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Cyber Risks, Risk Management

Deep pool of capital, cat bonds help meet cyber insurance demand: Beazley CEO

March 7, 2024

Via: Artemis BM

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 […]


Regulatory / Legal

NC Appeals Court Gives Green Light to Liquidation of Lindberg Insurance Firms

March 6, 2024

Via: Insurance Journal

Former North Carolina insurance and business mogul Greg Lindberg has lost an appeal on whether one of his companies can delay the liquidation of two of his troubled life insurance carriers. North Carolina Insurance Mike Causey said the March 5 […]


Financial, Risk Management

Property cat reinsurance pricing power to fall 5-10% at mid-year renewals

March 5, 2024

Via: Reinsurance News

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 […]


Cyber Risks, Risk Management

Navigating the New Frontier: Insurance for Artificial Intelligence Risks

March 5, 2024

Via: JD Supra

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 […]


InsurTech

Inigo, Samsara launch data-driven product to revolutionise fleet insurance

March 4, 2024

Via: Reinsurance News

Inigo Limited (Inigo), a specialist insurance company, has recently announced its partnership with Samsara, an Industrial Internet of Things (IoT) firm. Together, they aim to revolutionise insurance solutions for US companies with large automotive fleets. Inigo plans to utilise Samsara’s […]


Financial, Risk Management

Embedded Business Insurance Agency Coverdash Raises $13.5 Million

February 29, 2024

Via: Insurance Journal

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 […]


Cyber Risks, Risk Management

There is diversification to be found within cyber cat bonds and ILS: CyberCube

February 29, 2024

Via: Artemis BM

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 […]


Risk Management, Trends

Reinsurance peaking, capital rising, but profitable growth opportunity persists: Fitch

February 29, 2024

Via: Artemis BM

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 […]


Risk Management, Trends

Global property insurance market shows signs of softening in Q1’24: Gallagher Specialty

February 27, 2024

Via: Reinsurance News

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 […]


Cyber Risks, Risk Management

US Pharmacy Outage Triggered by ‘Blackcat’ Ransomware at UnitedHealth Unit: Sources

February 26, 2024

Via: Insurance Journal

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 […]


News

Iowa School District to Pay $20K to Settle Gender Policy Lawsuit

February 23, 2024

Via: Insurance Journal

An Iowa school board has reached an agreement resolving a lawsuit over a now-rescinded district policy that allowed students to request a gender support plan to begin socially transitioning at school, without the permission of their parents. Linn-Mar Community Schools’ […]


Risk Management, Trends

Marine insurance sector urged to collaborate with shipowners for maritime sustainability

February 23, 2024

Via: Reinsurance News

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), […]


Financial, InsurTech, Risk Management

Insurtech Root Inc. Results Improve but Remain at a Net Loss

February 22, 2024

Via: Insurance Journal

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 […]


Financial, Risk Management

Zurich adds $300m top cat layer for Europe to 2024 reinsurance arrangements

February 22, 2024

Via: Reinsurance News

European re/insurer Zurich has made some adjustments to its reinsurance coverages for 2024 with the addition of a new $300 million top catastrophe layer to its Europe all perils tower, while the retention on its U.S. all perils tower has […]


Financial, Risk Management

UAE insurance industry shows signs of growth and improvement: Fitch

February 21, 2024

Via: Reinsurance News

In the latest report by Fitch Ratings, the insurance industry in the United Arab Emirates (UAE) is depicted as steadily advancing, with notable improvements in various sectors. Despite facing challenges in 2022, particularly in the motor insurance segment, the industry […]


Regulatory / Legal

National General allegedly used information unrelated to claims to drop policyholders

February 21, 2024

Via: Repairer Driven News

A California lawsuit filed against National General claims the insurer terminated policies post-collision for unrelated reasons, leaving claimants to foot the property damage and repair bills. NBC 7 reports Andy Nguyen, of San Diego, was involved in a collision while […]


Regulatory / Legal

Uber Sues Drivers’ Insurer Alleging Its Claims Practices Have Fueled Tort Litigation

February 20, 2024

Via: Insurance Journal

Uber Technologies last Friday sued an auto insurer to have it defend and indemnify it regarding multiple lawsuits that are seeking to hold Uber vicariously liable for accidents involving Uber drivers in New York. The technology company maintains that the […]


InsurTech

European insurance industry accelerates digitalisation efforts amid recession concerns: ISG

February 20, 2024

Via: Reinsurance News

In response to the looming threat of recession, European insurance industry leaders are doubling down on their digitalisation initiatives to enhance customer experiences and streamline operations, according to a recent survey conducted by Information Services Group (ISG). The survey, titled […]


Financial, Risk Management

New cat bond supply, allocator rebalancing helped stabilise pricing in Q4: Aon

February 19, 2024

Via: Artemis BM

The catastrophe bond market saw a more stable pricing environment in the fourth-quarter of 2023, as the trend towards tighter pricing that had begun earlier in the year slowed down, Aon Securities has said. In the latest report from the […]


Regulatory / Legal

Lawsuit alleges USAA uses computer system to arbitrarily deny, reduce claims

February 19, 2024

Via: Repairer Driven News

A Washington class action lawsuit claims USAA uses a computer program made by a CCC company to arbitrarily reduce or deny personal injury protection and/or medical payments, Washington Superior Court for Clark County documents say. The suit, filed in November, […]