Insurable Interest Canadian Insurance Blog

Commercial Property offering expands to include access to Legal Assistance services, Legal Expense Insurance for select policyholders Toronto, ON (Nov. 29, 2023) – Echelon Insurance, a leading Canadian Specialty insurer, and a member of the CAA Club Group family, is now providing its Commercial Property customers with on-demand access to Legal Assistance services and select policyholders with Legal Expense Insurance for unexpected legal events. The insurer has partnered with Toronto-based ARAG Legal Solutions Inc., part of the ARAG Group, the global leader in legal expense insurance (LEI) with over 85 years of experience in and currently active in 19 countries – including Canada, the USA, and Australia. “We understand that legal challenges can significantly impact a company’s operations and bottom line, and our goal is to address those risks proactively,” said Jamal Madbak, Vice President of Commercial Lines, Echelon Insurance. “We are pleased to expand our Commercial Property insurance offering and reinforce our commitment to helping protect Canadian businesses from all angles.” Echelon Commercial Property policyholders have unlimited access to a general legal helpline, through which they will receive confidential general legal assistance and information over the phone relating to any legal problem affecting their business. Policyholders will also have...

Swiss Re Institute sigma 6/2023 – Risks on the rise as headwinds blow stronger Total premium growth is forecast at 2.2% annually on average for the next two years, higher than the average of the past five years (2018–2022: 1.6%) With investment returns increasing and hard market conditions continuing, the insurance industry further improves profitability Geopolitics take dominant role in driving economic environment with global real GDP growth at 2.2% for 2024, down from a 2.6% estimate for 2023, before a revival to 2.7% in 2025 Inflation and interest rates in developed markets expected to stay higher in the next decade with global inflation forecast to moderate to 5.1% in 2024 and 3.4% in 2025 Armonk, NY (Nov. 21, 2023) – After a resilient 2023 powered by strong US economic growth, the world economy is expected to slow by 0.4 ppts. to 2.2% real GDP growth in 2024. Major economies are diverging with the US continuing to grow, Europe stagnating and China grappling with structural domestic growth challenges. The conflict in the Middle East is heightening risks to the macroeconomic outlook. According to the latest sigma report, the global insurance industry’s strengthening financial position offers welcome reinforcement against elevated macroeconomic...

Toronto, ON (Nov. 30, 2023) – CSIO congratulates Northbridge Insurance for being the first member to earn CSIO’s Application Programming Interface (API) Security Standards Certification. With this Certification, Northbridge has shown its commitment to being an effective and efficient API partner by implementing CSIO’s API Security Standards and applying industry security practices for business transactions. CSIO’s INNOTECH Advisory Committee and its API Security Working Group, comprised of member companies, published the industry’s first API Security Standards. In doing so, they provided insurers and broker management systems (BMS) vendors with a standard authentication and authorization API model. When insurers and BMS vendors implement these Standards, they confirm that brokers have adequate levels of security before they’re authenticated and authorized to log into insurers’ systems and their BMS. Northbridge Insurance achieved this Certification by confirming alignment with CSIO’s API Security Standards and demonstrating that they mitigated all security concerns, specifically for API endpoint security. Brokers can rest assured that by accessing an API endpoint, such as obtaining a quote, their data and credentials are safe with the insurer. This Certification demonstrates that Northbridge Insurance is security-focused and committed to protecting clients’ information by complying with the industry’s API Security Standards. By implementing...

35% of Canadian business leaders say they operate in a high-risk environment, up from 20% last year 12% of business leaders said they are less resilient to risks impacting their business than a year ago, rising to almost a third (32%) for business interruption risks specifically 29% of Canadian firms feel unprepared to deal with climate risks and disruptive technologies such as artificial intelligence Toronto, ON (Nov. 21, 2023) – Beazley, the leading specialty insurer, has published published its first Canada Snapshot report – Risk & Resilience in a Time of Change. The report based on Beazley’s 2023 Risk & Resilience research shows how Canadian business leaders’ perceptions of business risks in areas such as cyber, technology, and ESG are changing rapidly. As firms across Canada find themselves exposed to an increasingly challenging macroeconomic backdrop driven by high interest rates, 35% of Canadian business leaders say they operate in a high-risk environment, increasing from 20% in 2022. This perception is set to rise to 37% in 2024 as recessionary fears have grown among the G7 country’s leading economists. New challenges emerge for Canada’s business leaders In an increasingly uncertain business environment, firms in Canada are grappling with a new set...