Canadian Unemployment Rate Inches to 7.3%
Statistics Canada has reported that unemployment in Canada rose from 7.2 per cent in July to 7.3 per cent in August. Results based off of their Labour Force Survey it seems Canadian unemployment is still rising, if only slightly.
Over the past year employment in general has actually risen by 1.3 per cent, Stats Can reports that growth was primarily in Ontario and Alberta. During this period, full time employment rose 2.2 per cent and part time work declined 2.3 per cent. But August showed employment losses, specifically in construction, transportation and warehousing, and natural resources. Some sectors, including health care and social assistance, increased job opportunities.
What are the specific job decline statistics? Employment in construction declined 24,000 jobs in August, transportation and warehousing lost 14,000 jobs, in the natural resources sector there was a loss of 26,000. On the other side August gave 50,000 new jobs to those in healthcare and social assistance.
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Employment by age differed as well. For those aged 25 to 54, employment was gained, but those aged 55 plus had losses.
When it comes to employment by province, there were ups and downs. Newfoundland and Labrador had a loss of 3,400 jobs in August. In Saskatchewan employment job losses reached 3,000. A province that actually increased its employment was Nova Scotia, where 4,100 new jobs were gained.
Statistics Canada analyzes the labour force monthly and releases reports a few days after the month ends. The next update on Canada’s labour force and unemployment statistics will be released in October.
CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.