Insurable Interest Canadian Insurance Blog

By Hanna Beydoun, Insurance Bureau of Canada — Severe weather is getting worse. And we are all paying the price. That’s why Canada’s home, auto and business insurers are leading the way, advocating for solutions and helping Canadians adapt. It’s all part of our plan to protect the things we love. Canada’s home, auto and business insurers are there for their customers after a disaster, helping people put their lives back together. The insurance industry is foundational to the strength, resilience and success of the Canadian economy by helping minimize financial losses. The insurance industry employs over 140,000 people in communities across the country. They stand ready to help customers recover in the event of severe weather – and to help minimize the risks before severe weather hits. Crucially, there are a number of steps you can take to protect yourself and your property now. Learn more about each category of risk from Insurance Bureau of Canada: Fire and Wildfire Protection: Wildfires and fires are a real and present danger. Do what you can to help mitigate risk and protect your family, home and business. Water Damage and Flood Protection: Flooding and related sewer backup damage is costly for homeowners,...

Toronto, ON (July 15, 2025) – CSIO is pleased to announce that five insurers have achieved CSIO’s Compliance Certification by eliminating all Z-Codes (non-standard coverage codes): Algoma Mutual – a division of Integrated Mutual Insurance Group; Axiom Mutual Insurance Company; Edge Mutual Insurance Company; North Blenheim Mutual Insurance Company; Usborne & Hibbert Mutual Fire Insurance Company. The Certified insurers have demonstrated that they only use CSIO Standard codes in their data exchange services with their broker partners. Eliminating Z-Codes allows brokers to interpret policy data quickly and easily in their Broker Management System, leading to greater efficiency, more time savings and an enhanced customer experience. Additionally, this achievement has resulted in insurers improving their CSIO Standards Certification Rating for Personal Lines. The Ratings were developed by CSIO’s Standards Governance Advisory Council to highlight organizations’ commitment to adopting CSIO Data Standards to benefit brokers. “By earning Compliance Certification, these five insurers have achieved significant progress in advancing Data Standards to increase broker productivity,” said Kathryn Sinclair, Interim President at CSIO. “Together, CSIO and the industry are committed to eliminating Z-Codes, ensuring data accuracy and seamless connectivity in the P&C broker channel.” CSIO works closely with insurers to eliminate Z-Codes by mapping them...

BYD makes safety pledge for cars with proprietary assisted driving in China Shenzhen, Guangdong, China (July 14, 2025) – Chinese electric vehicle maker BYD has announced in a Weibo post that it will take responsibility for any losses to cars using its “God’s Eye” Level-4 Advanced Driver Assistance System (ADAS) for self-parking: the automaker will cover all repair costs, third-party property damage, and personal injury compensation resulting from malfunctions or algorithm errors in its autonomous parking system. “We are first in the world to propose a guarantee for autonomous parking,” the company wrote in Chinese (translated by the Fast Company). The announcement represents a significant development in automaker liability practices – and a first for Level‑4 self-parking technology – as it allows drivers to bypass the conventional insurance claims process entirely for scenarios involving the God’s Eye system: damages will be handled directly through BYD by after-sales service staff. BYD announced in February that it had achieved Level-4 autonomous parking, which means drivers can take their hands, eyes and minds off the driving task under certain defined conditions; the Chinese multinational automotive company is only the second company to achieve Level-4 autonomous self-parking, following Mercedes-Benz. The BYD approach may even...

Global volatility persists but elevated insured loss activity seen in the first quarter moderated New York, NY (July 1, 2025) – According to Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan, despite global economic volatility and insured loss activity nearing $70 billion through the first half of 2025, reinsurance renewal trends seen at January 1 continued, including: Strong reinsurer balance sheets driving appetite for growth; Excess property capacity and moderating pricing; Disciplined casualty underwriting; Reinsurer focus on holistic client relationships to grow their portfolios. Insured loss activity in the second quarter levelled off from the elevated first quarter. Losses for the first half of 2025 are now flat compared to the inflation-adjusted five-year average. The Los Angeles wildfires account for $40 billion in insured losses or 59% of activity in the first half of 2025. For reinsurers, the wildfires are not expected to impair capital or appetite for the remainder of the year. Despite loss activity in the first quarter, strong reinsurer performance is expected to continue in 2025. Reinsurer returns on equity were 16% in 2024 and are projected to be 15% in 2025. Reinsurance capital closed 2024 at an all-time high...