Insurable Interest Canadian Insurance Blog

ÉQ Insights Toronto, ON (Oct. 31, 2023) – Équité Association is pleased to announce the launch of ÉQ Insights. This groundbreaking, consortium-based approach uses predictive analytics and machine learning to detect and prevent insurance crime. Criminals are exploiting newer technologies to commit insurance crime, which is estimated to cost Canadians upwards of $3-5 billion annually. Auto theft alone exceed $1.2 billion in claims in 2022. The insurance industry is fighting back with its own innovations, opening the door to faster, better identification of complex insurance crime and stopping the criminals that are stealing from honest, hardworking Canadians. Insurance crime has never been more complex. New technologies are emerging every day, making criminals harder to detect, intercept and stop. Investments in leading-edge technology and data-driven insights are giving Équité and its members the upper hand in the fight against insurance crime. Équité brings together the power of the consortium to deliver a solution to disrupt, predict and prevent the insurance crimes that often fund other organized crimes, such as drug and gun trafficking in our communities. Collaboration is integral to eliminating insurance crime in Canada. ÉQ Insights harnesses the power of the consortium to identify insurance crimes that might otherwise go...

Start Slideshow Americans who fear for the future of the Social Security program have a number of good reasons to do so, starting with the simple fact that the primary trust fund used to pay retirement benefits is set to become depleted as soon as 2033. However, as stressed by Social Security experts including Marcia Mantell and Martha Shedden, there are also reasons for a measure of tranquility, including the realization that the Social Security program isn’t actually going “bankrupt,” as media reports and pundits commonly suggest. The reality is that, barring congressional action, the main Old-Age and Survivors Insurance Trust Fund will indeed run dry sometime in the mid-2030s, but ongoing payroll tax revenue expected to be collected at that time will still fund between 75% and 80% of scheduled Social Security benefits. A 25% benefit cut will obviously hurt, Mantell and Shedden agree, but it’s a far cry from Social Security simply disappearing overnight. The other good news is that, as noted in a recent report published by the American Academy of Actuaries, the U.S. Congress has a wide range of options to address the Social Security funding crunch — including some reforms that could be implemented immediately and phased in gradually. According...

Diverse Portfolio of Robust Mobility Solutions, Commitment to Delivering Leading Customer Service and Experience London, UK (Oct. 24, 2023) – Purpose-led and people-first, Enterprise has been moving mobility forward for more than 65 years. Now, as this global leader reaffirms its mobility ambition and looks to partner with others to help shape future experiences, the business is connecting its full portfolio of offerings – car rental, fleet management, flexible vehicle hire, carsharing, vanpooling, car sales, truck rental, vehicle subscription, luxury rental, technology solutions, and more – under a new corporate brand. Introducing Enterprise Mobility™. “Since day one, we’ve been inspired by a bold idea: creating better experiences for how the world moves,” said Enterprise Mobility President and CEO Chrissy Taylor. “This marks the beginning of our next chapter, reinforcing our 90,000-strong global team’s commitment to deliver exceptional service for partners, customers and neighbors – innovating with intention to meet their ever-changing needs.” The motivation behind the shift is to reflect the business’ evolution from a fleet of seven cars, more than six decades ago, to a global network of mobility solutions serving consumers, businesses and governments. “We were founded as a car leasing business and are best known today as...

London, UK (Oct. 24, 2023) – Howden, the international insurance broker, is pleased to announce the creation of Howden Climate Parametrics, a global practice that brings together (re)insurance, climate, and data expertise to focus parametric risk transfer solutions on meeting the escalating demand for climate de-risking capabilities across industries, financial markets and public sector. The practice brings together over 30 specialists from across Howden and the Group’s underwriting business, DUAL, combining climate, analytics and advisory, structuring and placement, (re)insurance, underwriting and capital markets expertise. Co-chairs Philipp Kusche, Global Head of Insurance Linked Securities (ILS), Howden Tiger in New York, and Rowan Douglas CBE, the recently appointed CEO of Howden’s Climate Risk and Resilience team based in London will co-lead the practice. Pioneered in the reinsurance and energy markets, parametric insurance offers pre-determined pay-outs based on specified trigger events. A unique benefit is the speed and transparency of these pay-outs, which is essential for financial institutions looking to hedge exposure to weather, carbon or commodity risks and humanitarian agencies seeking urgent resources after a disaster. Parametrics, often enabled by satellite data, can help provide financial protection in emerging and frontier markets and are fast growing market share. They are well suited...