Category: Risk Management

March 25, 2024

According to global credit rating agency AM Best, the US property & casualty (P&C) industry recorded a $21.2 billion net underwriting loss in 2023, which slightly improves upon the $24.9 billion loss recorded in the prior year. These preliminary results […]

March 22, 2024

Minnesota homeowners insurance complaints rose 108% from 2020 to 2023, with of those complaints from homeowners concerned their claims were denied or they faced high out-of-pocket costs after damage from wind and hail. The Minnesota Department of Commerce (DOC) shared […]

March 21, 2024

In an inaugural EY/Institute of International Finance (IIF) global insurance risk management survey, cybersecurity was ranked as the highest concern for chief risk officers. CROs surveyed said the top five risk types or risk management types for the coming year […]

March 20, 2024

In a recent report conducted by Spanish insurer MAPFRE, a framework of actions is presented for insurers to consider in anticipation of potential advancements in Generative Artificial Intelligence (AI), aimed at mitigating risks and fostering a positive impact on society. […]

March 19, 2024

According to Artemis’ sources, activity in the industry-loss warranty (ILW) market has increased in the last few weeks, as reinsurance and insurance-linked securities (ILS) markets prepare for what is anticipated to be an active 2024 Atlantic hurricane season. As we’ve […]

March 15, 2024

Bermuda-headquartered Hamilton Insurance Group, Ltd. has sponsored a new catastrophe bond, providing the firm with $200 million of retrocession from the capital markets to protect against U.S and territories named storm and North American earthquake risk. Easton Re Ltd. (Series […]

March 14, 2024

On February 21, 2024, Change Healthcare—a healthcare technology company owned by UnitedHealth Group—issued a statement that it had been impacted by a ransomware attack. According to Change Healthcare, a “threat actor” gained access to its system. As a result of […]

March 14, 2024

A recent study has revealed that over six million homeowners across the United States, including a significant number of Native American, Hispanic, and Black homeowners, are without homeowners’ insurance. This lack of coverage, the Consumer Federation of America says, places […]

March 12, 2024

In their Q423 Market Insights Outlook for Europe, the Middle East and Africa (EMEA), Aon has highlighted how inflation continued to pressure pricing amidst generally moderate market conditions, although natural catastrophe exposed property and otherwise challenging risk types, including life […]

March 8, 2024

Guidewire, a platform provider for property and casualty re/insurers, has reported a net income (GAAP) of $9.7 million for the second quarter of the fiscal year 2024, a notable turnaround from the net loss of $9.2 million for the same […]

March 7, 2024

Commenting this morning alongside his firm’s results announcement, Beazley Chief Executive Officer (CEO) Adrian Cox said that a “deep pool of capital” is required to support growing demand for cyber insurance, while the company’s CUO Bob Quane noted that the […]

March 5, 2024

As per a report from analysts at BMO Capital Markets, a prominent reinsurance broking executive from Howden Tiger has suggested property-catastrophe reinsurance pricing power will fall 5-10% at mid-year contract renewals. The comments from the Howden Tiger executive were reportedly […]

March 5, 2024

On 27 December 2023, The New York Times filed a lawsuit against OpenAI and Microsoft alleging copyright infringement in connection with OpenAI’s popular ChatGPT technology. This lawsuit is part of the first wave of artificial-intelligence-related lawsuits that have targeted some […]

February 29, 2024

Coverdash, which offers embedded commercial insurance technology with products for startups and small-to-medium businesses, announced $13.5 million in Series A funding. Coverdash’s technology package allows businesses such as payroll, payment, lending, human relations and website creators the ability to offer […]

February 29, 2024

CyberCube, a specialist modelling firm for cyber risks and exposures, has analysed the four 144A cyber catastrophe bonds that have been issued to date and found that there is diversification between them, which it says means these first deals provide […]

February 29, 2024

The global reinsurance market pricing cycle is peaking and rising levels of both traditional and alternative capital is one driver, but still the market remains very attractive and profitable growth opportunities persist, according to Fitch Ratings. Fitch notes that the […]

February 27, 2024

In the latest update from Gallagher Specialty on the global property insurance market, significant shifts are noted, particularly in the USA region. Reports indicate smoother treaty renewals towards the end of the year, with reinsurers largely maintaining high attachment points […]

February 26, 2024

Hackers working for the ‘Blackcat’ ransomware gang are behind the outage at UnitedHealth’s technology unit that has snarled prescription deliveries for six days, two people familiar with the matter told Reuters on Monday. The problems began last week after hackers […]

February 23, 2024

In a joint effort to address the pressing issue of maritime sustainability, marine insurance experts are calling for closer collaboration with shipowners to develop decarbonisation strategies. A white paper, co-authored by underwriting firm Atrium and Bayes Business School (formerly Cass), […]

February 22, 2024

Insurtech Root Inc. posted a net loss for the fourth quarter 2023 of $24 million and a net loss for the year of $147.4 million. Results were improvements from net losses of about $58.3 million for fourth quarter 2022 and […]