Insurable Interest Canadian Insurance Blog

2025 insured losses from natural catastrophes set to reach USD 107 billion, mainly driven by LA wildfires and severe convective storms in the US LA wildfires costliest ever wildfire event globally with insured losses of USD 40 billion Hurricane Melissa costliest hurricane of 2025 with estimated insured losses of up to USD 2.5 billion in otherwise benign season Zurich (Dec. 16, 2025) – Insured losses from natural catastrophes again surpass the USD $100 billion mark in 2025 for the sixth consecutive year. This is mainly driven by the unprecedented LA wildfire loss record in the first quarter of 2025 and severe convective storms (SCS), which remain a major and persistent global loss driver. Overall, Swiss Re Institute estimates total insured losses in 2025 at USD 107 billion, 24% lower than the USD 141 billion recorded in 2024. Jérôme Jean Haegeli, Swiss Re’s Group Chief Economist, says: “Amid annual volatility, insured losses keep rising. That’s why strengthening prevention, protection and preparedness is essential to protect lives and property. Reinsurers and the broader insurance sector have a dual role: acting as financial shock absorbers and supporting the development of resilient, risk-informed public policy and private investment that reduce future losses.” US events are the main driver of global...

Wisedocs has been named to the Guidewire Insurtech Vanguards program, recognizing its leadership in AI-powered medical record review and claims documentation for the P&C insurance industry Toronto, ON (Dec. 9, 2025) – Wisedocs, the AI-powered medical record review and claims documentation platform with expert human oversight, is pleased to announce that the company has joined the Guidewire Insurtech Vanguards program, a curated community of insurtechs reshaping how property & casualty insurers modernize, automate, and scale their operations. “We’re proud to be part of the Guidewire Insurtech Vanguards program and stand alongside innovators helping insurers close some of the biggest gaps in today’s claims ecosystem,” said Jenna Earnshaw, Co-Founder at Wisedocs. “The industry is facing a real scalability challenge: rising claim volumes, fewer experienced adjusters, and higher expectations for accuracy and speed. Wisedocs is built to meet that reality head-on. By combining AI with expert human oversight, we’re giving claims teams the confidence and capacity to make their best decisions end-to-end — not just faster, but smarter and more defensible for every stakeholder involved.” Insurtech Vanguards is a community of select startups and technology providers bringing novel solutions to the P&C industry. As part of the program, Guidewire provides strategic guidance...

Why core systems, governed intelligence, and customer-centric operating models are now the defining criteria for insurers entering 2026 London, UK (Dec. 9, 2025) – EIS, a leading cloud-native core platform provider to the insurance industry, has released its outlook for 2026, identifying the trends and imperatives that will shape the sector in the year ahead. For insurers, 2025 marked a foundational reset in core systems strategy. After a decade spent patching legacy and modern-legacy platforms, layering point solutions, and stitching together data across disconnected architectures, insurers are now shifting toward rebuilding the core operational backbone required for resilience, agility, and sustainable growth. This is not a cosmetic upgrade; it’s a structural re-architecture. The industry signal is now evident: competitive advantage will hinge on the agility, intelligence, and adaptability of an insurer’s core platform. This shift reflects a clear market reality: after years of incremental fixes and deferred modernisation, insurers are being forced back to fundamentals. Achieving long-term, risk-adjusted profitability in a volatile environment — and meeting rising customer expectations — now depends on strengthening the foundations — systems, data, and operating structures — before meaningful innovation can take hold. Insurers are entering 2026 with one clear mandate: strengthen the core...

New report reveals widening “risk maturity gap” with only five percent of businesses keeping pace with rising economic, technological and geopolitical pressures Chicago, IL (May 15, 2025) – Hub International Limited (HUB), a leading global insurance brokerage and financial services firm, is pleased to announce it has released the HUB International 2026 North American Report, which found that one-third of North American companies are operating without a mature, organization-wide risk management strategy, leaving leaders exposed to rising threats. Drawing on proprietary research across 10 industries, the new report brings risk into sharp focus by highlighting the most urgent challenges impacting organizational profitability and resilience. In this year’s report, HUB introduces the Risk Management Maturity Model, a framework designed to assist organizations with evaluating their current level of maturity and identifying steps to enhance risk management strategies. As the new year approaches, the HUB International 2026 Profitability & Resiliency Executive Survey reveals a widening gap between risk awareness and action, with many organizations working to adapt to today’s complex environment. Leaders cite rising costs, cybersecurity, and regulatory pressure as top threats, yet many are not evolving their strategies quickly enough to keep pace. “Most organizations know about the cracks in their...

Swiss Re and Reinsurance Intelligence Quotient (RIQ) announce strategic collaboration to jointly develop novel capacity solutions, drive risk origination, and build AI-native capabilities Strategic collaboration increases Swiss Re’s engagement in the UAE and strengthens Abu Dhabi’s role as a global centre for reinsurance and finance innovation Collaboration leverages Swiss Re’s strong data foundation and early adoption of AI Zurich (Dec. 11, 2025) – Swiss Re and RIQ have signed a Memorandum of Understanding (MoU) to develop and scale innovative capacity solutions, risk origination opportunities and AI-enabled capabilities across the United Arab Emirates (UAE). RIQ was launched in June 2025 by global investment company IHC, in partnership with BlackRock and Lunate. Headquartered in the Abu Dhabi Global Market (ADGM), RIQ is building an AI-native reinsurance platform that integrates AI and advanced analytics to improve underwriting accuracy, capacity deployment, and investment management. Swiss Re and RIQ will collaborate on developing capacity solutions and explore broader areas of cooperation over the medium and long term. Swiss Re’s Group Chief Executive Officer Andreas Berger said: “This collaboration builds on Swiss Re’s deep risk expertise, strong data foundation and early adoption of AI. Together with RIQ, we aim to realise an AI-native reinsurance platform and further...

Ancaster, ON (Dec. 9, 2025) – SIB Corp. is pleased to announce the acquisition of Coreservice Insurance Brokers Inc. (“Coreservice”). This acquisition further expands SIB’s presence in the Greater Toronto Area and enhances its ability to serve a growing and diverse client base across both personal and commercial lines. Based in North York, ON, Coreservice is a full-service brokerage that has built a reputation for dependable service, deep client relationships, and a commitment to responsive insurance solutions. Kevin Choi and Halim Lee have grown the brokerage into a trusted advisor for clients seeking a personalized service experience and will remain in leadership roles throughout a gradual transition period. “We are excited to be joining SIB and entering this next chapter for Coreservice,” said Kevin Choi, President of Coreservice. “Our priority has always been to support our clients with honest advice, timely service, and insurance solutions that fit their needs. Partnering with SIB allows us to continue on our growth trajectory while maintaining the client-first values that built our business.” “We are thrilled to welcome Kevin, Halim, and the entire Coreservice team to SIB,” said Ted Puccini, President & CEO of SIB. “Coreservice brings a strong culture and a loyal client...