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INSURANCE INDUSTRY NEWS
Strong Growth Forecast For Global Insurance Markets As Demand For Risk Protection Increases
Swiss Re Institute's latest sigma study forecasts the global insurance industry will reach a new record in global premiums by mid-2022. This comes earlier than previously estimated and reflects rising risk awareness, increasing demand for protection and rate hardening in non-life insurance commercial lines. The insurance industry outlook is also supported by a strong cyclical recovery from the pandemic, but economic growth is expected to slow in the next two years due to an unfolding energy price crisis, prolonged supply-side issues, and inflation risks.
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Crawford, Aon Publish Joint Cyber Claims Guide
With instances of ransomware attacks increasing as cyber criminals become more adept at targeting organizations to maximize financial returns, Aon and Crawford have pooled their combined cyber experience to produce a detailed guide to help organizations better mitigate cyber risk and manage insurance claims more effectively in the event of an incident. Given the associated costs and the reputational damage of such an incident, the guide states it is imperative that organizations focus not only on cyber risk prevention, but also preparedness and response.
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Looming Threat Of Global Insurance Fraud
Nearly 60% of those tasked with thwarting the multi-billion dollar threat posed by global crime rings are not yet up to the task, reports a new study by the Coalition Against Insurance Fraud conducted in partnership with IBM and Luxoft. The research found that professional fraud fighters in North America were the least prepared for threats from abroad.
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Clyde & Co launches Innovation Platform To Reinvent Casualty Claims Handling
Global law firm Clyde & Co is pleased to announce it has launched a new platform which provides insurance claims teams with a suite of innovative, digitally enabled products to help speed up the handling of their casualty insurance claims while reducing costs.
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Hub International Launches Drive Safe App
Hub International Ltd., a leading global insurance brokerage and financial services firm, is pleased to announce the launch of its HUB Drive Safe App, a fleet risk management solution that provides driver coaching at scale, automatically detects collisions and helps fleets reduce their insurance costs through safer driving behavior.
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Vertafore Acquires Sales Automation Cloud Platform
Vertafore®, the leader in modern insurance technology, is pleased to announce it has acquired AgencyZoom™, a cloud-based sales automation platform for insurance agents. Modern agencies count on software and technology solutions to create more efficient processes, automate workflows, empower employees and better serve their clients. The combination of Vertafore’s agency management systems with AgencyZoom’s sales automation solutions delivers on Vertafore’s vision for the connected modern agency.
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Life Insurers Deploying New Core Systems For Line Of Business Management, BPO Strategy
The market for life policy administration systems is strong and growing. In a new Impact Report, research and advisory firm Aite-Novarica Group provides an overview of the life insurance, annuity, and group benefits policy administration systems in North America, as well as key statistics on major players.
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Quadient Introduces New Mailing Systems
Quadient is pleased to announce the launch of the iX-Series Mailing Systems and S.M.A.R.T. cloud-based software in Canada. The high-output mailing systems with best-in-class shipping, mailing, accounting, reporting and tracking software are designed and built to meet the needs of small, medium and large businesses while complying with Canada Post requirements.
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Definity Largest Canadian IPO Of 2021
Property & casualty insurer Definity Financial Corporation (formerly Economical Mutual Insurance Company) has raised approximately CAD 1.4 billion in the largest Canadian initial public offering of the year and among the largest IPOs of a Canadian company in the past five years.
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NFP, Loadsure Partner On Innovative Digital Solution for Cargo & Shippers’ Insurance
NFP is pleased to announce its Canadian-based offices have formed an exclusive partnership with UK-based Loadsure. Through this relationship, Loadsure will provide instant and on demand cargo and shippers' coverage to NFP's Canadian logistics clients shipping cargo globally, including inland transit, a significant advantage in an environment where the challenge of securing timely and sufficient coverage has contributed to an underinsurance crisis.
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AMF Paper On Connected, Automated Vehicles
As intelligent vehicles grow in popularity, the AMF is pleased to announce the release of an issues paper on connected and automated vehicles. Given the increasingly significant impact these vehicles will have on consumers and insurers in the years to come, and the repercussions on the overall operation of the automobile insurance system, the AMF is seeking to deepen its knowledge of the various relevant issues.
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Employers Eyeing People-Focused Efforts To Help Achieve Climate Goals
With efforts to achieve net-zero carbon emissions gaining momentum, employers are now focusing on people-oriented interventions to help achieve climate goals, according to a survey by Willis Towers Watson. nearly half of employers expect their employees to play a role in the delivery of climate strategy, while one-third feel that executive compensation should be tied to delivery of climate strategy.
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