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Équité Association Releases Annual List of the Top 10 Most Stolen Vehicles in Canada 0

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Équité Association Releases Annual List of the Top 10 Most Stolen Vehicles in Canada

Is your car on a thief’s shopping list? For the first time, Équité also announces the Top 10 Least Stolen Vehicles in Canada Toronto, ON (Nov. 14, 2023) – Équité Association, a not-for-profit working to eradicate insurance crime on behalf of the Canadian property and casualty (P&C) insurance industry, has released its annual Top 10 Most Stolen Vehicles in Canada. The #1 most stolen vehicle in Canada of 2022 was the Honda CR-V, for the second year in a row. Notably, nine of the most popular model years stolen are 2019 or newer as criminals aim to maximize their profits by stealing newer vehicles to sell overseas or by re-VINing them to deceive unsuspecting Canadian buyers domestically. Auto thefts in 2022 reached historical highs, with Ontario increasing by 48% and Quebec up 50%, putting Canada in the spotlight internationally as a source country for illegal trade. Vehicles are being stolen by both domestic and international criminal organizations, with proceeds funding domestic drug trafficking, and international terrorism. “Canadians expect to see a collaborative approach to combatting this urgent and continuing national auto theft crisis,” said Terri O’Brien, President & CEO of Équité Association. “On behalf of our insurance industry members, we...

Detection and response tools increasingly important as cyber claims surge: Allianz 0

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Detection and response tools increasingly important as cyber claims surge: Allianz

Cyber Security Trends 2023 Ransomware incidents rising again as criminals use data exfiltration and supply chain attacks to maximize their leverage. Allianz Commercial analysis of large cyber losses shows the number of cases in which data is exfiltrated is soaring, as is the number of incidents becoming public. Cyber breaches that are not detected and contained early can be 1,000 times more expensive than those that are. Companies’ cyber security priorities should include bolstering their detection and response capabilities. Boston, MA (Oct. 30, 2023) – Following two years of high but stable loss activity, 2023 has seen a worrying resurgence in ransomware and extortion claims as the cyber threat landscape continues to evolve, Allianz Commercial warns in a new report. Hackers are increasingly targeting IT and physical supply chains, launching mass cyber-attacks, and finding new ways to extort money from companies, large and small. Most ransomware attacks now involve the theft of personal or sensitive commercial data for the purpose of extortion, increasing the cost and complexity of incidents, as well as bringing greater potential for reputational damage. Allianz Commercial analysis of large cyber losses shows the number of cases in which data is exfiltrated is increasing every year –...

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New Tax Credit Boosts Appeal of Used Electric Cars

What You Need to Know While used car prices have fallen recently, they remain much higher than before the COVID-19 pandemic. Those considering a purchase may be interested in available tax credits on used cars that qualify as “clean” vehicles. Electric vehicles, plug-in hybrid electric vehicles and fuel cell vehicles may all qualify, but the car and the car’s buyer must also satisfy certain requirements. The price of used cars is falling across the board.  According to some estimates, used car prices are about 8% lower today than a year ago. Still, prices remain much higher than before the COVID-19 pandemic.  That means that clients who are considering a used car purchase may be particularly interested in learning more about available tax credits that can serve to reduce the price of used cars that qualify as “clean” vehicles.  Electric vehicles, plug-in hybrid electric vehicles and fuel cell vehicles that meet certain standards may all qualify the buyer for a tax credit under IRC Section 25E. However, both the vehicle and the vehicle’s buyer must satisfy certain requirements to qualify for the credit in the first place. Section 25E: The Basics The Inflation Reduction Act of 2022 created a new tax credit...

Global InsurTech investment surpasses $1 billion in Q3: Gallagher Re 0

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Global InsurTech investment surpasses $1 billion in Q3: Gallagher Re

Gallagher Re Global InsurTech Report for Q3 2023 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 Q3 report spotlighting mid-stage expansion funding into InsurTechs. Rolling Meadows, IL (Nov. 2, 2023) – Gallagher Re is pleased to announce the release of its Q3 2023 Global InsurTech Report. Moving through this crucial inflection point of global InsurTech, from phase one the ‘great experiment’, into phase two sustainable, profitable business outcomes, we now see in the third quarter of 2023 some thought-provoking examples of what this change looks like, for both InsurTechs and investors. Key Findings for Q3 2023 Global InsurTech funding increased 19.8% quarter on quarter, from $916.71 million in Q2’23 to $1.098 billion in Q3’23. Early-stage InsurTech funding increased 24.7% quarter on quarter, from $216.05 million to $269.45 million. Q3’23 saw average InsurTech deal sizes dip to a six-year low. Deal share for US-based InsurTechs at the highest level since Q1’20. 15.1% of all Q3’23 InsurTech deals were in the mid-stage expansion category, which is less than long-term InsurTech trends. The majority of tech investments from (re)insurers were early stage...

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Holding Company for American Southern Reports Improved Net Earnings for Q3

Article 0 Comments Atlantic American Corp., the holding company for property/casualty insurer American Southern Insurance Co., Bankers Fidelity Life, and an employee benefits unit, this week reported third-quarter net income of $1.8 million, an improvement over the same period a year earlier. It posted revenue of $44.6 million in the period. The corporation noted in its third-quarter filing with the U.S. Securities and Exchange Commission that its property and casualty premiums were $16.6 million, down slightly from $17.6 million for Q3 2022. American Southern, which concentrates in commercial auto liability and general liability coverage, saw a healthy combined ratio of 98%, which was up slightly from the previous year. “We are delighted with the improvements in net income for each of the quarter and year-to-date period,” CEO Hilton Howell said in a statement. “Although our revenue numbers are off slightly compared to prior year, operating income remains quite strong for 2023.” Atlantic American is traded on the Nasdaq stock exchange under the symbol AAME. Topics Profit Loss Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what...

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7 Things Annuity Executives Said About Q3

Equitable CEO Mark Pearson expressed satisfaction with profit margins in the RILA market, in spite of reports of new players jumping into that market. “It’s still the case that it’s sort of eight players in the market there against nearly 50 players in the fixed annuity market,” Pearson said. Equitable has heard of the new entrants, “but, at the moment, we don’t see them,” Pearson said. “Pricing remains very, very strong.” 5. Some companies still like the market for multi-year guaranteed annuities. Earlier this year, some executives at insurers and insurance company owners seemed to imply that the market for annuities that guarantee a fixed rate of return for a specified number of years was too competitive. This quarter, no one had bad things to say about MYGA contracts, and Charles Lowrey, the CEO of Prudential Financial, noted that his company had introduced the Wealth Guard MYGA contract. 6. Insurers seem to be comfortable with surrender levels. In the past, rapid increases in interest rates have caused consumers to trade fixed products with low rates for variable products or for fixed products with higher rates. In some cases, those kinds of asset flows have caused problems for financial services companies....

Solving for ‘X’: The Why of Embedded Insurance in Vertical Industries 0

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Solving for ‘X’: The Why of Embedded Insurance in Vertical Industries

By Paul Prendergast, CEO & Co-Founder, Kayna — Embedded insurance is one of the fastest-growing digital distribution methods in property and casualty insurance and is forecast to reach more than USD$722 billion in gross written premium worldwide by 2030. There is a fundamental reason for this tremendous growth. The embedded channel is an innovative way to reach a segment that has been notoriously challenging to serve through traditional distribution. Small and medium-size businesses (SMBs) have long been considered a high-growth market for the insurance industry, not only for the sheer number of such enterprises but also because of the diversity of industries and risk profiles that SMBs represent. Why has profitable growth in this segment been elusive? A big part of the challenge is structural. The insurance industry simply is not built to distribute products that meet both the needs of SMBs and the objectives of underwriters. Servicing SMB accounts consumes substantial amounts of time for agents and brokers, while the data that underwriters require to make informed pricing decisions on such accounts is lacking. A “one size fits all” approach for SMBs inevitably results in greater risk and missed opportunities for the insurance industry: 40% of SMBs in the...

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Ohio Court Revives Dog Bite Injury Claim Against Insurer Due to Ambiguous Policy Exclusion

Article 0 Comments An Ohio appellate court revived a dog bite injury claim against an insurer after finding that the terms of an exclusion in the homeowners’ insurance policy, intended to bar coverage for dogs with a history of violence, may not have done the trick. A panel of the 3rd Appellate District in Allen County ruled Monday that a jury could find the policy provides coverage because of the wording to an exception to the exclusion. The court reversed a decision by Common Pleas Court that granted summary judgment in favor of Grange Indemnity Insurance Co. Matthew Farmwald filed a claim after his dog Caesar bit Shane Hinds, who had been taking care of the dog while Farmwald traveled to Florida with his girlfriend Kelly Wildermuth, who is also Hinds’ mother. Hinds said Caesar bit his nose and right arm while was trying to feed and water the animal. Grange denied the claim and filed a lawsuit seeking a declaratory judgment that its policy excluded coverage for Hinds’ injury. Its policy specifically excluded damages caused by animals that had previously caused bodily injury to any person or animal. Farmwald filed a counterclaim. The Common Pleas Court for Allen Countygranted...

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MassMutual, PacLife and State Farm Face Genetic Privacy Suits

Three life insurers face lawsuits from consumers in Illinois who object to use of family history questions in life insurance underwriting. The plaintiffs contend that use of family history questions violates the Illinois Genetic Information Privacy Act of 1998, or GIPA. Attorneys with McGuire Law filed all three suits. The suits name affiliates of MassMutual, Pacific Life and State Farm as the defendants. All three plaintiffs are seeking class-action status. A representative from Pacific Life declined to comment on pending litigation. Representatives for MassMutual and State Farm did not respond to requests for comment. GIPA: The federal Genetic Information Non-Discrimination Act of 2008, or GINA, regulates how insurers in all states use genetic information, including information about people’s family medical history. The Health Insurance Portability and Accountability Act of 1996 also includes provisions that define genetic information and regulate its use. GINA provisions can hold down damages, and the courts have tended to limit plaintiffs’ ability to use GINA as the basis for class-action lawsuits, according to an analysis by a team at Faegre Drinker.

Sonnet Insurance: A New Era of Online Insurance Arrives on Segic’s Benefits Marketplace 0

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Sonnet Insurance: A New Era of Online Insurance Arrives on Segic’s Benefits Marketplace

Two Canadian companies join forces to give members access to accessible, personalized, and 100% online home and auto insurance Montreal, QC (Oct. 26, 2023) – Segic, the innovative SaaS platform offering a benefits marketplace for delivering group, voluntary, and individual benefits, is delighted to announce it has teamed up with Sonnet Insurance, Canada’s first fully online home and auto insurance company. This alliance will provide brokers, unions, and large companies utilizing Segic’s platform with easy access to personalized, secure, and online home and auto insurance for their members, employees, and customers (members). Sonnet has redefined the customer experience through a digital-first approach to customized coverage. Segic members may now benefit from personalized coverage at competitive prices. Sonnet’s advanced technology and analytics power a simple online customer experience with fully licensed insurance advisors there to support at every step of the way. Danny Boulanger, President and CEO of Segic, stated: “We are delighted to partner with Sonnet Insurance to enrich our benefits marketplace, thus enabling our clients to offer added value that goes beyond mere group insurance, by incorporating voluntary and individual benefits. This partnership reinforces our commitment to provide tailor-made solutions to the specific needs of our clients – brokers, unions, and large...