that Americans are worried about retirement and the possibility of running short of money at a vulnerable time, when returning to work is scarcely possible. See the accompanying slideshow for 13 scary...