Category: Risk Management

July 25, 2024

The West Virginia insurance commissioner is reminding all state and local governments and non-profit organizations that they could face penalties if they fail to obtain flood insurance on properties in flood hazard areas. “Please review your eligibility for the NFIP […]

July 25, 2024

CFC, an insurance provider specialising in emerging risks and cyber coverage, has published an analysis on the costs SMEs incur when implementing cybersecurity services. The company’s cyber team examined the expenses of various third-party cybersecurity solutions to determine the financial […]

July 18, 2024

The recent floods in southern Germany will cost insurers an estimated €1.568 billion (US$1.7 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. The floods, which hit southern Germany during the period of May 31 […]

July 17, 2024

A recent poll from Reinsurance News suggests that AI-powered threats will drive the biggest losses across the cyber re/insurance market over the next two years. Hundreds of people from across the insurance and reinsurance industry responded to the poll. Of […]

July 16, 2024

Global insurer QBE has launched QCyberProtect, a comprehensive and consistent cyber policy designed to enhance cyber resilience for a diverse range of clients across the globe. QCyberProtect offers customised coverage for losses from various cyber risks, including network security breaches, […]

July 15, 2024

Joemar Flores, a spindly 28-year-old, gestured across his family’s farmland, nestled between a steep hill and a river, and expressed gratitude for the rice paddies in the distance. They’re still there, producing food and an income for him, thanks in […]

July 12, 2024

US carbon-credit insurance carrier Oka, and Socotra, a provider of modern policy administration systems, have formed a strategic partnership aimed at the carbon markets and scaling climate solutions. This partnership combines Oka’s team and artificial intelligence (AI) with Socotra’s technology […]

July 11, 2024

Fifth Third Bank agreed this week to pay a $5 million fine for illegally forcing vehicle insurance onto borrowers who had coverage. Fifth Third also agreed to pay a $15 million fine for illegal sales practices. The Cincinnati, Ohio-based bank […]

July 9, 2024

Jamaica’s Minister of Finance, Dr. Nigel Clarke, has revealed that the country’s Tropical Cyclone policy with the Caribbean Catastrophe Risk Insurance Facility (CCRIF) has been triggered by Beryl, with a payment amount of $16.3 million. Clarke recently received the Preliminary […]

July 8, 2024

Hurricane Beryl made its U.S. landfall at Matagorda, Texas early Monday as a Category 1 hurricane. The storm has reportedly knocked out power to 1 million homes and businesses, but the storm’s overall impact to the insurance industry is expected to […]

July 5, 2024

The Government of the Republic of Zimbabwe has received an insurance payout of US$16. 8 million following its participation in the African Risk Capacity (ARC) Group disaster financing mechanism. For those who are not aware, the mechanism is designed to […]

July 3, 2024

Munich Re’s Risk Management Partners is teaming with CGI, the business and IT consulting services firm, in a move that is set to help insurers reduce claims, increase profits, and drive long-term value through climate risk mitigation. This partnership between […]

July 1, 2024

Zurich Insurance Group and Aon have introduced a new clean energy insurance facility to provide comprehensive coverage for blue and green hydrogen projects with capital expenditures up to $250 million. As part of this new initiative, Zurich serves as the lead insurer while […]

June 28, 2024

Noor Energy 1, an iconic solar power plant in the United Arab Emirates has likely suffered hundreds of millions of dollars of losses following an April storm. Noor 1 is a concentrated solar power (CSP) operation with a 260 meter […]

June 26, 2024

The emergence of genomics, the study of genes and its arrangements and interactions, has a role insurers should be taking note of, a recently released report by Swiss Re found. The report entitled “Genomics: Litigation Risks and Rewards,” suggests genomic […]

June 26, 2024

Insurers can no longer avoid the need to explicitly quantify geopolitical risk in their pricing, modelling and risk management processes, says Broadstone, the independent pensions, employee benefits, investment and insurance consultancy. Broadstone’s latest Insurance Risk Monitor states that the current […]

June 25, 2024

This year is predicted to be an active hurricane season in Florida and the southeastern United States. If you own property in Florida and other hurricane-prone areas, having the right hurricane insurance in place to protect your assets is critical. […]

June 25, 2024

In response to increasing cyber threats, DUAL North America has formed a strategic partnership with CyberClan, a leading cybersecurity risk management firm. The partnership will expand the range of risk management solutions offered by DUAL. With the integration of DUAL Cyber into […]

June 20, 2024

The European cyber insurance market has become much more friendly, with increased capacity per layer, significant overall capacity growth, removal of coverage restrictions, and more enhancements and innovative coverages available, according to Macarena Bandres, Cyber Placement Leader at Marsh Europe. […]

June 17, 2024

(Re)insurance broking group Gallagher’s new report highlights the necessity for businesses and communities to adopt proactive risk management strategies, in light of global uncertainties in 2024. The year is marked by the potential for civil unrest, terrorism, and political violence […]