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News

The Year in Insurance – A Look Back, A Look Ahead

March 18, 2024

Via: Insurance Journal

2023 was an unremarkable year for insurers. And that’s a good thing. Insurers and their shareholders prefer boring predictable results over unexpected volatile shocks. Property & casualty insurance company stocks performed relatively well. In 2023 the S&P Insurance Stock Index […]


News

California Insurance Commissioner: Allow Cat Modeling in Rates for Wildfires

March 14, 2024

Via: Insurance Journal

California Insurance Commissioner Ricardo Lara said he will allow catastrophe modeling to be used in rate regulation for wildfires, a move he says will help restore insurance options for Californians, including allowing. It was the latest phase of Lara’s Sustainable […]


Cyber Risks, Risk Management

Change Healthcare Cyberattack: Actionable Next Steps for Impacted Entities

March 14, 2024

Via: JD Supra

On February 21, 2024, Change Healthcare—a healthcare technology company owned by UnitedHealth Group—issued a statement that it had been impacted by a ransomware attack. According to Change Healthcare, a “threat actor” gained access to its system. As a result of […]


Risk Management, Trends

Why six million Americans go without home insurance

March 14, 2024

Via: Insurance Business

A recent study has revealed that over six million homeowners across the United States, including a significant number of Native American, Hispanic, and Black homeowners, are without homeowners’ insurance. This lack of coverage, the Consumer Federation of America says, places […]


Financial, Risk Management

Inflation continues to pressure pricing, uncertainty remains key topic, EMEA: Aon

March 12, 2024

Via: Reinsurance News

In their Q423 Market Insights Outlook for Europe, the Middle East and Africa (EMEA), Aon has highlighted how inflation continued to pressure pricing amidst generally moderate market conditions, although natural catastrophe exposed property and otherwise challenging risk types, including life […]


Regulatory / Legal

FEMA secures a further $575m of flood reinsurance for NFIP

March 11, 2024

Via: Reinsurance News

The U.S. Federal Emergency Management Agency (FEMA) has obtained reinsurance coverage through insurance-linked securities (ILS) reinsurance for the seventh time by entering a three-year reinsurance agreement, securing $575 million of coverage for the National Flood Insurance Program (NFIP). FEMA entered […]


Regulatory / Legal

US Treasury Drops Plan to Collect Insurer Data on Climate Risks

March 8, 2024

Via: Insurance Journal

The US government is stepping away from its effort to collect data on home insurance prices and availability at the Zip code level as premiums soar and climate risks to property intensify. Instead, it will join in a collaborative effort […]


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 […]


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 […]