INSURANCE INDUSTRY NEWS

Insurers Set To Double A.I. Investment: Wipro
Wipro Limited, a leading AI-powered technology services and consulting company, has released a new report, The AI Advantage: Building Tomorrow's Insurance Enterprise, which reveals that AI is set to become a much bigger part of Information Technology (IT) budgets within the next 3-5 years as insurance firms look to leverage AI to transform their core processes, indicating the industry is actively embracing AI's potential. Read more.

Crawford & Company Large Loss Report
Crawford & Company® is pleased to announce the release of its Large Loss Claims Review and Outlook report highlighting the key challenges affecting the insurance industry today and in the future. The report details clear evidence of an uptick in the frequency and severity of extreme weather events which are serving to create a 'new normal' of climate change-driven catastrophes, as the insurance industry responds to the extreme volatility this generates. Read more.

Applied Systems Achieves CSIO’s API Security Standards Certification
CSIO congratulates Applied Systems Canada on becoming the first Broker Management System (BMS) vendor to earn its Application Programming Interface (API) Security Standards Certification. In doing so, Applied improved its CSIO Standards Certification Rating to Platinum—the highest Rating. Read more.

Extreme Heat Tops Emerging Risks: Swiss Re Sonar
Up to half a million people globally succumb to the effects of extreme heat each year, according to recent scientific research, exceeding the combined impact of floods, earthquakes and hurricanes. This places the observable increase of extreme heat events among the most important emerging risks, according to Swiss Re's 2025 SONAR report. The study highlights how this peril reaches beyond the human toll, mapping its effects across industries such as the energy and telecommunications sectors. Read more.

Carsharing Telematics Market: Berg Insight
IoT analyst firm Berg Insight's latest market report, The Carsharing Telematics Market – 7th Edition, analyzes the latest developments in this market worldwide, including a comprehensive overview of the carsharing telematics value chain covering 35 carsharing platform vendors and 70 carsharing initiatives from specialist CSOs, car rental companies and car OEMs. Read more.

BrokerLink Expands In Ontario, Alberta
BrokerLink continues to expand its presence with three acquisitions: Ontario-based Avergate Insurance Inc. (effective May 1st) and Keyes Insurance Brokers (effective June 1st), and Alberta-based CDM Insurance Brokers Ltd. (effective June 1st). Read more.

Wildfires Renew Volatility Of Natural Catastrophe Losses
Morningstar DBRS has released a new report which discusses the potential financial and credit implications of the ongoing wildfire season for the Canadian P&C insurance industry. Read more.

First Onsite Unveils Sustainability Plan To Reduce Environmental Impact
First OnSite Property Restoration is pleased to announce that it has committed to the Science Based Target initiative (SBTi) and is taking significant strides around sustainability and environmental stewardship with new initiatives aimed at reducing its carbon footprint and increasing waste diversion. Read more.

Non-Mortgage Delinquencies Reach Levels Not Seen Since 2009: Equifax
Economic uncertainty continued to impact credit usage and consumer financial health across Canada during the first quarter of 2025 according to Equifax® Canada's latest Market Pulse Consumer Credit Trends and Insights. Total consumer debt in Canada was up four per cent year over year, but down from the end of 2024. Read more.

In the InsurTech Spotlight this week:

nowly
nowly leverages best-of-breed digital distribution platforms to deliver a full suite of simplified and underwritten term life products. The moment a nowly policy takes effect, our customers (aka Members) get instant access to a wide range of complimentary digital wellness programs and rebates to help our Members 'live nowly'. Learn more.

Calling all InsurTechs! Click here to participate.

Featured job opportunities:

Underwriter (Contract)
Agricorp
Guelph, ON

Licensed Insurance Associate
Ontario Medical Association
Toronto, ON

From Doug Three different factors contribute to safer roads: the auto, driver and roads. The design of autos and ADAS features are geared to make driving safer and good road design does the same. Driving laws and enforcement plus driver education too, but drivers can be the wild card. Telematics has a positive impact. In early days, the reward was reduced insurance costs. Now advanced driver monitoring and coaching, especially in realtime, and with incentives, has created significant additional value. Who needs the expense, let alone the hassles of an accident. Those benefits, to policy holder and insurance businesses are obvious. But more value accrues from safer driving: • Less impact – pardon the pun - on pedestrians, cyclists, and other drivers. • Smoother traffic flow • Reduced load on emergency services and health case systems • For fleet owners, less downtime, lower operational costs, and reduced legal liability. • Improved data for traffic infrastructure design • reduced impact on the environment • reduced insurance costs for others Safer driving can contribute to a virtuous circle. As with litter that people in a clean environment tend to litter less, so in driving, drivers tend to reflect how those around them drive. Telematics is one key. Doug Grant, CIP Partner Insurance-Canada.ca