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Tag: Insurance


Cyber Risks, Risk Management

Insurer Spots Cybersecurity Weakness With Model Simulating Catastrophic Attacks

March 22, 2023

Via: Insurance Journal

Coalition Inc., a cyber-insurance provider that tries to curb digital risk, has designed technology that simulates large-scale attacks to help insurers identify potential weaknesses in their portfolios and prevent widespread losses. The San Francisco-based company’s model measures cyber risks in […]


Financial, Risk Management

Natural Catastrophes Cost Insurers $125 Billion in 2022: Swiss Re

March 22, 2023

Via: Insurance Journal

Natural disasters in 2022 brought global economic losses of US$275 billion, of which insurance covered 45%, or US$125 billion, according to Swiss Re’s latest sigma report. Claims from Hurricane Ian in Florida, record breaking losses from hailstorms in France, floods […]


Risk Management, Trends

Amwins CEO: banking turmoil could reverse softening insurance markets

March 21, 2023

Via: Insurance Business

The Silicon Valley Bank (SVB) collapse is increasing awareness of risks in the financial system and could reverse some of the softening in insurance markets this year, according to Amwins CEO Scott Purviance. “When you’re allocating capital and taking risk […]


Financial, Risk Management

Life/Annuity insurers well-positioned for 2023: AM Best

March 21, 2023

Via: Reinsurance News

Analysts at AM Best have reported that the US Life/Annuity (L/A) insurance segment remains well-positioned to meet challenges in 2023, supported by high levels of risk-based capitalization, strong liquidity profiles, and robust sales in annuity products. Despite this strong position, […]


News

Swiss Re backs AI-powered workers’ comp product from CompScience

March 21, 2023

Via: Reinsurance News

CompScience Insurance Services has announced a managing general agent (MGA) agreement with Nationwide and Swiss Re to underwrite, bind and service workers’ compensation policies. Josh Butler, Founder and CEO, CompScience, commented, “We are pleased to be partnering with Nationwide and […]


News

NSM Insurance Adds 3 Medical Stop Loss, Managed Care Specialty Firms

March 20, 2023

Via: Insurance Journal

Pennsylvania-based insurance program specialist NSM Insurance Group has completed its acquisition of three businesses that specialize in the field of medical stop loss insurance and managed care insurance. The firms are Sequoia Reinsurance Services in Minnesota, and IOA Re’s two […]


Cyber Risks, Risk Management

Cyber recovery firm lands $5 million investment

March 20, 2023

Via: Insurance Business

Cyber disaster recovery firm Fenix24 has announced a $5 million investment by insurtech investor Eos Venture Partners. Zach Powell, general partner at Eos Venture Partners, will join Fenix24 as a board member. Fenix24 is a cybersecurity firm focused on restoring […]


Financial, Risk Management

Walmart Pumps $200M Into India’s PhonePe, to Build Insurance, Wealth Businesses

March 17, 2023

Via: Insurance Journal

Indian digital payments firm PhonePe said on Friday it has raised $200 million from majority backer Walmart Inc. at a pre-money valuation of $12 billion. PhonePe, already India’s most valuable payments firm and among the country’s most highly valued startups, […]


Risk Management, Trends

Insurance must rethink its role as ‘traditional premise’ no longer enough – survey

March 17, 2023

Via: Insurance Business

The insurance industry has for decades lived up to its value proposition of providing capital to cover risk and reimburse losses. But a new survey shows this traditional premise of insurance is not enough for consumers anymore. Instead, attitudes and […]


Financial, Risk Management

Allstate pegs catastrophe losses for February at $211m

March 16, 2023

Via: Reinsurance News

U.S. primary insurer Allstate has announced estimated catastrophe losses for February of $211 million or $167 million, after tax. Catastrophe losses for February events were estimated at $241 million, and related to nine events primarily from wind and rain that […]


InsurTech

4 Ways AI Can Benefit the Insurance Industry

March 15, 2023

Via: Insurance Journal

Advancements in technology have given new life to the slow, inefficient processes common in the insurance industry. While the influx in AI-operated systems has some employees worried about job security, there are plenty of reasons why human touch is still […]


Financial, Risk Management

SVB intervention saved insurers from financial distress, warns AM Best

March 14, 2023

Via: Reinsurance News

Underwriters of directors and officers insurance for startups and venture capitalists, as well as the financial institution insureds supporting them, narrowly avoided financial distress thanks to US Government intervention around the collapse of Silicon Valley Bank, AM Best has warned. […]


Regulatory / Legal

NY Governor’s budget includes proposal to expand Life Insurance Company Guaranty Corporation to health insurance

March 14, 2023

Via: JD Supra

New York Senate Bill 4007 and Assembly Bill 3007, which represent Governor Kathy Hochul’s state budget proposal, include provisions to amend Article 77 of the New York Insurance Law, the Life Insurance Company Guaranty Corporation of New York Act, to […]


Regulatory / Legal

Florida moves to tackle insurance lawsuit abuse

March 13, 2023

Via: Insurance Business

The National Insurance Crime Bureau (NICB) has applauded the Florida House Judiciary Committee and the Senate Committee on Banking & Insurance for passing two significant bills aimed at reducing insurance lawsuit abuse. House Bill 837 and Senate Bill 236, supported […]


News

Allianz Restructures Global Commercial Insurance Unit as One Go-to-Market Business

March 10, 2023

Via: Insurance Journal

Allianz Group announced it is restructuring its global commercial insurance segment as one go-to-market business under the trading name Allianz Commercial, which will encompass its Allianz Global Corporate & Specialty (AGCS) business, serving large corporate clients, and the insurance businesses […]


Cyber Risks, Risk Management

Cyber cat bond a welcome tool for balance-sheet protection: Miller, DAC Beachcroft

March 10, 2023

Via: Artemis BM

The recently launched cyber catastrophe bond from specialist insurer and reinsurer, Beazley, is a welcome innovation and an important addition to insurer’s “armoury against systemic risk,” according to Julian Miller, a London-based Partner at law firm DAC Beachcroft. In early […]


InsurTech

New York City Launches Parametric Flood Program With Insurance, Tech Firms

March 8, 2023

Via: Insurance Journal

Insurer Swiss Re Corporate Solutions, reinsurance broker Guy Carpenter, and the data technology firm ICEYE have teamed up with New York City government agencies to develop a pilot parametric flood recovery assistance program for low and moderate income households in […]


InsurTech

Will ChatGPT disrupt insurance? Insurtechs weigh in

March 7, 2023

Via: Insurance Business

Whatever your feelings are about generative artificial intelligence (AI), ChatGPT believes it can positively impact the insurance industry. The chatbot, which became a global sensation after its launch in November, made a case for itself at a demonstration at the […]


Cyber Risks, Risk Management

Volume of ransomware & extortion attacks to continue in 2023: CyberCube

March 7, 2023

Via: Reinsurance News

In a new report from CyberCube, the risk analytics specialist anticipates that there will be further attempts to compromise IT supply chains and geopolitical targets such as government agencies and non-government organizations​. In CyberCube’s Global Threat Briefing, the firm identifies […]


News

Global insurance M&A activity hits decade high in 2022: Clyde & Co

March 3, 2023

Via: Reinsurance News

Global insurance mergers and acquisitions (M&A) activity saw a 10-year high in 2022, though a marked downturn in H2 as economic pressures began to impact investor sentiment has left the outlook for 2023 somewhat mixed, says global law firm Clyde […]