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Category: Trends


Risk Management, Trends

Socotra and Oka form partnership to enhance carbon market insurance solutions

July 12, 2024

Via: Reinsurance News

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 […]


Risk Management, Trends

Fifth Third Bank to Pay $5M Fine for Illegally Forcing Car Insurance Onto Borrowers

July 11, 2024

Via: Insurance Journal

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 […]


Risk Management, Trends

Jamaica’s CCRIF coverage for tropical cyclones triggered by hurricane Beryl

July 9, 2024

Via: Reinsurance News

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 […]


Risk Management, Trends

Insurance Industry Impact From Hurricane Beryl Expected to Be ‘Manageable’

July 8, 2024

Via: Insurance Journal

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 […]


Risk Management, Trends

ARC makes US$32m climate insurance payouts to assist people impacted by drought in Zimbabwe

July 5, 2024

Via: Reinsurance News

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 […]


Risk Management, Trends

Munich Re’s Risk Management Partners & CGI to help insurers reduce claims through climate risk mitigation

July 3, 2024

Via: Reinsurance News

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 […]


Risk Management, Trends

Zurich and Aon announce new clean hydrogen insurance facility for net-zero transition

July 1, 2024

Via: Insurance Business

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 […]


Risk Management, Trends

Why solar is a huge broker opportunity

June 28, 2024

Via: Insurance Business

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 […]


Risk Management, Trends

Swiss Re on the role of genomics in the insurance industry

June 26, 2024

Via: Insurance Business

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 […]


Risk Management, Trends

Three Steps You Can Take Now To Ensure Your Insurance Policy Can Weather Florida Hurricane Season

June 25, 2024

Via: JD Supra

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. […]


Risk Management, Trends

Proactive risk management key for 2024: Gallagher

June 17, 2024

Via: Reinsurance News

(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 […]


Risk Management, Trends

LMA revises marine insurance policy clauses

June 10, 2024

Via: Reinsurance News

The Lloyd’s Market Association (LMA), representing insurers and reinsurers in the London insurance market, has issued revised versions of the hull and cargo oil price cap clauses. lma-lloyds-logoThese updates simplify the language to accommodate recent modifications in the oil price […]


Risk Management, Trends

Weather Hazards & Insurance Claims Considerations Across the US

May 30, 2024

Via: JD Supra

Every day, somewhere in the United States, some sort of hazardous weather is occurring. The vastness of the nation—from the Arctic Ocean coastline to the tropical beaches of the Florida Keys, to the mountain peaks of the Western United States, […]


Risk Management, Trends

Auto Insurance Shopping ‘Hot,’ Consumers Switching ‘Sizzling’: LexisNexis

May 17, 2024

Via: Insurance Journal

Shoppers in the U.S. aren’t ready to accept higher auto insurance rates, choosing to shop around for the best deal and coverage, a new report finds. U.S. consumer auto insurance shopping activity registered as “Hot” on the LexisNexis Insurance Demand […]


Risk Management, Trends

Getting the balance right with GenAI and insurance

April 18, 2024

Via: Insurance Business

With every new day bringing new use cases, the risks and opportunities presented by generative AI (GenAI) are becoming clearer than ever. At the crux of the balancing act of utilizing GenAI while mitigating the threats it can pose is […]


Risk Management, Trends

Mass timber use an emerging risk for the global construction sector

April 11, 2024

Via: Insurance Business

Demand for mass timber, a sustainable construction alternative, has grown steadily over the past several years. However, a new trend is driving risks for the construction sector: mass timber being used for taller buildings, not just residential structures. According to […]


Regulatory / Legal, Risk Management, Trends

Insurance orgs split on AI ethical risks – Airmic

April 10, 2024

Via: Insurance Business

In a recent survey conducted by Airmic, it was revealed that 59% of participants view the ethical concerns posed by artificial intelligence (AI) as part of a broader category of ethical risks within their organisations. The findings also showed a […]


Risk Management, Trends

Re/insurers key in helping accelerate deployment of climate tech: The Geneva Association

April 9, 2024

Via: Reinsurance News

Re/insurers are essential to rolling out the climate technology needed for industries to decarbonise, according to a recent report by The Geneva Association, the global association of insurance companies. In a race to meet global climate targets, industries around the […]


Risk Management, Trends

Majority of industry respondents expect use of parametric triggers in reinsurance to rise in 2024

March 28, 2024

Via: Reinsurance News

According to a recent Reinsurance News poll, over 80% of industry respondents anticipate the use of parametric triggers in reinsurance arrangements to rise in 2024. Parametric news has featured heavily in our pages so far this year, though admittedly, this […]


Risk Management, Trends

Minnesota Homeowners Report Surge in Insurance Complaints

March 22, 2024

Via: Insurance Journal

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 […]