INSURANCE INDUSTRY NEWS

Coalition Demonstrates Cyber Is Insurable With New Method for Modeling Aggregate Cyber Risk
Coalition, the world's first Active Insurance provider designed to prevent digital risk before it strikes, is pleased to announce the release of the all-new Active Cyber Risk Model, a practical framework for understanding cyber risk aggregation that provides an ongoing view into organizations' cyber risks and identifies preventive measures to protect against new threats. Read more.

Nat Cat Insured Losses Exceed USD 100 Billion Again In 2022: Swiss Re
With significant weather events in the U.S., Europe, Australia, South Africa, China and beyond, 2022 was the second consecutive year in which insured losses from natural catastrophes exceeded the USD 100 billion threshold, Swiss Re's latest sigma report reveals. Read more.

Another Cybersecurity Wake-Up Call
The shift to hybrid work has created new and unique cybersecurity challenges. Cisco's Cybersecurity Readiness Index looks at how successful (or not) organizations are at safeguarding against these complex threats, and the results, while not completely surprising, are highly concerning. Read more.

Survey Pulls Back Curtain On Cyber Threats
Huntress, the managed security platform for small and mid-market businesses, has released the findings of its State of Cybersecurity for Mid-Sized Businesses in 2023 survey, revealing cyber security challenges faced by the mid-sized businesses across the United States and Canada that comprise 99% of all businesses. Read more.

Sports & Fitness Insurance Joins Quotey Marketplace
Quotey is delighted to announce that it has expanded its commercial insurer marketplace to include Sports & Fitness Insurance Canada for its health and beauty products. Read more.

Relay Cyber & Management Liability Quoting Platform Adds Business Owner Policies
Relay Platform is pleased to announce the immediate availability of a new e-placement product for quoting and binding in seconds of business owners' policy (BOP) business, Relay BOP. Relay will provide quotes from a range of established carriers and MGAs. Read more.

Relativity6 Launches AI-Powered Risk Detection Hazard Flags
AI solutions provider Relativity6 is pleased to announce the release of its latest tool, Hazard Flags. The new product utilizes advanced machine learning algorithms to detect potential risks in commercial insurance submissions, helping insurers streamline their underwriting processes and make better-informed decisions about policies. Read more.

Facility Association Launches Trucking Telematics Program In Alberta
Facility Association is pleased to announce it will launch a telematics program for truck drivers in Alberta this spring to help drivers and operators improve driving habits and correct poor driving behaviours using a video-enabled telematics device. Read more.

Vast Majority Of EV Drivers Would Buy Again: CAA
Common pre-purchase concerns about EV ownership – including driving range, cold weather performance and battery degradation – decline dramatically after purchase, according to findings of the largest-ever survey of Canadian EV owners, conducted for the Canadian Automobile Association. Read more.

FSRA Seeks Input On Financial Penalties
The Financial Services Regulatory Authority of Ontario is consulting the public on proposed guidance designed to improve consumer protection by appropriately sanctioning persons and entities not in compliance with sector statutes, regulations and FSRA rules and requirements. Read more.

In the InsurTech Spotlight this week:

CompareHealth
CompareHealth is an online platform that makes quoting and comparing personal health insurance plans easy for advisors and managing general agencies (MGAs) in Canada. Learn more.

Calling all InsurTechs! Click here to participate.

From Doug Digital Twins A “digital twin” consists of three parts: • the physical object or process and its physical environment; • the digital representation of the object or process; and • the communication channel between the physical and virtual representations. A digital twin represents an object or system and spans its lifecycle, is updated from real-time data (IoT), and uses simulation, machine learning and reasoning to help decision-making. The digital twin is intended to be the underlying premise for product lifecycle management through create, build, operate/support, and dispose of the physical entity it represents. Buildings make a good example: When a structure is designed using computer tools as a digital twin it can be tested through possible lifetime events – wear and tear, fire, earthquake, etc. – more comprehensively than traditional simulation. Once the structure is built, feeding actual performance data into the digital twin enables better predictions and preventive maintenance. For automobiles, Elon Musk has claimed that feedback from the repair cycle of damaged Teslas would enable design improvements to improve both damageability and repairability – probably using digital twins. Doug Grant, CIP Partner Insurance-Canada.ca