Category: Risk Management

January 31, 2024

Despite law enforcement actions, fourth quarter 2023 ransomware incidents still surpassed 2022 by nearly 70%, and the number of active ransomware groups grew by 34%. Corvus Insurance recently released its Q4 2023 Ransomware Report, featuring data collected from ransomware leak […]

January 30, 2024

Progressive netted $1.9 billion in Q4 2023, a 141% increase from the $826.4 million the company netted in Q4 2022, according to the company’s December earnings release. The company’s net income for 2023 is $3.9 billion, more than a 400% […]

January 30, 2024

Market volatility and heightened tax uncertainty have caused increased interest in private placement life insurance (PPLI) in recent years. However, those same factors have led to increased scrutiny for high-net-worth families. In this blog, we’ll examine what PPLI covers, how […]

January 29, 2024

An insurance start-up founded by three former Allianz executives that aims to guarantee companies buying carbon credits get the permits they’ve paid for has closed the biggest European climate-focused seed funding round in more than a year. CarbonPool raised 10.5 […]

January 29, 2024

Climate change poses the most significant threat for South African insurance companies and risks raising premiums and the cost of reinsurance, a top official at its biggest insurer by assets said. After staying almost flat in the decade to 2020, […]

January 29, 2024

62% of US insurers have said that they are willing to take more investment risk in 2024, even with concerns rising in regards to election year politics, fiscal/monetary policy, persistent inflation and volatility, according to a recent survey sponsored by […]

January 25, 2024

Parametric insurance is said to be significantly disrupting and complementing traditional insurance models across the climate industry, by offering innovative solutions that address the shortcomings of conventional approaches. In the face of climate-related risks, assessing and quantifying damages accurately can […]

January 25, 2024

While reporting a strong January 1st 2024 reinsurance renewals, at which it grew its premiums written by 38%, pure-play Bermuda reinsurer Conduit Re has also highlighted some signs of the moderating market environment in US property risks, particularly in excess-of-loss […]

January 24, 2024

After George Floyd’s death in May 2020, companies (including their directors and officers) are facing increasing liability exposure and scrutiny from both sides of the political aisle relating to diversity, equity, and inclusion (DEI) initiatives. While coverage under a directors […]

January 19, 2024

Ukraine is working “intensively” with partners to restore air travel suspended for nearly two years, with the main focus on Boryspil International Airport outside the capital Kyiv, a presidential official said on Thursday. Ukraine’s airspace was abruptly closed by Russia’s […]

January 18, 2024

In a speech at this year’s World Economic Forum in Davos, Rafal Modrzewski, CEO and Co-Founder of ICEYE, emphasised the pivotal role of satellite technology in rebuilding trust and addressing key global challenges, particularly in the realm of insurance. Modrzewski […]

January 17, 2024

In an exclusive interview with China Daily, Joachim Wenning, Munich Re’s Chair of the board of management, said that the reinsurance giant currently books an annual premium income of approximately $2.19 billion in China, but expects this to rise in […]

January 17, 2024

The global economic cost of natural catastrophe events reached an estimated $357 billion in 2023, of which approximately 34%, or $123 billion was covered by re/insurance, as broker Gallagher Re reports an annual record of 34 individual billion-dollar insured loss […]

January 16, 2024

A new USI Insurance Services report forecasts that in 2024, commercial property insurance rates “are expected to increase, but not at the same pace as seen in 2023.” “Our forecast calls for 5% to 15% rate increases for non-catastrophe property […]

January 12, 2024

The cyber insurance market witnessed a major shift between 2022 and 2023, with a combination of positive trends and facts ultimately creating a soft cyber insurance market, which included higher pricing after a two-year hard market, reduced claim experience due […]

January 11, 2024

U.S. venture capital firm Andreessen Horowitz has backed London-based insurance startup Hyperexponential in a $73 million funding round, the insurance software company said on Thursday. Founded in 2017, Hyperexponential provides insurance companies with mathematical modeling software, allowing them to price […]

January 11, 2024

The US Property and Casualty (P&C) insurance industry is poised for a robust year in 2024, as indicated by a recent report from the Swiss Re Institute. The industry enters the new year with strong momentum, following a period where […]

January 10, 2024

Florida insurance carriers purchased 11% more in reinsurance over the course of 2023 than a year earlier and while market conditions were certainly hard, it was not as challenging as had been forecast for the domestic Floridian insurance market. In […]

January 10, 2024

Less than a month after Farmers Direct Insurance filed for a hefty rate increase on West Virginia auto liability policies, Progressive has followed suit with an almost identical request. The West Virginia insurance commissioner posted a bulletin Tuesday, noting that […]

January 10, 2024

Shares in UK insurers fell on Wednesday, with traders pointing to an article in the Insurance Post that quoted the Financial Conduct Authority’s Head of Insurance Matt Brewis as saying premium finance was a “poor product”. At 1258 GMT, Direct […]