INSURANCE INDUSTRY NEWS

Aging Population To Transform P&C Insurance
The world's ageing population is set to transform the insurance industry globally by 2050, according to the Capgemini Research Institute's World Property and Casualty Insurance Report, which details how a shift in the ratio of seniors to-working age adults will play a critical role in changing habits around consumption, transportation, and use of technology, with major implications for both commercial and personal P&C insurance. Read more.

Almost One-Third Of Insurance Claims Are Due To A Catastrophic Weather Event: Allstate
Catastrophic weather and climate events are no longer a rare occurrence. According to a new Léger poll for Allstate, only 27 per cent of Canadian homeowners are very confident their home is prepared for a major weather or climate event causing wide-spread damage, such as a tornado, flooding, wildfire, or hail. Read more.

Deloitte, Google Cloud & ServiceNow Expand Alliances To Accelerate Agentic A.I. Adoption
Deloitte is pleased to announce the expansion of its alliances with Google Cloud and ServiceNow to enable clients to rapidly scale their agentic AI capabilities, helping to build the enterprises of the future. As part of this expansion, Deloitte is introducing a suite of over 100 ready-to-deploy agents, powered by Google's Gemini models and Agentspace, to transform customer interactions and enhance employee experiences. Read more.

Gore Mutual Achieves CSIO eDocs Certification
CSIO is pleased to announce that Gore Mutual Insurance has obtained CSIO's eDocs Certification. Gore Mutual's achievement demonstrates that all their eDocs reflect the updated Standards and they can send the refined codes and descriptions to Broker Management Systems. Read more.

Majesco Release Moves Beyond Insights To Real Business Impact
Majesco is pleased to announce the launch of its Spring '25 Release, which introduces intelligent, business outcome-driven capabilities designed to empower insurers to move faster, optimize and streamline operations, deliver enhanced business results, and lead confidently in an ever-evolving market. Read more.

Canadians Unprepared For The Loss Of A Loved One
Half of Canadians feel overwhelmed and have no idea where to start when loss happens, a new survey conducted by Ipsos for Sun Life reveals. To better support those navigating a loss, Sun Life is launching bereavement support with Empathy, an innovative solution that combines technology with human care to provide comprehensive support and guidance. Read more.

Technology Adoption Rising In Benefits Management
Almost half of multinational company headquarters are prioritizing expanding the use of employee-facing technology to support benefits management, including using AI and other advanced technologies to improve benefits navigation and decision-making, according to a new survey by Towers Watson, a WTW business. Read more.

Verisk Acquires Nasdaq Risk Modelling
Verisk, a leading global data analytics and technology provider, is pleased to announce that it has acquired Nasdaq subsidiary Simplitium Limited, which owns and operates Nasdaq Risk Modelling for Catastrophes, a SaaS platform that supports an open ecosystem where specialized model partners make their models, hazard data and analytics available to the industry to help assess and address the global insurance protection gap. Read more.

Blind Spots Around Risk Could Challenge Renewable Energy Transition: FM Survey
Renewable energy projects and the global transition to green power will hinge on resilience – the ability to protect against natural hazards, equipment failure and business interruption – according to new research from commercial property insurer FM. Read more.

Myths Hampering Employee Productivity: Gartner
HR leaders must address four emerging myths around employee productivity that could impact their organizations' ability to achieve desired growth, according to Gartner, Inc. A November 2024 survey of senior executive business leaders revealed that their most critical challenges to leading and growing their enterprise are talent and workforce, followed by culture and people management. Read more.

Small Business Confidence Remains Shaken Amid Tariff Woes: CFIB
Long-term small business confidence gained 9.3 index points in April, reaching 34.8, up from the record low level of 25.0 points recorded in March, finds the latest Canadian Federation of Independent Business (CFIB)'s Monthly Business Barometer® survey. Read more.

In the InsurTech Spotlight this week:

W3 Intelligence Research Group
Working collaboratively with insurers, industry partners, and stakeholders, W3 Intelligence Research Group Inc. employs award winning, qualified expert staff that has a direct impact on combatting insurance fraud. Augmented by an infrastructure of processes and technology, we assist in protecting insurers, stakeholders, and the consumer. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Intermediate Adjuster (Property)
SGI
Etobicoke, ON

Claims Adjuster, Property
Gore Mutual Insurance
Vancouver, BC

From Doug ‘Predict and prevent’ is a growing trend shifting toward a proactive focus on risk management, utilizing data and technology to anticipate and prevent losses before they occur. Benefits include fewer or reduced losses, better customer engagement and customer satisfaction. For instance, the insurance industry influences building codes and community resilience measures from fire-resistant construction materials to flood plain mapping, etc. Some insurers deploy expert field personnel to areas threatened by active wildfires in order to provide loss prevention and suppression services. Predicting and preventing a probable loss rewards both insurer and client. But is there a corollary for events which have already happened? ‘Detect and mitigate’: Technology and insurance programs are expanding the opportunity to mitigate losses following an event. Some are immediate, such as detecting a water leak, turning off the water supply and notifying the client, even generating a (tentative) FNOL. With auto telematics, the detection of a severe incident (crash) can automatically trigger a call to the insured and deployment of emergency services, helping to reduce potential loss severity. Both approaches – prevent and mitigate – have long been practiced, but ongoing technology innovations are enabling new capabilities, and insurance programs are taking advantage. Doug Grant, CIP Partner Insurance-Canada.ca