Insurable Interest Canadian Insurance Blog

By Aaron Davidson, CEO, Relay Platform — Welcome to October, the scariest month of the year (or at least the last day). But do you know what’s really scary? The softening cyber market in spite of the the continued increase in cyber attacks (up 15% this year). Over 70% of organizations have experienced a cyber attack in the last year, many of which will need to close their doors as a result. Ransomware attacks continue to increase, as well, including multiple notable breaches across multiple industries. While it is yet to be seen how the overall cyber insurance market will ultimately react and adjust to the recent divergence between risk and pricing, Cybersecurity Awareness Month is the prefect time refresh how we as an industry approach cyber risk as a whole and how we aim to mitigate those risks. Cyber risk isn’t just a risk transfer problem; it is a risk problem. Cybersecurity is everyone’s responsibility, including creating and supporting robust internal policies (including zero-trust), micro-segmentation of technology to minimize lateral attacks, education around the latest phishing, social engineering, and hacking approaches, and more. On top of all of that, education about cyber insurance for the enterprise is the final...

There are different categories of drug – and many of them can impair your ability to drive Regina, SK (Oct. 4, 2023) – Your driving can be impaired by more than alcohol and cannabis. A driver can be charged for operating a motor vehicle while impaired by any type of drug, even if it’s prescription or over-the-counter medication. The consequences are the same as driving under the influence of alcohol or cannabis. Different types of drugs can impair you in different ways. Central nervous system depressants like alcohol and some anti-depressants may cause confusion and impair motor functions, while some hallucinogens like MDMA and LSD may cause body tremors, anxiety and visual hallucinations. Narcotics depress reflexes, induce drowsiness and slow breathing patterns, and central nervous system stimulants, like cocaine, cause exaggerated reflexes, irritability and restlessness. That’s why the focus of October’s Traffic Safety Spotlight is drug-impaired driving. “Impaired drivers in Saskatchewan face some of the toughest administrative sanctions in the country, with immediate licence suspensions and vehicle seizures at the roadside,” SGI President and CEO Penny McCune said. “If convicted, further penalties may include fines, jail time and long-term driving restrictions. Remember to always find a safe ride.” If you’re charged with impaired driving, your vehicle will be seized at roadside for 30 days and you will receive an...

Toronto, ON (Oct. 3, 2023) – Billyard Insurance Group (BIG), one of Canada’s leading brokerages, is proud to announce the opening of its newest branch in Sarnia, Ontario. The move brings the company’s growing portfolio to 84 branches nationwide. The Sarnia office will be led by Managing Partners Ainsley McHenry and Kirstie Feddes. Both McHenry and Feddes are well-versed in the insurance sector and bring over a decade of combined industry experience. Having worked together in previous roles, the pair look forward to venturing into the next chapter of their professional journeys in tandem. “Kirstie and I talked about starting a brokerage for years, and it became obvious after our first conversation with BIG that it was the company for us,” said McHenry. “The service model fits perfectly with how we want to do business, and we knew right away that our Sarnia office would be a success. We are beyond excited and proud to bring BIG to Sarnia, where we can provide the kind of local and personalized service we take pride in.” “Starting our own brokerage has been a goal since Ainsley and I met,” said Feddes. “We wanted to start something that Sarnia could be proud of,...

Palo Alto, CA (Sept. 28, 2023) – Liberate Innovations Inc. is pleased to announce it has launched Operator AI for FNOL, the insurance industry’s first multilingual, multi-scenario, empathetic, intuitive, 24/7, AI-driven claim intake agent. With this easy-to-integrate plugin, insurers can leverage cutting-edge generative AI to simplify claims communications, boost policyholder satisfaction, improve data quality, and save time and money. Insurers face numerous challenges related to meeting policyholder expectations, especially during the FNOL intake and claims processes. Many policyholders prefer text-based over talk-based options. Regardless of the communication channel, language barriers can complicate communication and get claims off to a poor start. Claims can also happen at any time – not just during normal business hours – and widespread disasters can overwhelm insurers with claim volume, making it difficult to consistently respond promptly and empathetically. Liberate’s Operator AI for FNOL leverages generative AI to overcome these challenges. The innovative tool facilitates a user-friendly and satisfying experience that meets policyholders on their terms. Policyholders can engage with the claim intake agent at any time, 24/7. The multilingual interface is also capable of switching languages, which eliminates language barriers once and for all. The Operator AI claim intake agent can instantly: Verify the...

Jersey City, NJ (Sept. 27, 2023) – To help insurers keep pace with the changing nature of today’s business exposures, as well as increase profitability and expand into new markets, Verisk, a leading global data analytics and technology provider, has announced the launch of its latest update to the ISO Businessowners (BOP) program. With more than 300,000 new small businesses created annually over four of the past five years,[1] this update is essential to the industry and marks one of the most significant enhancements to the ISO BOP program. The enhanced BOP program includes: Nearly 160 new classifications and updated 2022 NAICS codes, providing insurers with a more comprehensive and up-to-date classification system New rules and advisory prospective loss costs for hired and non-owned autos and drones The introduction of classifications that complement Micro-BOP and ransomware coverage exclusions Insurers are encouraged to take advantage of the enhanced classifications offered by Verisk’s Businessowners program, designed to help them reduce premium leakage, and more accurately classify and price the risks of today and tomorrow. “The insurance world is constantly changing, and we’re uniquely positioned to lead the industry through that change,” said Neil Spector, president of Underwriting Solutions at Verisk. “That’s why...

Start Slideshow On Tuesday, Forbes released its flagship Forbes 400 list of America’s wealthiest people, which includes the richest women in the U.S.  When possible, researchers met with listees in person or spoke with them virtually or by phone, and interviewed their employees, handlers, asset managers and financial advisors, rivals, peers and attorneys. They also pored over Securities and Exchange Commission documents, court filings, probate records and news articles. They took into account all types of assets, and factored in debt and charitable giving.  To see how philanthropic each Forbes 400 member has been, Forbes dug into their known charitable giving and assigned each a philanthropy score from 1 to 5. Two-thirds of the billionaires on The Forbes 400 scored a 1 or 2, meaning they have given less than 5% of their fortune to charity.  See the gallery for the 20 richest women in the U.S., with their net worths as of Sept. 8, according to Forbes. Start Slideshow