Insurable Interest Canadian Insurance Blog

The “singles tax” is real: roughly half of Canadians agree that retirement will be near impossible for singles – but tailored financial advice can bridge the gap Guelph, ON (Feb. 19, 2025) – Financial confidence is growing, but this isn’t translating to a better idea of retirement for one group: singles. A new survey from Co-operators shows that Canadians are feeling more confident in their finances compared to previous years’ surveys (37% in 2025 versus 35% and 33% in 2024 and 2023) but the long-term outlook is murkier for singles. This begs the question – is there a singles tax on retirement? Survey responses appear to say ‘yes.’ Many singles are still struggling to balance everyday costs, giving them a bleak perspective on their financial future and impacting their ability to save. Just under half of all singles (45%) view saving for retirement as a near-impossible task – a view conceded by 40% of all Canadians who don’t think most single people can realistically save enough money to retire on their own. “While we’re happy to hear people are beginning to feel more financially secure, the data shows younger generations are still vulnerable, and unable to balance the cost of...

Year-over-year premium renewal rates increase at a slower rate as most quarter-over-quarter premium rates decrease across the most commonly placed commercial lines of business Toronto, ON (Feb. 13, 2025) – Applied Systems® is pleased to announce the final quarter 2024 results of the Applied Commercial Index™, the Canadian insurance industry’s premium rate index. Overall, the magnitude of rate increases was down across all lines relative to average premium renewals in the same quarter last year with 5.02% in Q4 2024, down from 7.55% in Q4 2023. All lines of business saw decreases compared to the same quarter last year. Quarter over quarter, Q4 2024 results showed average renewal rate change decreased across all lines of the most commonly placed Commercial Lines categories, including Real Estate Property, Construction, Hospitality Services, and Retail Services, with the exception of Business and Professional Services which experienced a slight quarterly increase. Significant findings include: Business and Professional Services: Q4 2024 premium renewal rate change average was 5.48%, up from the Q3 2024 average of 5.30%. Construction, Erection, and Installation Services: Premium renewal rate change average was 4.78% for the quarter, down from the Q3 2024 average of 5.36%. Hospitality Services: Q4 2024 premium renewal rate...

Report explores future as AI-powered autonomy takes shape and ripples across all dimensions of how an enterprise can reinvent technology development, customer experience, the physical world and global workforce New York, NY (Feb. 17, 2025) – New research from Accenture finds a new era of digitization is unfolding—one in which AI continuously learns and drives new levels of autonomy across organizations, positioning trust in its performance as the most important measure organizations will need for AI to achieve its promise. Now in its 25th year, the Accenture Technology Vision 2025 explores how the future is being shaped by AI-powered autonomy. As AI diffusion accelerates across the enterprise and society at a rate that is faster than any prior technology, 69% of executives believe it brings new urgency to reinvention and how technology systems and the processes it enables are designed, built and operated. The research also predicts AI will increasingly act as a technology development partner, a personal brand ambassador, power robotic bodies in the physical world, and foster a new symbiotic relationship with people to bring out the best in each other. “Our 25th Technology Vision gives leaders a look into what’s ahead when AI continuously learns, acts autonomously...

Gothenburg, Sweden (Mar. 3, 2025) – IoT analyst firm Berg Insight has released a market report, The Carsharing Telematics Market – 6th Edition, which analyzes the latest developments in the carsharing market. Berg Insight estimates that global carsharing membership will grow at a CAGR of 16.9 percent from 123.4 million at the end of 2022 to 269.4 million by 2027. This report explains all segments including station-based and free floating public carsharing as well as corporate carsharing. Get up to date with the latest information about carsharing organisations, vendors, products and markets. The public carsharing fleet reached 575,000 vehicles worldwide in 2022 Passenger cars and light trucks are the main modes of transportation in most industrialised countries. The vast majority of car trips in metropolitan areas are drive-alone trips with only one person in the car and vehicles are used for only about one hour per day on average. Carsharing is one of many car-based mobility services that have become available for people that want to complement other modes of transportation with car-based mobility occasionally. Examples of other car-based mobility services include traditional car rental, carpooling, ridesharing, taxi and ridesourcing services. Many of these mobility services aim to decrease the...

Innovative new all-in-one solution rewards safe driving Geneva, Switzerland (Feb. 26, 2025) – Geotab Inc. and its affiliates, a global leader in connected transportation solutions, and global behavior change experts, Vitality, have formed a joint venture to tackle their shared mission to improve driver safety and well-being, reduce risk and support better road safety, bringing together telematics data with behavioral science, in a first-of-its-kind solution. Through the joint venture, Geotab and Vitality will redefine commercial fleet management leveraging a behavior change solution that rewards safer driving. Vitality, whose own Vitality Drive insurance program, has seen their members have 55% fewer claims and significantly lower road fatalities compared to national averages, will come together with Geotab’s expansive telematics network of over 4.7M vehicles and AI-powered predictive collision analytics, to inspire positive driving habits. The initial joint offering will provide fleets with access to an all-in-one behaviour change platform which uses Vitality’s science-backed toolkit to incentivize and reward driver excellence. The program aims to have lasting improvements in driver performance, reduce accident-related expenses and drive down fleet risks, creating safer, more efficient operations. Recent data from the National Highway Traffic Safety Administration (NHTSA) underscores this challenge, revealing that motor vehicle crashes cost...

World Economic Forum’s Global Risks Report 2025 Geneva, Switzerland (Feb. 10, 2025) – The World Economic Forum has released the 20th edition of its Global Risks Report, which reveals an increasingly fractured global landscape in 2025, where escalating geopolitical, environmental, societal and technological challenges threaten stability and progress. This edition presents the findings of the Global Risks Perception Survey 2024-2025 (GRPS), which captures insights from over 900 experts worldwide. The report analyses global risks through three timeframes to support decision- makers in balancing current crises and longer-term priorities. Preface The multi-decade structural forces highlighted in last year’s Global Risks Report – technological acceleration, geostrategic shifts, climate change and demographic bifurcation – and the interactions they have with each other have continued their march onwards. The ensuing risks are becoming more complex and urgent, and accentuating a paradigm shift in the world order characterized by greater instability, polarizing narratives, eroding trust and insecurity. Moreover, this is occurring against a background where today’s governance frameworks seem ill-equipped for addressing both known and emergent global risks or countering the fragility that those risks generate. This is the 20th edition of the Global Risks Report. Looking back over the last two decades, environmental risks...