Insurable Interest Canadian Insurance Blog

Toronto, ON (Apr. 14, 2025) – Aon plc, a leading global professional services firm, has released its Spring 2025 Canadian Insurance Market Update. Published in support of Aon’s ongoing commitment to help Canadian clients make better decisions about risk management and insurance programs, the report finds that the Canadian Property and Casualty market has proved to be remarkably resilient. Despite record breaking natural catastrophe losses in 2024 totaling $9.1 billion, the market remains well-capitalized with healthy competition and ample capacity. “Current market conditions offer opportunities for clients to increase limits, broaden coverages, and address non-concurrency of terms from previous harder market conditions,” said Russell Quilley, head of Commercial Risk Solutions and chief broking officer for Canada at Aon. “While competitive, the pressure for growth must be balanced with profitability and the underwriting environment remains cautious and disciplined with the same level of technical scrutiny established during the last market cycle.” Other key findings: Premium increases and improved returns on investments in recent years has strengthened insurers positions. 2024 was the costliest catastrophe year in Canadian history with an estimated CAD 9.08 billion in insured damage. Canada remains an attractive market for London insurers, who are keen to grow their portfolios...

Braintree, MA (Mar. 30, 2025) – MIB, the life insurance industry’s trusted partner for data-driven insights and digital services, is pleased to announce that Paperless Solutions Group (PSG), a leading provider of cloud-based software solutions for the life insurance and financial services industry, has launched a new e-signature and workflow support platform specifically designed to meet the unique needs of the life insurance industry. PSG eXpedite℠ is a robust, cost effective, secure, and compliant platform leveraging proven technology to help manage electronic signatures while enhancing document processing. eXpedite provides greater flexibility than standard e-signature tools, adding efficiencies through robust workflow management capabilities optimized for life insurance processes, including: Unlimited signature parties and capability to designate the sequence of signatories. Delegation of document control (to a BGA, advisor or other) to enable other parties to tag fields, add questions or a cover letter, and expand document(s) routing to additional individuals for signature. Assignment of roles for recipients (those needing a copy of the final signed document) and watchers (those monitoring status). Robust notification system that keeps all individuals (signers or others) informed of document status. Adaptable email templates that can be adjusted to reflect client company voice and style. Ability to upload unique...

New York, NY (Apr. 2, 2025) – Deloitte is pleased to announce the significant scaling of its Global Artificial Intelligence (AI) Simulation Center of Excellence (CoE), building on its global investment of US$3 billion in Generative AI (GenAI) through fiscal year 2030. Launched first in Bengaluru, India to serve Deloitte’s global network, the Simulation CoE aims to help accelerate clients’ decision-making processes, mitigate potential risks, and maximize their return on investment (ROI) deployed. Leveraging real-time insights, the CoE seeks to develop advanced visualizations, simulations and scenario modeling, digital twins, and multi-agent systems. The Simulation CoE is newly integrated into existing Deloitte Experience Centers to offer clients immersive experiences, enabling more nuanced understanding of multiple scenarios, and supporting the formulation of precise, clear and accelerated strategic plans. The CoE augments Deloitte’s Global GenAI Market Incubator with its deep experience in advanced simulation, introducing a novel and dynamic approach to advising clients. “The Global AI Simulation Center of Excellence will help revolutionize the way clients approach strategy development,” says Deloitte Global Strategy, Risk & Transactions leader Nicolai Andersen. “This innovative CoE couples the power of GenAI with data to deliver customized recommendations for each client, providing leaders with actionable insights rather than...

How Canadian insurers can navigate challenges and seize growth opportunities through innovation and technology in a volatile landscape: EY’s 2025 Canadian Insurance Outlook  London, GB (Mar. 25, 2025) – The Canadian insurance industry stands at a crucial juncture, influenced by global trends and similar challenges in markets around the world. Insurers in Canada are contending with volatility and uncertainty, driven by geopolitical tensions, including tariffs, evolving customer expectations and the imperative to invest in future-ready technologies. These challenges are intensified by the unprecedented impacts of natural disasters, including wildfires, hailstorms and floods. Insights from the EY Global Insurance Outlook reveal how insurers can foster growth amid these challenges. We remain optimistic about the industry’s future and believe Canadian insurers are well positioned to seize emerging opportunities. This year, key themes include: Navigating a complex landscape: addressing societal and structural challenges in a volatile environment. Pursuing multiple paths to growth: embracing purposeful product innovation, tech-led distribution, ecosystem partnerships and strategic cross-selling. Retooling for success: deploying AI and modernized technology, and empowering the workforce to foster a culture of innovation. Investing wisely in innovation and technology will be crucial for insurers to achieve sustained, profitable growth. Insurers are increasingly employing advanced data...