Insurable Interest Canadian Insurance Blog

Start Slideshow To anyone who wasn’t already aware, the pandemic made it abundantly clear that Americans need more affordable, quality health care. But finding good health care at the right price point in the U.S. is not easy, as personal finance website WalletHub highlights in a new report. Citing the Centers for Medicare & Medicaid Services, WalletHub noted that the average American spends $12,914 a year on personal health care. Worse, Kaiser Family Foundation research showed that higher medical costs do not necessarily produce better outcomes. WalletHub asked several experts what they consider the major issues facing U.S. health care in 2023. “We do not like to use the word ‘ration’ in the U.S. to refer to health care, but that is what effectively happens: we ration health care to those who can afford it,” said Betsy Cliff, a public health sciences assistant professor at the University of Chicago. For Sarah Ahmed, an assistant professor at Providence College, the major issues are a need for more transparency from hospitals on the cost of medical bills and a check on the lobbying powers of stakeholders who obstruct legislation to make health care more accessible and equitable. Karen Ladin, an associate professor at Tufts University,...

Global insured losses from natural catastrophes at USD 50 billion (H1 2022: 48), second highest since 2011 US thunderstorms main driver of global insured losses from natural catastrophes, well above ten-year average February earthquake in Turkey and Syria single costliest disaster both in terms of economic and insured losses New York, NY (Aug. 9, 2023) – A series of widespread thunderstorms (severe convective storms) hit the US and account for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils. Martin Bertogg, Head of Catastrophe Perils at Swiss Re, said: “With severe thunderstorms as the main driver for above-average insured losses in the first half of 2023, this secondary peril becomes one of the dominant global drivers of insured losses. The above‑average losses reaffirm a 5 – 7% annual growth trend in insured losses, driven by a warming climate but even more so, by rapidly growing economic values in urbanized settings, globally. The cyclone and flood events in New Zealand in the first quarter of 2023 are testimonies of the risk to today’s large urban centres, continuing patterns observed in 2021 in the Germany flooding, and in 2022 in Australia and South...

New report – a collaboration between Gallagher Re, Gallagher and CB Insights – reveals the general downturn in investing from 2021 has not only funneled a market correction but has forced a change of makeup in InsurTechs themselves Rolling Meadows, IL (Aug. 3, 2023) – Gallagher Re is pleased to announce the release of its Q2 2023 Global InsurTech Report. In this report, we review global InsurTech funding and investment quarter over quarter. We continue our focus for the 2023 series on the lifecycle of InsurTech funding, with this report spotlighting early-stage acceleration [Series A]. Since the height of InsurTech investing and valuations, we’re now experiencing a very healthy inflection point focusing on sustainability, which is reflected by a downturn of speculative investment capital. InsurTechs that focus on clear commercial outcomes are gaining more traction than those trying to offer their technology (only) as a product. Key Findings for Q2 Global InsurTech funding fell 34.0% quarter on quarter, from $1.39 billion to $916.71 million. Companies raising capital within the early-stage acceleration category raised $134.49M — or 14.7% of total InsurTech funding. Q2 23 saw 43 corporate InsurTech investments from (re)insurers, of which 34.9% were directed toward US-based InsurTechs — more...

London, ON (Aug. 8, 2023) – Cognition+ is pleased to announce the successful launch of its Broker Connectivity solution with seven mutual insurance carriers. Leading insurance carriers and MGAs that run their business on the Cognition+ Insurance Platform are able to support their Broker partners with new, direct connectivity solutions.  Transactions for Policy Inquiry, Billing & Claims Inquiry, as well as Quote and New Business Upload for select personal lines business within Applied Epic®, Acturis Power Broker or Vertafore SIG™ are fully supported. Cognition+ has partnered with 3Tree Inc. to provide a simplified implementation that leverages APIs to communicate between platforms and aligns with the data exchange principles advocated by IBAC and CSIO. A significant benefit of this approach is the ability to quickly add additional carriers and support for other broker management systems by leveraging the Cognition+ Platform APIs. While the initial launch covers high-frequency transactions for personal lines, Cognition+ and 3Tree will continue to deliver additional value including: Connection to leading Comparative Rating systems Commercial, Farm, IRCA New Business Quote and Upload First Notice of Loss Policy Change The Cognition+ Platform will fully support Brokers and Agents within their BMS, while providing direct access for Agents who do...

by Tracey Malcolm , Max Fogle & George Zarkadakis, WTW — With applications of artificial intelligence technology spreading throughout the insurance industry, fresh approaches to job design, talent acquisition and training are needed to take full advantage Cost containment or reduction is a constant challenge for insurers, particularly in light of recent inflationary pressures. Innovation is key to unlocking unmet markets and better meeting customer demands economically – not only in how carriers use emerging technology, such as AI, but in who (or what) does the work in a hot talent market where certain skills are in high demand. Already we see many insurers moving toward more digital business models to position themselves for future success. And whether through deploying advanced technologies, creating an enhanced customer experience, or delivering transparent communications around key topics such as the use of AI in their businesses, key work and talent strategies are essential accompaniments and drivers of success. The irony of technology delivering the human connection A central feature of those strategies is finding an operationally and cost-effective balance between technology and people. For example, a key emerging customer experience trend has been keeping humans in the center of the service. It’s no...

Brokerlink Announces Key Deal To Scale To New Heights In Alberta Toronto, ON (Aug. 8, 2023) – BrokerLink continues investing in local Canadian communities with its latest acquisitions of Alberta-based Vegreville Insurance Ltd. (“Vegreville Insurance”) and two Ontario-based brokerages, Rick Beer Insurance Inc. (“Rick Beer Insurance”) and AAimsafe Inc. (“AAimsafe Insurance”), all of which closed August 1. Vegreville Insurance, established in Vegreville, AB Since 1971, Vegreville Insurance has helped protect customers by offering expert advice and a variety of coverage options for home, auto, business, farm and life insurance. “We’ve been dedicated to helping our customers protect what matters to them most, while providing the best service possible,” says Vegreville Insurance president, Michael Webb. “We trust that BrokerLink will continue delivering customized insurance solutions, while providing our team members with access to technology, and the resources necessary to elevate the customer experience.” Rick Beer Insurance, located in Brockville, ON Founded in 2018, Rick Beer Insurance has offered home, auto, tenant, business, marine, farm and pet insurance to its valued customers in Brockville and the surrounding areas. AAimsafe Insurance, based in Mississauga, ON For 15 years, AAimsafe Insurance has proudly served Mississauga and the surrounding areas, helping customers find coverage for...