Insurable Interest Canadian Insurance Blog

Floodbase will integrate 24/7, all-weather synthetic aperture radar (SAR) data into its advanced parametric flood solution through the Capella Space Analytics Partner Program San Francisco, CA (Jan. 23, 2024) – Floodbase, a leading data provider and reporting agent for parametric flood insurance, is pleased to announce a partnership with Capella Space Corp., an American space tech company with data and satellite solutions for government and commercial applications, to bring high-resolution SAR satellite data to Floodbase’s end-to-end solution for parametric flood insurance. This partnership will enable enhanced payout trigger certification of parametric insurance products by capturing the magnitude of flooding at high resolution and regardless of cloud cover. Flood risk is growing due to climate change and other factors. Traditional insurance alone cannot fill the gap, making parametric flood insurance a crucial tool for augmenting flood resilience. Floodbase leverages a variety of datasets to meet the growing needs of the parametric flood market, now enhancing their solution with best-in-class SAR imagery from Capella’s satellite constellation. Floodbase’s multi-sensor fusion approach allows the company to seamlessly add additional sensors for payout trigger certification to optimize policy design for clients. Leveraging Capella’s automated tasking API, Floodbase can quickly task SAR imagery when need at night...

Start Slideshow An annual salary of $100,000 may look high in many parts of the United States, but less so in some of America’s largest cities, after taxes and basic living expenses. New research from GOBankingRates finds that some states take a big bite in taxes, while others do not even apply an income tax, making the $100,000 number vary widely, depending on where the earner lives. To find how far a salary of $100,000 goes in the 50 biggest U.S. cities, GOBankingRates sourced the most populated cities from the U.S. Census American Community Survey.  Researchers also tapped Sperling’s BestPlaces for the grocery, health care, utilities and transportation indexes, and calculated the national average expenditure costs for each category for all individuals, using the Bureau of Labor Statistics Consumer Expenditure Survey. They sourced average rental cost from the Zillow Observed Rental Index and added this figure to the annual expenses to find the total cost of expenses.  Then, using in-house calculations for each city, researchers calculated take-home pay after taxes, and by removing the annual total cost for expenses found the net remainder from a salary of $100,000 as of Jan. 8.  See the accompanying gallery for the 12 most...

Sedgwick launches ‘Connect 2024’ list of major trends and issues Memphis, TN (Jan. 18, 2024) – Sedgwick’s industry experts and thought leaders are committed to keeping our clients informed on emerging challenges, opportunities and industry news. We’re excited to introduce our Connect 2024 list, which highlights major industry trends and issues that employers, carriers, brokers and risk management and human resources professionals should watch throughout the coming year. In 2024, we expect connected conversations to center around key topics related to people, property, brands and performance and our analysis pinpoints opportunities for collaboration across a variety of industries. People: Workforce, consumer experience, health and well-being Every critical decision you make this year will have an impact on people — whether employees, partners, clients, consumers or other constituents. And the needs of these individuals are fundamentally different now than in years past. The workforce is not just changing; it has been transformed. Priorities have shifted; people expect elevated experiences in the workplace and in everyday interactions. Employers are thinking holistically about health and well-being options for their teams, focusing on culture and development, and finding ways to make the workplace more appealing as individuals adapt to new realities. Throughout the year,...

By Mark Breading, ReSource Pro — At ReSource Pro, we talk a lot about the technological innovations underway across the insurance industry. However, the reality remains that many processes continue to involve manual paperwork and legacy systems, leading to reduced efficiencies and increased chances of errors. While carriers have invested heavily in distribution capabilities and enhancing agent-carrier connectivity, many agencies and brokers lag behind. But the tide is changing, with a wide range of solutions – from leads to binding – emerging to streamline the distribution process for agents, brokers, and MGAs. A new research report from ReSource Pro explores today’s distribution technology landscape and spotlights the solutions that can benefit the distribution value chain for agents, brokers, and MGAs. To identify the solutions that will add the most value to their businesses, it is critical for distributors to first identify their top pain points.Pain Points Facing Insurance Distributors Data enrichment represents a significant challenge for agents and brokers. Customers often provide incomplete underwriting information, leaving agents/brokers to fill in the gaps. Data enrichment solutions help fill these gaps. While historically, these solutions have been carrier-centric, many vendors are now extending their offerings to distributors, such as using APIs to...