Category: Trends

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 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 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 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 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 […]

June 10, 2024

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 […]

May 30, 2024

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, […]

May 17, 2024

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 […]

April 18, 2024

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 […]

April 11, 2024

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 […]

April 10, 2024

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 […]