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INSURANCE INDUSTRY NEWS
Canadian P&C Segment Resilient Amid Pandemic
Canadian insurance companies' ability to absorb the volatility caused by the pandemic has led AM Best to maintain its stable outlook on the country's property/casualty segment and revise its life/annuity outlook back to stable from negative. Additionally, according to AM Best's annual review of Canada's insurance industry, short- to medium-term economic prospects are positive, with government measures likely to cushion any future jolts.
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HSB Canada Launches Cyber Suite, Small Business Coverage
HSB Canada, part of Munich Re, has introduced HSB Cyber Suite, a comprehensive collection of cyber insurance and services designed to protect small and medium-size businesses from cyber-attacks, data breaches, identity theft, and cyber extortion.
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Apollo Insurance Partners With Homewise
Apollo Insurance Solutions Ltd., Canada's leading online insurance provider, has partnered with Homewise to offer immediate digital insurance products, specifically tailored to Canadian home buyers that use their website each year.
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Rethinking Insurance Fraud In The Digital Age
The recent mass adoption of digital platforms and processes, driven by the pandemic, is a double-edged sword for insurers. It helps improve customer experience, increases speed of policy issuance or service, and reduces cost. But it also expands the means and opportunities for fraudsters to steal identities and commit financial fraud. As a result, insurers need to make sure their fraud mitigation and identity verification capabilities appropriately guard against fraudulent activities.
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Landmark Underwriting Expands Into Canada
London-based underwriter Landmark is delighted to announce the opening of its latest office location, in Toronto. Landmark Underwriting is a specialist Managing General Agent focused upon building long-term business relationships with individuals and teams by working in close partnership with them. Landmark provides innovative insurance solutions and is committed to offering the highest levels of service and efficiency to its global strategic broking partners.
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BOXX Insurance Announces Series A Round
BOXX, the leading cyber insurance provider for small businesses, individuals and families, is pleased to announce that it has closed its oversubscribed USD $10 million (CAD $12.7 million) Series A-round in a bid to accelerate growth and expand its footprint internationally. The new investors are Cyber Mentor Fund (CMF), Zurich Insurance Group (Zurich) and SixThirty Ventures.
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CRU Group Announces Expansion with New Canadian Business Unit
CRU Group is pleased to announce the next steps in the company's expansion with the opening of a new Canadian business unit based in Edmonton, Alberta. This carefully planned strategic initiative adds a new segment to CRU Group's established Canadian positions in catastrophe services and their Maltman International specialty claims subsidiary.
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Global Reinsurers Grapple With Climate Change
If re/insurers are not properly accounting for the impact of climate change in their catastrophe modelling and pricing today, it could lead to significant unexpected volatility in their earnings and capital, resulting in pricing corrections that could have implications for the cost of reinsurance purchased by primary writers, thereby hitting their profitability and risk profiles as well.
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Vertafore Launches Orange Partner Program
Vertafore® Canada, a leader in modern insurance technology, is pleased to announce the launch of the Vertafore Canada Orange Partner Program, providing Canadian brokers the opportunity to take advantage of high-quality, pre-built integrations with strategic third-party technology providers. The program allows brokers to further optimize their processes and enhance the digital experience they offer their customers.
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IT Teams Feel Pressure To Compromise Security
HP Inc. has released its HP Wolf Security Rebellions & Rejections report, a comprehensive global study highlighting the tension between IT teams and employees working from home (WFH) that security leaders must resolve in order to secure the future of work.
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Youth Mental Health Partnership Launched
Z Zurich Foundation and UNICEF are pleased to announce a three-year partnership to promote mental well-being among young people worldwide.
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