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INSURANCE INDUSTRY NEWS
Insurers Can Boost Global Financial Resilience By Closing A Record-High Protection Gap: Swiss Re
The world economy is less resilient now than in 2007 at the onset of the global financial crisis, according to new indices developed by the Swiss Re Institute and the London School of Economics. By contrast, separate insurance resilience indices show that the resilience of households against three main areas of risk – natural catastrophes, mortality and healthcare spending – has improved in most regions since the turn of the century, according to the latest sigma report.
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Commercial Insurance Prices Surge In Q2
U.S. commercial insurance prices increased by nearly 4% in the second quarter of 2019 compared to prices charged during the second quarter of 2018, according to Willis Towers Watson’s latest Commercial Lines Insurance Pricing Survey (CLIPS). This represents a significant pickup from increases of close to 2% for each of the previous five quarters.
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Agility, Innovation, CX Key For Growth: KPMG
All of the U.S. insurance CEOs polled in KPMG’s Outlook survey are confident about their growth prospects in the next three years, as technological innovations that improve engagement and lower costs may unlock significant growth. More than one-quarter of CEOs identified environmental/climate change risk as the biggest threat due to the increasing frequency of intense catastrophes.
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Bind Rates Surge On Apollo Exchange
An analysis spanning April to August of this year has uncovered a dramatic 61 percent increase in quote to bind ratio on the Apollo Exchange, a direct result of insights gained from digital data collection.
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Auto Insurance eSlips Approved In Ontario
The Financial Services Regulatory Authority of Ontario (FSRA) has approved the use of electronic proof of automobile insurance (EPAI), or eSlips. Drivers in Ontario can now present their eSlips when required, without having to carry the paper copy. This change is effective immediately.
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Half-Year Reinsurance Market Report: Willis Re
Total capital dedicated to the global reinsurance industry measured USD 559 billion at the half-year point of 2019. This is a robust 8% increase from a re-stated USD 518 billion at year-end 2018, according to Willis Re's latest Reinsurance Market Report.
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Enterprises Feel Their Networks Are Not Ready To Support Their Business
A new report from Accenture reveals that while enterprises have embraced advanced digital technologies, such as IoT/edge computing, Big Data & analytics, and digital customer experience, only one-third are “very satisfied” that their network currently has the capabilities required to support their business needs.
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Aviva Launches Global Corporate & Specialty Division
Aviva Canada is pleased to announce the launch of its Global Corporate and Specialty (GCS) team, delivering custom insurance solutions and dedicated service to Canadian large corporate and commercial companies doing business in Canada and the United States.
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AXA XL Launches Local Captive Insurance Capabilities
To address growing demand for captive and alternative risk transfer expertise in Canada, AXA XL has launched a local Captive Practice which will be led by expert Alonso Y. Tello.
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AIG Shifts Toward Affirmative Cyber Coverage
American International Group (AIG) is pleased to announce that as of January 2020, virtually all of its commercial property and casualty insurance policies will begin affirmatively covering or excluding physical and non-physical cyber exposures, addressing market concerns that traditional commercial insurance policies across the industry – from property to general liability – are often silent about cyber coverage.
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Swiss Re, Capsicum Re Deliver Holistic Cyber Reinsurance Solution
Swiss Re and Capsicum Re, the specialist reinsurance broker, are pleased to announce the launch of Decrypt, a new holistic cyber reinsurance solution. Decrypt provides a single, flexible, end-to-end solution to insurers' cyber exposure challenges, including embedded, silent, and affirmative cyber risks.
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Brokerlink Makes Dual Ontario Acquisition
BrokerLink is pleased to announce it has acquired Bradley's Commercial Insurance Limited and Phil Leon Insurance Brokers Inc. in Ontario, effective September 1st. Terms of the transactions were not disclosed.
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Hub International Acquires GMS Insurance Inc.
Hub International Limited, a leading global insurance brokerage, is pleased to announce that it has acquired GMS Insurance Inc., based in Mississauga, Ontario. Terms of the transaction were not disclosed.
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HTM Selects Cognition+ To Further Transformation
HTM Insurance Company has selected Cognition+ as a partner to help implement their digital transformation strategy. Cognition+ provides a web-based insurance enterprise platform, which represents the cornerstone of HTM's transformation strategy as they move forward.
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FirstOnSite Completes JPL Acquisition
FirstOnSite Restoration, Canada's leading independent disaster restoration services provider, has completed its agreement to acquire JPL Disaster Recovery. All JPL employees are now part of the FirstOnSite team, strengthening its service offering in the National Capital Region.
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Sedgwick Completes York Acquisition
Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, has announced the completion of its purchase of York Risk Services Group, a premier provider of claims administration, managed care, specialized loss adjusting, pool administration and loss control solutions.
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GUS Network Adds Kootenay Disaster Restorations
GUS is pleased to announce that Kootenay Disaster Restorations Ltd. has partnered with GUS as the rapidly growing post-disaster restoration network continues to expand across the province of BC. The addition of Kootenay Disaster Restorations adds two new locations to the GUS network, further strengthening GUS's foothold in the BC market.
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Aon Launches Real-Time Hurricane Loss Forecasting
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has launched its Automated Event Response (AER) to enable insurers to view real-time portfolio risks from two of the costliest perils: U.S. hurricane and European windstorm.
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Annual Global View Of Risk: AIR Worldwide
Catastrophe modeling firm AIR Worldwide has released its 2019 Global Modeled Catastrophe Losses report, which estimates that the global modeled insured average annual loss from catastrophes worldwide is about USD 92 billion.
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FCA Insurance Brokers Names New CEO, President
The Partners of FCA Insurance Brokers are delighted to announce the new appointments of Sean Anderson as Chief Executive Officer and Warren Griffiths as President, effective September 4th.
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Advice & Information After Hurricane Dorian
In the aftermath of Hurricane Dorian, Insurance Bureau of Canada is reaching out with tips and advice for those who have been affected.
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Do You Know How To #KeepKidsSafe?
With kids across the country going back to school, SGI and law enforcement are shining the September Traffic Safety Spotlight on school zones. Test your knowledge with a special pop quiz on school zone safety!
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Text Line Support Students’ Mental Health
The Co-operators has partnered with Kids Help Phone to provide mental health support to University of Regina students through the Crisis Text Line, which gives students access to immediate support from a trained volunteer Crisis Responder.
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