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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

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, […]


Cyber Risks, Risk Management

CyRisk launches Privacy Risk Insights Underwriting platform for cyber insurance industry

February 15, 2024

Via: Reinsurance News

CyRisk, an innovator in cyber risk management and data analytics, has introduced its latest solution, the Privacy Risk Insights Underwriting platform. Designed to meet the escalating demands of the cyber insurance sector amid a surge in privacy claims, this state-of-the-art […]


News

Mitsui Sumitomo reportedly to increase underwriting capacity in London to £3bn

February 15, 2024

Via: Reinsurance News

Japanese insurer Mitsui Sumitomo Insurance (MSI), owner of Lloyd’s of London underwriter MS Amlin, is investing in the UK hub as it announces its plans to increase its underwriting capacity to £3 billion in the next five years. According to […]


Regulatory / Legal

NCOIL committee adopts public adjuster standards model act

February 14, 2024

Via: Repairer Driven News

The National Council of Insurance Legislators (NCOIL) Property & Casualty Insurance Committee has adopted an act that provides states with a template for making changes to public adjuster licensing code and other professional standards. The NCOIL Public Adjuster Professional Standards […]


Regulatory / Legal

New York Department of Financial Services proposes insurance circular letter regarding use of artificial intelligence systems and external consumer data and information sources in insurance underwriting and pricing

February 13, 2024

Via: JD Supra

On January 17, 2024, The New York Department of Financial Services (“DFS”) issued a proposed insurance circular letter regarding insurers’ use of external consumer data and information sources (“ECDIS”) and artificial intelligence systems (“AIS”) in underwriting and pricing. In recognizing […]


Regulatory / Legal

Toxic Culture Review: FCA Statutory Demand for Non-Financial Misconduct Data

February 12, 2024

Via: JD Supra

“The wholesale insurance market in particular has a long way to go in having an inclusive culture … areas for improvement include … preventing and handling non-financial misconduct,”1 stated the Financial Conduct Authority (FCA) last autumn. This message was reinforced […]


Geo-Political, Risk Management

Wisconsin Governor Declares Flood Insurance Awareness Week

February 7, 2024

Via: Insurance Journal

Wisconsin Governor Tony Evers has proclaimed February 4-10, 2024, Flood Insurance Awareness Week in Wisconsin to recognize the state’s increasing flood risk and the importance of having appropriate insurance coverage. “Now is the time to prepare for spring flooding and […]


Risk Management, Trends

Viewpoint: 5 Global Insurance Trends You Need to Know About in 2024

February 6, 2024

Via: Insurance Journal

In the insurance world, 2024 brings forth many challenges and transformative trends. From the escalating global risks, such as climate change and cyber threats, to the evolving role of insurers as societal safety nets, the industry is on the brink […]


Financial, Risk Management

What’s happening to global commercial insurance rates?

February 6, 2024

Via: Insurance Business

Marsh has released the latest edition of its Global Insurance Market Index, the broking giant’s proprietary measure of global commercial insurance rate change at renewal. According to Marsh, global commercial insurance rates increased by 2% in the fourth quarter of […]


Regulatory / Legal

California law protected consumers from $3 billion in auto insurer hikes, report says

February 5, 2024

Via: Repairer Driven News

A California law has given Consumer Watchdog, a nonprofit advocacy group, the ability to block $3.16 billion in auto insurance overages since 2002, a new report from the group said. “The savings are thanks to a provision of Proposition 103 […]


Regulatory / Legal

Climate Change Litigation: What Can Liability Insurers Expect in 2024?

February 5, 2024

Via: JD Supra

Climate litigation against companies is increasing and the stakes are getting higher. Last year saw more headline-making claims being brought against corporations and a slew of important decisions from courts in jurisdictions around the world, and this trend looks set […]


Cyber Risks, Risk Management

Global Ransomware Attacks Reach Record High in 2023, Says Corvus

January 31, 2024

Via: Insurance Journal

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 […]


Financial, Risk Management

Insurers start seeing profit, continue rate hikes

January 30, 2024

Via: Repairer Driven News

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% […]


Regulatory / Legal

Courts surprisingly affirm insurance coverage to defend against economic loss

January 30, 2024

Via: JD Supra

For parties facing class action lawsuits, where the class seeks to recover for economic losses, there may still be opportunities for insurance coverage. Thus, where economic losses arise out of the purchase of products that have the potential for causing […]


Financial, Risk Management

Former Allianz Execs Raise Funds for Carbon Credit-Backed Insurance

January 29, 2024

Via: Insurance Journal

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 […]