Insurable Interest Canadian Insurance Blog

Exploring trends in the insurance marketplace Rolling Meadows, IL (Aug. 28, 2023) – Gallagher Re is pleased to announce the release of its Canada 2023 Mid-Year Market Conditions Report. Two distinct markets are emerging as we progress through 2023. On the Property insurance side, we’re seeing some rate reductions, but there are still challenges on many accounts. Within the Casualty insurance and Liability classes, we’re seeing less challenging conditions. This report includes thought leadership from the Market Relations team of Gallagher Global Brokerage Canada and focuses on general trends in the Commercial Property insurance, Casualty insurance, Umbrella insurance, Management Liability insurance and Cyber insurance marketplaces for Q3 2022. You should be working with an insurance broker who understands the highly nuanced nature of the insurance market and specializes in your particular industry or line of coverage. Access the full report here. 2023 Mid-Year Market Conditions Report: Foreword The hard insurance market remains a key factor driving capacity constraints within property insurance. Those dislocations were even more pronounced at the market’s April 1 renewals. As anticipated, clients with earthquake and/or less desirable risk profiles (coastal, tougher occupancies, outstanding recommendations, etc.) have experienced more difficult renewals. The impact of inflation on valuations...

Definity becomes first Canadian P&C insurer to offer quarterly savings for drivers based on driving scores Waterloo, ON (Sept. 5, 2023) – Leading property and casualty insurer Definity  has launched a new usage-based insurance (UBI) product offering: Sonnet Shift. It gives Sonnet customers in Ontario a personalized insurance experience, delivered through a best-in-class program offering drivers enhanced control over their premiums while promoting safer driving habits. Sonnet Shift is the first ever UBI product in Canada to offer quarterly price adjustments based on recent driving scores. The tailored insurance solution empowers each driver with the ability to oversee their own premium. Powered by The Floow advanced telematics and Munich Re Global Consulting, Sonnet Shift uses individual driving behaviours and preferences as the main factor for pricing, including time of day, fatigue, smooth driving, speed, mobile distraction, and road risk. “By providing customers with the tools they need to manage their premiums and improve their driving, Definity is transforming the insurance landscape into one of empowerment and customization,” said Rowan Saunders, President and CEO at Definity. “Our customers can choose the insurance that suits them best. Just as Sonnet redefined the Canadian insurance landscape as the first fully online home and...

Start Slideshow Neither the down stock market nor high inflation got in the way of the financial advisory industry’s continued expansion in 2022, SmartAsset reported this week. The industry now comprises more than 15,000 investment advisors registered with the Securities and Exchange Commission, nearly double the number 20 years ago, the report said, citing Investment Adviser Association data. Some advisors have expanded their practices more quickly than others over the past few years, according to the report. To identify the 100 fastest-growing firms, SmartAsset analyzed SEC data from 2020 to 2023 for RIAs across four metrics: one- and three-year percent change in number of client accounts and one- and three-year percent change in assets under management. Researchers considered only firms that have at least $500 million under management, offer financial planning services and have no disclosures on their record. They excluded firms that underwent a merger or acquisition between 2020 and the present. The study found that the 100 fastest-growing firms increased their client accounts by 52% in the last year, and grew their assets under management by an average of 25% year over year. These RIAs have also seen their client bases and assets under management more than triple...

Building on a strong generative AI momentum, the group has boosted its capabilities across the business and is launching a new set of end-to-end generative AI offerings to deliver on a strong pipeline of client opportunities Paris, France (Aug. 11, 2023) – Already a leading player in the Data & AI market, Capgemini is well positioned to support clients through their next era of digital transformation thanks to the breadth of its generative AI services, deep industry expertise, and its industrialized delivery assets. As a trusted business and technology transformation partner to its clients, Capgemini has successfully delivered many generative AI projects over the last few years, particularly in Life Sciences, Consumer Products & Retail, and Financial Services.[1] In recent months, Capgemini has seen an acceleration of client focus and demand around generative AI. In that context, the Group is  launching a generative AI portfolio of services, spanning from strategy definition through to practical development and implementation of generative AI at scale. It includes: “Generative AI strategy” enables CXOs to define and prioritize the most relevant generative AI use cases for their business, demonstrate the tangible value that can be achieved, and lay the right foundations in terms of people,...

70% of Organizations Currently in Exploration Mode with Generative AI Stamford, CT (Aug. 5, 2023) – In a recent Gartner, Inc. poll of more than 2,500 executive leaders, 45% reported that the publicity of ChatGPT has prompted them to increase artificial intelligence (AI) investments. Seventy percent of executives said that their organization is in investigation and exploration mode with generative AI, while 19% are in pilot or production mode. “The generative AI frenzy shows no signs of abating,” said Frances Karamouzis, Distinguished VP Analyst at Gartner. “Organizations are scrambling to determine how much cash to pour into generative AI solutions, which products are worth the investment, when to get started and how to mitigate the risks that come with this emerging technology.”The poll was conducted among 2,544 respondents as part of a Gartner webinar series in March and April 2023 discussing the enterprise impact of ChatGPT and generative AI. Results of this poll do not represent global findings or the market as a whole.Executives Say Benefits of Generative AI Outweigh the Risks The poll found that 68% of executives believe that the benefits of generative AI outweigh the risks, compared with just 5% that feel the risks outweigh the benefits....