Insurable Interest Canadian Insurance Blog

Toronto, ON (Oct. 16, 2023) – Severe storms and flash floods that hit parts of Ontario over the summer caused over $340 million in insured losses, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Over $80 million – or close to 25% – of these insured losses went toward replacing or repairing storm-damaged vehicles. “Ontarians once again experienced a summer of severe storms and floods that damaged or destroyed homes, vehicles and businesses,” said Amanda Dean, Interim Vice-President, Ontario, Insurance Bureau of Canada (IBC). “While much of southern Ontario was affected, the Ottawa region was hardest hit by these summer storms, with intense flash flooding, torrential downpours and violent wind gusts. Our member insurers have been on the ground since day one and continue to work with the large number of policyholders whose property was damaged by these events.” “Flooding and severe storms can be costly, stressful and difficult for people who have been affected,” added Dean. “As rebuilding and recovery continue, those who have been impacted can continue to work with their insurance representative. Residents who want to check that they have the coverage they need should contact their insurance representative to ensure they have the...

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...