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Embracing artificial intelligence is crucial for industry

By Kate McCaffery | April 18, 2024, 10:34 a.m.

Photo: Adobe Stock

Lack of “data mastery,” can hurt property and casualty insurers’ core business, says new report.

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Headlines

Licensing for managing general agencies: the consultation period ends

Canadian life application activity flat in August

Industry urged to be proactive and use more advanced risk models

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Flash

Licensing for managing general agencies: the consultation period ends

Industry urged to be proactive and use more advanced risk models

Reinsurers called out for retreating from risk

A strong first half for four Canadian property and casualty insurers

P&C Insurance

Ontario proposes additional Insurance Act amendments

Business and technology consolidation creating opportunities for cyber criminals

Economic conditions impacting service providers

Deaths among off-road vehicle riders on the rise

Business insurance

Aviva Canada's profit declines 10% in the first half of 2024

Poor integration of current technologies hinders pricing

Definity reports 32% increase in second quarter net income

Negligible crop insurance penetration in emerging markets an opportunity

Cyberrisks

Brokers concerned about SME Cybersecurity

Global outage will have limited impact on insurance

Business email compromise claims an often-overlooked threat

Multiple factors driving demand for cyber insurance

CAPGEMINI

Predictive analytics part of underwriting in the future

Insurance growth expected to accelerate slightly

Insurance poised for significant growth... among the wealthiest

Capgemini says insurers largely unprepared for coming wealth transfer to beneficiaries

Special risks

Pensions continue derisking

Ways to mitigate damage caused by breaches

Intact nearly triples profit in Q2 2024

Coalition reviews 2023 claims results

Technology

Average insurtech deal doubles in size

Applied Systems acquires artificial intelligence firm

Technology leaders exhibit higher premium growth numbers and lower expense ratios

Multi-factor authentication: not a silver bullet

Cyberrisks

ChatGPT’s impact on cybersecurity examined

Cyber insurance pricing stabilizes as market continues to grow rapidly

All-time high: 21 per cent of Marsh clients report a cyber event in 2023

Emerging risks: 16 potential threats to the industry

Analytic

Canadian life application activity flat in August

Actuaries climate index rose in early 2024

Nearly half of Canadians have difficulty meeting day-to-day expenses

Empire Life posts net income of $35 million for the second quarter of 2024

Artificial intelligence

Pension investment returns positive in the second quarter of 2024

Small number of firms have replaced humans with artificial intelligence

Reinsurer urges information sharing to combat fraud

Protection gap persists for intangible assets