Insurable Interest Canadian Insurance Blog

Thornhill, ON (July 25, 2023) – A recent survey conducted on behalf of CAA Insurance Company has found that a growing number of Ontarians have significant concerns about vehicle theft. The findings indicate that almost half of respondents (47 per cent) are very concerned about auto theft. That number increases to 57 per cent for those living in Toronto and the Greater Toronto Area (GTA). In contrast, those who live in either Northern (14 per cent) or Southwestern Ontario (10 per cent) were less worried about auto theft. “As an organization, we are deeply concerned about the rising trend of auto theft in Ontario and across the country. The survey results highlight the urgency of taking comprehensive action to protect our communities,” says Elliott Silverstein, director of government relations CAA Insurance Company. Many Ontarians have a false sense of security. While many of those surveyed are concerned about the increase in vehicle theft, far fewer (30 per cent) are worried that their vehicle is at risk of getting stolen. This discrepancy suggests that many Ontarians may have a false sense of security when trusting that their cars are not at risk of being stolen. In most cases, basic auto theft...

San Francisco, CA (July 25, 2023) – Betterview, the InsurTech company Property & Casualty insurers rely on to identify and manage real property risk, and EagleView, the leading provider of aerial imagery and accurate property measurements, are pleased to announce a strategic alliance. EagleView’s imagery will be integrated into Betterview’s property intelligence platform to help insurers better understand a customer’s total property risk by providing broader, data-driven intelligence for both underwriters and claims professionals. Additional benefits of the alliance will include the ability for EagleView customers to gain direct access to Betterview’s property insights, scores, and data. “EagleView chose to join forces with Betterview and their cutting-edge property analytics,” said Piers Dormeyer, CEO of EagleView. “We’re launching an alliance that leverages the expertise of both companies to scale our innovative solutions and deliver unparalleled property intelligence to our customers.” Customers across both product platforms will benefit from these advanced capabilities: Greatly Expanded Imagery Coverage: Imagery coverage now encompasses 94% of the US population with over 1 billion ultra-high resolution property images. AI Detections: Access to property condition attributes, including Roof Age, from the most advanced computer vision and machine learning in the industry. Predictive Risk Scores: From roof conditions to...

Toronto, ON (July 26, 2023) – Imperial PFS Canada (IPFS Canada, formerly SNAP Premium Finance), a leading provider of premium finance services, is pleased to announce a strategic partnership with Vertafore Canada, a leading provider of insurance management software solutions, aimed at enhancing insurance services for clients across Canada. The partnership will bring together IPFS Canada’s expertise in premium financing with Vertafore Canada’s advanced technology solutions to deliver a more efficient and streamlined insurance experience for brokers and insurers across the country. The companies are committed to working closely together to offer a more complete solution for all players in the Canadian insurance industry and develop new solutions that would enhance the overall insurance experience. “The partnership between IPFS Canada and Vertafore Canada is a significant development for both companies,” said Sumeet Sharma, Vice President of IPFS Canada. “Together, we will be able to offer our clients a more comprehensive suite of insurance services, leveraging the strengths of both of our companies to deliver a more efficient and seamless experience.” “We are excited to bring IPFS Canada’s premium finance services into the Vertafore Canada ecosystem,” said Stacey Miranda, Senior Director of Product Management for Vertafore Canada. “Reducing friction in the...

New York, NY (July 20, 2023) – Swiss Re Capital Markets has successfully structured and placed the issuance of USD 250 million of insurance-linked securities issued with respect to certain real estate funds managed or controlled by affiliates of Blackstone Inc. under Wrigley Re Ltd. The transaction is Blackstone’s first indemnity catastrophe bond and covers named storms and earthquakes in the United States and Canada. Jean-Louis Monnier, Head of ILS at Swiss Re, comments: “Swiss Re Capital Markets is proud to have set a milestone with the structuring of Blackstone’s first indemnity issuance. This transaction is the result of a collaboration between Blackstone and ILS investors to develop a new solution that fits the challenges of an asset manager and expands the boundaries of the ILS market. It is a milestone in the ILS market’s path to realize its potential as an efficient provider of peak peril capacity.” The deal sets two milestones. It is the first corporate catastrophe bond covering named storms on an indemnity basis, and the first corporate catastrophe bond covering multiple countries. This transaction is the first indemnity catastrophe bond by Wrigley Re Ltd. on behalf of Gryphon Mutual Property Americas IC, which acted as insurer...