INSURANCE INDUSTRY NEWS

Silver Lining For Insurers As Global Economy Slows: Swiss Re Institute Sigma
Inflation continues to be the number-one concern for insurers, according to Swiss Re Institute's latest sigma report. Inflation has led to total global insurance premium falling slightly in real terms in 2022, but Swiss Re Institute expects the insurance industry to return to premium growth in 2023 and 2024, supported by a combination of easing inflation, market hardening in P&C lines, as well as stronger life insurance demand. Read more.

Northbridge Launches Commercial Connectivity Solution For Brokers
Northbridge Insurance has launched a Commercial Connectivity solution for brokers, which enables seamless data exchange and efficient real-time quoting for small business. The solution also harnesses technology to eliminate duplicate entry. For brokers, it delivers speed, accuracy, and saves time. Read more.

Betterview Announces Partnership With Iceye
Betterview is pleased to announce a new partnership with Iceye, the leading provider of reliable, timely, and accessible geospatial data. Data from Iceye will now be available to Betterview users within PartnerHub, the third-party marketplace within the company's Property Intelligence & Risk Management Platform. Read more.

BHTP, soNomad Partner To Offer Travel Medical Insurance In Canada
North American travel insurance provider Berkshire Hathaway Travel Protection has announced that it has partnered with soNomad to provide Canadian travelers valuable travel medical insurance for unexpected health problems or sudden injuries while traveling. The soNomad Travel Medical Insurance plan will be underwritten by National Liability & Fire Insurance Company, Canada. Read more.

Ridge Canada, Agilicus Partner To Help Organizations Obtain Cyber Insurance
Agilicus, a cybersecurity company and Ridge Canada Cyber Solutions (RCCS), a leading managing general insurance agency, are partnering to assist Canadian small to midsize businesses (SMB) qualify for and obtain cybersecurity insurance. Mounting cyber risks and data breaches has organisations struggling to secure or maintain their cyber insurance policies due to new, more robust security requirements. Read more.

Travelex Insurance Services Announces Expansion Into Canada
Travelex Insurance Services, an industry-leading travel insurance provider in the United States, is pleased to announce its expansion into Canada, with full operations, including claims administration and travel assistance, based in Toronto. Read more.

Trufla Announces TruWeb Data Dashboard For Brokers
Trufla is excited to announce the launch of their truWeb Dashboard for brokerages. The reporting tool gives brokers direct insight into customers' buying behaviour by using key metrics, automatically tracked in an easy-to-use dashboard. Read more.

Beazley Cyber Snapshot Reveals Rise In Fraudulent Instruction Claims
Fraudulent instruction as a form of cyber attack is on the rise, according to data released in Beazley's latest Cyber Services Snapshot report, which provides an ongoing picture of emerging cyber risk. Read more.

Canada's National Adaptation Strategy: IBC Statement
The Government of Canada has released its first-ever National Adaptation Strategy, entitled, “Canada's National Adaptation Strategy: Building Resilient Communities and a Strong Economy.” Insurance Bureau of Canada (IBC) has issued a statement commending the strategy. Read more.

In the InsurTech Spotlight this week:

Bobtrak
BobTrak builds enterprise software for Insurance and Financial Services providers to help them manage and analyze their distribution channels' books of business. The application is most cost-effective for carriers and large brokers, especially if they have a number of legacy systems. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug This Crisis is Growing We all generally recognize that climate change is a crisis. Where you live helps to determine how big the crisis is for you. Sea levels have risen about 20 centimetres since the beginning of the 20th century; the rate is accelerating. Almost half the world's sandy beaches face near extinction by the end of the century because of increasing greenhouse gas emissions. “The floodplain belongs to the river, and the beach belongs to the ocean. They don't belong to us. And they can take it back whenever they want.” Be prepared. One of the harder hit communities in 2021, Abbotsford BC, has at least developed a plan – with a substantial price tag of $2 billion. But like so many situations that grow into crises – e.g. health care – the political will to actually do something is too often lacking. A recent report suggests that every $1 million invested in flood resilience in the coming two decades will save at least $7 million in avoided flood damage and recovery costs in the subsequent two decades. Individually, and in our communities at every level and scope, let's do more. Doug Grant, CIP Partner Insurance-Canada.ca