Greg M. Smith

President at Crawford & Company (Canada) Inc. @Crawford_Canada | Senior Insurance Executive Specializing in Claims & Risk Management | InsurTech Enthusiast

[Greg M. Smith @TOGregSmith]

Could exclusions or even a cyber backstop help? Experts emphasize the need for more data and contract clarity. With the growing importance of proactive infrastructure, insurers focus on strengthening partnerships and avoiding poor underwriting practices. #CyberInsurance

[Canadian Underwriter @CdnUnderwriter]

Steps have been taken to improve profitability for Canada’s cyber insurance product. But can more be done?

https://t.co/WiAlVUfmSX

[Greg M. Smith @TOGregSmith]

The forestry insurance market is evolving with more insurers returning, but stricter regulations and changing policies. Insurers offer incentives like GPS tracking and expanded coverage, though premiums are rising. Businesses must stay informed and adapt. https://t.co/ZiTRtSFmSd

[Greg M. Smith @TOGregSmith]

Canada's home, auto, and business insurers are helping recover from disasters and minimize risks before severe weather strikes.
Take proactive steps now to safeguard your property and future.

#Insurance #Resilience #Canada #AutoInsurance #BusinessInsurance

[IBC @InsuranceBureau]

In Canada, severe weather is getting worse and we are all paying the price. That’s why Canada’s insurers are focused on action – helping Canadians adapt, rebuild, and protect the things that matter most. https://t.co/ekUCLRamj8 #ProtectingYourTomorrow

[Greg M. Smith @TOGregSmith]

Cyber policies typically cover malicious activities, even if AI is used for attacks like phishing or social engineering.

While AI itself isn't considered a criminal agent, its use by cybercriminals remains covered. https://t.co/AeqMMeOovg

[Greg M. Smith @TOGregSmith]

In 2024, severe weather caused $1.7B in insured losses to Canadian commercial properties. #Wildfires accounted for 40%. #Floods, #hailstorms, and Hurricane Debby also contributed.

Stronger policies and investments in defenses are crucial. https://t.co/cV9zqSRqoG

[Greg M. Smith @TOGregSmith]

From aiding customers after a disaster to helping minimize risks before severe weather strikes, the insurance industry builds strength and resilience. There are 140,000 insurers across the country ready to help Canadians rebuild and protect the things they love.

[IBC @InsuranceBureau]

In Canada, severe weather is getting worse and we are all paying the price. That’s why Canada’s insurers are focused on action – helping Canadians adapt, rebuild, and protect the things that matter most. https://t.co/ekUCLRamj8 #ProtectingYourTomorrow

[Greg M. Smith @TOGregSmith]

After the housing crisis, Jasper's goal is 240 new units. The Housing Action Plan targets sustainable solutions amid a 600-unit deficit, zero vacancy, and wildfire losses of 800+ homes. Leaders stress proactive planning over reactive fixes. https://t.co/Zkky8agq3j

[Greg M. Smith @TOGregSmith]

25% of insurers have fully digitalized, while 10% aren't integrating digital technologies significantly.

#AI could save P&C insurers $480B/year and life insurers $300B+.

Digital maturity is a competitive edge— the gap is widening, making strategic investments crucial.

[Insurance Business Canada @InsuranceBizCA]

An ACORD study has revealed that only one-quarter of insurance carriers have fully digitalized their value chains, while more than 10% are not significantly incorporating digital technologies into their operations.

https://t.co/05KceMQadJ

[Greg M. Smith @TOGregSmith]

Climate risks increase and economic losses rise, the insurance industry is under pressure to do more. 79% of executives believe the industry has an ethical responsibility to reduce this disparity. Many see technology as the key to tackling the issue. https://t.co/0pExNMt4QY

[Greg M. Smith @TOGregSmith]

As space weather events become more frequent, businesses are urged to take proactive steps to prepare, using data-based models to mitigate risks and enhance collaboration due to disruptions to critical infrastructure like energy grids, satellite networks, and communications.

[Insurance Business Canada @InsuranceBizCA]

The global economy could be exposed to an estimated US$2.4 trillion in losses over a five-year period, with an expected loss of US$17 billion from a hypothetical solar storm, according to Lloyd’s latest systemic risk scenario.

https://t.co/LVMqpIa3if

[Greg M. Smith @TOGregSmith]

Basement water damage is a top #HomeInsurance claim in Canada, with 1 in 10 homeowners experiencing flooding.
Protect valuables by elevating storage, improving drainage, and using leak monitors. https://t.co/YgBb5bJxS7

[Greg M. Smith @TOGregSmith]

Each province in Canada has its own licensing rules, which makes it hard to get the right people in place during emergencies. We need to speed up responses to natural disasters and ensure that Canada can handle any challenges, whether it's severe weather or trade issues.

[Canadian Underwriter @CdnUnderwriter]

The Canadian property and casualty insurance industry is calling on regulators and policymakers to adopt a system of reciprocity as tariffs and a potential trade war loom over the Canadian economy.

https://t.co/CTIqBfNTUb

[Greg M. Smith @TOGregSmith]

Crawford’s Vic Noble speaks about 2024 when Dubai saw its worst rainfall, triggering a surge in insurance claims—matching a year’s volume in a month. #Crawford mobilized local teams and global experts to restore lives, businesses and communities. https://t.co/wgPjetDZa5

[Greg M. Smith @TOGregSmith]

Drivers love telematics-based #CarInsurance for its convenience, savings, and #transparency. 36% chose #telematics for easy online management, 36% for lower premiums.

Beyond cost, benefits are journey tracking, theft recovery, and better driving habits. https://t.co/DFuprKAivS

[Greg M. Smith @TOGregSmith]

Winter weather can be tough on your home and your travel plans. Protect your property by maintaining heating systems, preventing frozen pipes, and keeping walkways clear. Drive safely by preparing your vehicle, using winter tires, and carrying an emergency kit.

[IBC @InsuranceBureau]

DYK?: If someone slips on your driveway or stairs, you could be held liable. Be diligent in keeping your property free of hazards. Ensure your walkways are clear of snow & ice. To learn more, visit: https://t.co/2OayLAU4aM #WinterSafety #KnowYourPolicy

[Greg M. Smith @TOGregSmith]

Deepfake technology has evolved to the point where voices, faces, and entire personas can be convincingly replicated. Cybercriminals are using it to scam, manipulate, and mislead. Awareness and education are your defense. #CyberSecurity https://t.co/hr8oJ5S8as

[Greg M. Smith @TOGregSmith]

Road conditions change fast—especially in winter. A moment of distraction or a little too much speed can have serious consequences.

Stay alert. Drive responsibly. Get to your destination safely. It’s not just about you—it’s about everyone on the road. #RoadSafety

[IBC @InsuranceBureau]

As a driver, the life & property of your passengers, fellow drivers & pedestrians are in your hands. That's worth your focus & attention. Please drive responsibly, follow the speed limits & pay attention to winter road conditions. #SlowDownSaveLives #RoadSafety

[Greg M. Smith @TOGregSmith]

Loved this feature from Crawford & Co. Canada's own Jennifer Morassutti on #InternationalWomensDay. Her chat with Scott Bynoe highlights true #allyship—"consistent intention" in leadership, team diversity & daily actions. How will you commit year-round? https://t.co/130zaOs7sp

[Greg M. Smith @TOGregSmith]

OSFI has extended the deadline for banks and insurers to report emissions from loans and underwriting from 2024 to 2028. This aligns with new standards from the Canadian Sustainability Standards Board, providing more time to adapt to climate disclosures. https://t.co/U2zvPTIGi1

[Greg M. Smith @TOGregSmith]

#CyberCrime remains a major threat. #CyberInsurance claims in Canada rose 50% in 2023, with the average data breach costing $7M. Insurance brokers are becoming trusted advisors, guiding businesses through #RiskManagement and continuity planning. https://t.co/o9kGr0yzHC