INSURANCE INDUSTRY NEWS

Few Organizations Prepared For AI-Augmented Cyber Threats: Accenture
As artificial intelligence (AI) radically reshapes business, a vast majority of organizations (90%) are not adequately prepared to secure their AI-driven future, according to a new report from Accenture. Globally, nearly two-thirds (63%) of companies are in the "Exposed Zone," indicating they lack both a cohesive cybersecurity strategy and necessary technical capabilities. Read more.

Zurich Acquires Leading Global InsurTech BOXX
BOXX Insurance Inc., a global cyber InsurTech, is pleased to announce it has entered into an agreement to be acquired by Zurich Insurance Group, a leading global multi-line insurer. BOXX is known as the original all-in-one cyber insurance and protection company, serving customers across five continents. The transaction will see BOXX continue to operate as a standalone entity.
ALT: Zurich Insurance Group is pleased to announce the successful acquisition of Toronto-based global cyber insurance and risk management InsurTech, BOXX Insurance Inc., to provide retail and SME cyber insurance and services globally. Read more.

Global Insurance Broking Revenues Totalled USD 180 Billion In 2024: Insuramore
According to the latest rankings and analyses updated by Insuramore, the value of the worldwide market for insurance broking in terms of fees and commissions earned was around USD 180 billion in 2024, up from around USD 166.5 billion in 2023 on a constant currency basis, equivalent to a growth rate of around 8.1% without adjusting for inflation, but closer to 2.6% as an inflation-adjusted measure. Read more.

SIB Expands In Ontario With New Acquisitions
SIB Acquires Marathon Insurance Group
SIB Corp. is pleased to announce the acquisition of four long-standing Ontario brokerages: SSY Marathon Insurance Brokers Inc., K.O. Bartholomew & Son Inc., Ron Johnston Insurance Ltd., and Buckler Insurance Service Ltd. (the “Marathon Insurance Group of Companies”). Read more.

JT Insurance Joins Axis Insurance
Axis Insurance Managers Inc. is pleased to announce its expansion with the joining of J.T. Insurance Services (Canada), Inc. JT Insurance has built a strong reputation serving real estate, construction, and high-net-worth clients, and their expertise in these key sectors strengthens Axis Insurance's presence and service depth in core markets. Read more.

Lemonade Continues U.S. Expansion In Indiana
Lemonade, the digital insurance company powered by AI and social impact, is pleased to announce the launch of Lemonade Car in Indiana, marking the latest step in the company's expanding U.S. footprint. Drivers across the state can now access Lemonade's full suite of insurance products – all built for the digitale age. Read more.

CatIQ Updates Loss Estimate For March Ice Storm
CatIQ, the independent Toronto-based organization providing industry-wide catastrophe insurance data and subsidiary of PERILS, has disclosed its third industry loss estimate for the ice storm that affected Ontario and Quebec in late March, which provides a snapshot of the insurance market 90-days post-event. Read more.

In the InsurTech Spotlight this week:

Novinsoft
Novinsoft is a major provider of Life and Health Sales and Inforce Product illustrators, Sales Concepts, and Needs Analyses to the Canadian Financial Services industry. Novinsoft specializes in working with clients to custom design and develop systems to client specific and unique requirements. Learn more.

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Featured job opportunities:

Commercial Lines CSR
J.D. Smith Insurance Brokers
Richmond Hill, ON

Estate Planning Associate
RBC Wealth Management Financial Services
Montreal, QC

From Doug Changes are afoot in insurance as technology innovation enables the capture of data like never before: • More types and volumes of data are generated and captured by sensors, cameras, social media, AI, and more; • The capacity to store data has grown in parallel. New tools have helped translate basic data into insights. Tools can now deal directly with more diverse data-types and analyze that data to extract relevant insights. The additional data and better tools are changing underwriting, for example, by: • enabling improved risk profiles to be developed for most exposures; • better determining quantified impact of various perils; • enhancing the predicted frequency and cost of incidents; • and thereby better pricing the risk. More precise data is changing insurance products, enabling, for example, a broader use of parametric insurance. A by-product of all these developments is changing the services offered by insurance businesses as they develop more risk management services, to predict (or detect) an occurrence and prevent (or mitigate) its potential impact. Both the insurance business and its customer benefit. There is a growing consensus that this (r)evolution is unfolding today. Doug Grant, CIP Partner Insurance-Canada.ca