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Tag: Insurance


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 […]


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 […]


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

AM Best Says Losses from California Storms Largely Uninsured, Underinsured

February 9, 2024

Via: Insurance Journal

The economic losses from the latest round of California storms will be significant, with many of these losses may not be insured because only 2% of California residents have purchased flood insurance, David Blades, associate director, industry research and analytics, […]


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 […]


Regulatory / Legal

NYDFS Releases Circular Letter on Use of AI in Insurance Underwriting and Pricing

February 2, 2024

Via: JD Supra

On January 17, 2024, the New York State Department of Financial Services (“NYDFS”) issued a proposed circular letter for comment regarding the “Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and Pricing” (the […]


Risk Management, Trends

Considerations for D&O Insurance in Light of the Changing Diversity, Equity, and Inclusion (DEI) Legal Landscape

January 24, 2024

Via: JD Supra

After George Floyd’s death in May 2020, companies (including their directors and officers) are facing increasing liability exposure and scrutiny from both sides of the political aisle relating to diversity, equity, and inclusion (DEI) initiatives. While coverage under a directors […]


InsurTech

Majority of insurance organizations considering tech upgrades

January 23, 2024

Via: Insurance Business

An in-depth analysis conducted by Novidea, a provider of cloud-based, data-driven insurance management platforms, found 75% of insurance organizations worldwide are gearing up to embrace new core insurance management platforms within the next two years. This revelation comes from the […]


News

Reinsurer Permitted to Intervene in Affiliate’s Lawsuit Related to Breach of MGA Agreement

January 22, 2024

Via: JD Supra

Texas Insurance Co. sued Talisman Specialty Underwriters Inc. for breaching the parties’ managing general agent (MGA) agreement by authorizing the issuance of hundreds of insurance policies by Texas Insurance in sectors (like marine and energy) where Talisman Specialty did not […]


News

iSwiss Reinsurance gets licence to operate in UAE reinsurance market

January 10, 2024

Via: Reinsurance News

iSwiss Financial Group has announced that the United Arab Emirates has granted the group’s new company, iSwiss Reinsurance, a licence to operate in the country’s reinsurance market, from where it will also offer its services globally. The iSwiss Group explained […]


Risk Management, Trends

Reinsurance pricing rises again in 2024

January 5, 2024

Via: Insurance Business

New equity research from Jefferies highlights that in the global property-catastrophe reinsurance market, prices have seen an additional increase of 3% on a risk-adjusted basis, following a 37% rise last year. The trend suggests continued robust demand in the industry, […]


InsurTech

People Moves: Stirk to Join Marsh as US Chief Growth Officer; Liberty Mutual Grows Cyber Team

January 4, 2024

Via: Insurance Journal

Marsh, a business of Marsh McLennan headquartered in New York, hired Andy Stirk as U.S. chief growth officer effective January 16. Stirk is based in New York. With 20 years of insurance industry experience, Stirk rejoins Marsh from Ascot Group, […]


News

Aon reveals crop insurance collaboration with African Development Bank

January 4, 2024

Via: Insurance Business

Aon has announced a new collaboration with the African Development Bank and Amini, focusing on enhancing crop insurance capacity across Africa and aiming to bolster the resilience of smallholder farmers and promote the adoption of nature-positive practices. Central to this […]


News

1.1 reinsurance renewal points to strong 2024 earnings: KBW

January 4, 2024

Via: Reinsurance News

KBW Europe’s recent discussion on the January 1 reinsurance renewals, led by William Hawkins and Darius Satkauskas, reveals promising insights into the industry’s outlook for 2024. Hosted with industry experts David Flandro of Howden Re and James Vickers of Gallagher […]


News

Travelers Completes Acquisition of Corvus Insurance

January 3, 2024

Via: Insurance Journal

The Travelers Cos. completed its previously announced acquisition of Corvus Insurance Holdings Inc., a cyber insurance managing general underwriter. The $435 million acquisition was first announced in November 2023, which Travelers said would boost its middle-market excess and surplus lines […]


Geo-Political, Risk Management

Turkey Earthquake Tops 2023 Insurance Industry Losses Outside US: CRESTA

January 2, 2024

Via: Insurance Journal

The largest non-US natural catastrophe in 2023 was the Kahramanmaras Earthquake Sequence in Turkey on Feb. 6, which generated an industry loss of US$5.8 billion, the largest ever cat loss for the Turkish insurance market, according to CRESTA, the Zurich […]


Geo-Political, Risk Management

Aggregate covers remain unattractive to reinsurance underwriters: Gallagher Re

November 17, 2023

Via: Artemis BM

Property catastrophe reinsurance capacity is expected to remain relatively flat at the January 2024 renewals according to a survey from broker Gallagher Re, which also suggests that reinsurer appetite for writing aggregate coverage and lower-layers remains limited. It’s yet another […]


InsurTech

What is the biggest impact insurtech has had on insurance?

November 10, 2023

Via: Insurance Business

From accelerator, to liberator, to equalizer, a variety of attendees at Insuretech Connect’s November conference believed that insurtech has had a role to play in re-shaping the insurance industry, though perhaps not necessarily in the disruptive guise that was originally […]