Insurable Interest Canadian Insurance Blog

InsurTech acquisition expands NormanMax’s tech stack, adding real-time flood sensors to its network Miami, FL (May 20, 2025) – NormanMax Insurance Holdings, Inc. is pleased to announce the acquisition of FloodFlash, the parametric insurance technology company, marking a significant milestone in the company’s mission to redefine how the world manages risk. By integrating FloodFlash’s award-winning sensor-based technology into its broader parametric platform, NormanMax is expanding what’s possible in flood insurance – delivering fast, transparent, and scalable coverage where it’s needed most. FloodFlash will continue to operate as an MGA and Lloyd’s coverholder, and its parametric FloodFlash product will remain available to distributors and customers in the US, UK, and other markets. “I am very pleased to share the news of the acquisition of FloodFlash by NormanMax and can’t wait to work closely with Brad and the NormanMax team,” said Adam Rimmer, Chief Executive Officer (CEO) and Co-founder of FloodFlash. “This was an easy decision: there are powerful opportunities that come from combining a world-first parametric product with the world’s first parametric Lloyd’s syndicate. The partnership enables our ambitions for FloodFlash to build upon relationships with brokers and customers in the US and UK, to expand rapidly into new territories and perils,...

By Matthew Roberts, MyChoice — Climate change is responsible for a 379% increase in average annual insurable damages in Canada in the last decade. In light of the devastating impact of the Milton hurricane in Florida, which by some estimates will cause anywhere in between $60-100 billion in insured damages, many Canadians are left wondering how the recent spike in natural disasters will impact the situation at home. This past summer in Canada will go down as one of the most challenging periods for homeowners and insurers alike. The Insurance Bureau of Canada recently reported a record-breaking 228,000 insurance claims – representing a staggering 406% increase compared to the previous 20-year average. In light of these growing threats our team conducted a thorough analysis of how insurance payments from natural disasters changed over the last 40 years across Canada. Using data from the Canadian Disaster Database, we compared the 10-year average of disaster-related annual insurance payments against the prior 30-year average, adjusted for inflation. Our team also analyzed the Shelter Consumer Price Index data from the past 10 years to determine the home insurance inflation across Canada and compared it to current rates from the MyChoice quote database. These are...

First Onsite survey explores wildfires, smoke, evacuation, and family safety Mississauga, ON (May 21, 2025) – First OnSite Property Restoration, Canada’s leading property restoration company, marks the beginning of the 2025 wildfire season with the release of its annual Wildfire Worries Survey. The study of more than 1500 adults found that two-thirds of Canadians (63%) are worried about the damage caused by wildfires. Canada’s wildfire season has already forced evacuation orders across Canada this month, beginning in B.C., the Prairies, central and northern Alberta, and Newfoundland and Labrador. North America has seen record catastrophic losses from wildfires in just the first quarter of 2025, with Aon estimating the January wildfires in the Los Angeles area to have cost US$37.5 billion in insured losses.[1] The Palisades and Eaton Fires are seared in the collective consciousness of North Americans, with the imagery of residents fleeing their homes becoming a powerful symbol of the wildfires’ devastating impact. Provincial Breakdown: B.C. and Alberta Most ConcernedProvincially, wildfire concerns are highest in British Columbia (82%) and Alberta (76%), a sentiment fuelled by years of intense wildfire activity and evacuations in Western Canada. Alberta saw the devastation of the Fort McMurray wildfire in 2016 and last year’s...

New report from Insly explores leading AI use cases happening now, and how MGAs and insurers can deliver ROI from the technology, while managing the risks Toronto, ON (May 26, 2025) – A new report on AI in insurance has been launched at The BIBA Conference 2025 by Insly, the low-code software provider to the insurance industry. Analyzing the progress of AI adoption across the sector, the report includes insights from businesses experimenting with the technology, identifies the most promising use cases, and explains how to overcome some of the biggest barriers to implementation, success, and ROI. Since ChatGPT launched two years ago, the race has been on to maximise the productivity gains promised by generative AI, along with other AI technologies spanning optical character recognition, large language models, machine learning, and beyond. But despite significant experimentation and a few trailblazers, many MGAs and insurers are still unsure how to implement AI successfully and maximise its value for the bottom line. A recent study by Boston Consulting Group found that 74% of companies struggle to achieve and scale value from AI. “Everyone’s scrambling to figure out how to ‘leverage AI’ for their business, especially after reading that all their competitors...

Revau Advanced Underwriting, Brazos Specialty Risk Insurance, and Twenty Mile Insurance Services Join Forces, Enabling Strategic Expansion Across North America Transformational merger broadens Revau’s footprint into the United States, adds market-leading trucking and construction capabilities, and positions the combined group for accelerated growth Montreal, QC (May 19, 2025) – Revau, a leading Canadian managing general agent (MGA) specializing in property and casualty insurance, is pleased to announce its strategic partnership with Brazos Specialty Risk Insurance and Twenty Mile Insurance Services, two independent, Texas-based MGAs. The transaction significantly expands Revau’s presence and operational capabilities in the United States, firmly positioning the combined company as a pre-eminent player in the specialty-insurance market across North America. Brazos, a distinguished provider of specialty trucking insurance, and Twenty Mile, a specialist in construction-focused liability solutions, bring extensive market reach and deep industry expertise to Revau’s growing platform. In return, Revau contributes advanced data-analytics capabilities, a robust capital base, and an industry leading digital infrastructure—giving the combined group the capacity to deliver tailored products and services to brokers, carriers, and insureds across the continent. By pairing Brazos and Twenty Mile’s data-rich underwriting infrastructure with Revau’s advanced analytics platform, the combined group will command an end-to-end data...