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Tag: risk management


Financial, Risk Management

Global insurance industry bolsters position in face of heightened risks – Swiss Re

November 22, 2023

Via: Insurance Business

A new report from Swiss Re cements the global insurance industry’s position as the world at large faces elevated risks, both macroeconomic and geopolitical. As the global economy heads into 2024, a slowdown is anticipated, with real GDP growth projected […]


Risk Management, Trends

Risk sharing systems can scale up L&D funds to support climate vulnerable countries: report

November 21, 2023

Via: Reinsurance News

The world’s most vulnerable countries could lose over 100% of GDP in 2024 from climate related disasters that are insurable, according to research from the Cambridge Institute for Sustainability Leadership (CISL) and broking group Howden, which also demonstrated the transformative […]


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

Verisk Tops Q3 Expectations on Resilient Demand From Insurers

November 1, 2023

Via: Insurance Journal

Verisk Analytics beat market expectations for third-quarter revenue and profit on Wednesday, as more insurance companies used its products to assess risk. The data analytics company’s products cater to insurers across sectors ranging from real estate to manufacturing. Insurance company […]


Cyber Risks, Risk Management

At-Bay launches new MDR cybersecurity solution for SMBs

October 26, 2023

Via: Reinsurance News

At-Bay, the cyber insurance provider, has launched a new Managed Detection and Response (MDR) solution, At-Bay Stance MDR, designed to help emerging and mid-sized businesses advance their security defenses and threat preparedness, in view of the rapid rise of cyber […]


Cyber Risks, Risk Management

Is ChatGPT an insurance fraudster’s best friend?

October 12, 2023

Via: Insurance Business

The use of artificial intelligence (AI) to facilitate fraud insurance claims has grown over the past decade, especially as AI has become more sophisticated. But the entry of generative AI could drive insurance fraud to levels yet unseen, a digital […]


InsurTech

Aon digitises and automates reinsurance claims process with Appian

October 10, 2023

Via: Reinsurance News

Global re/insurance broker Aon has transformed its reinsurance claims processing with the use of The Appian Platform, an AI-powered process platform that helps design, automate, and optimise complex processes. Aon’s Reinsurance Solutions started an operational transformation program in 2018, making […]


Cyber Risks, Risk Management

Chubb and SentinelOne partner to enhance cybersecurity for U.S. businesses

September 27, 2023

Via: Reinsurance News

In a strategic move aimed at bolstering cybersecurity practices for American businesses, Chubb, the world’s largest publicly traded property & casualty insurance company, has embarked on a collaboration with SentinelOne, a renowned leader in the field of cybersecurity. This partnership […]


Cyber Risks, Risk Management

Cyber crime fears present massive opportunities for the industry: PwC’s Jim Bichard

September 26, 2023

Via: Reinsurance News

With cyber crime fears being heavily highlighted in PwC’s “Insurance Banana Skins 2023” report, Reinsurance News spoke to Jim Bichard, Partner and Global Insurance Leader at PwC, at RVS 2023 about what the industry needs to do to try and […]


Cyber Risks, Risk Management

Cyber insurance is yet to evolve to the same levels as property cat: Swiss Re

September 12, 2023

Via: Reinsurance News

During Swiss Re’s press briefing at RVS Monte Carlo 2023, Gianfranco Lot, Swiss Re’s Chief Underwriting Officer, Property & Casualty Reinsurance, explained that cyber insurance is yet to evolve to the same levels as property cat. Within their property cat […]


Cyber Risks, Risk Management

What’s happening in the global cyber insurance market?

September 6, 2023

Via: Insurance Business

Among the highlights of S&P Global Ratings’ briefing into where the global reinsurance sector stands in 2023, it was highlighted that the sector is stabilising as ‘green shoots emerge in underwriting’. Amid ‘much-needed’ structural changes in reinsurance underwriting, S&P has […]


Cyber Risks, Risk Management

Reinsurance vital for development of sustainable cyber market: S&P

August 30, 2023

Via: Reinsurance News

As cyber insurance remains the fastest growing sub-sector of the global insurance market, S&P has underlined the importance of reinsurance in the development of a sustainable and effective market. According to S&P, primary carriers ceded around 50% to 65% of […]


News

Tim Temple Elected as Louisiana’s Next Insurance Commissioner

August 18, 2023

Via: Insurance Journal

Tim Temple, a Baton Rouge Republican who spent 20 years in the insurance industry, will be Louisiana’s next insurance commissioner after the only other candidate dropped out of the race Wednesday. The statewide position was been thrust into the spotlight […]


News

World Acquires Wisconsin’s R&S

August 17, 2023

Via: Insurance Journal

World Insurance Associates LLC announced that R&S Insurance Agency, Inc. (“R&S”) of Stoughton, Wisconsin has joined World as of August 1, 2023. Terms of the transaction were not disclosed. R&S has been providing insurance products and services to individuals, families […]


News

Arrests Made in California “Family and Friend” Auto Insurance Fraud Ring

August 17, 2023

Via: Insurance Journal

An alleged “family and friend” organized auto insurance fraud ring in California was seemingly broken up by the Urban Automobile Insurance Fraud Task Force when seven people were arrested on Wednesday in connection to the case. In total, 23 individuals […]


Risk Management, Trends

TransUnion: Auto insurance shopping has spiked 12%

August 16, 2023

Via: Repairer Driven News

Auto insurance shopping increased 12% during Q2 compared to the same period last year, according to a new TransUnion report. TransUnion’s quarterly Insurance Personal Lines Trends and Perspectives report, released Tuesday, attributed the rise to vehicle sales and the quest […]


Regulatory / Legal

Insurance Regulators’ Working Group Adopts Key Bond Definition, Providing Guidance for Equity-Based ABS

August 15, 2023

Via: JD Supra

Culminating a four-year-long process, a key working group of insurance regulators has adopted new standards for determining whether an investment held by an insurance company should be characterized as a “bond” evidencing a “creditor relationship.” This “principle-based” bond definition will […]


News

Missouri’s C Williams Insurance Agency Joins VIAA

August 14, 2023

Via: Insurance Journal

xC Williams Insurance Agency recently joined Valley Insurance Agency Alliance (VIAA), a cohesive family of more than 160 independent insurance agencies in Missouri and Illinois. Founded in 2023, C Williams Insurance Agency was created by owner Chad Williams. The full-service […]


Risk Management, Trends

Becoming less shock prone makes emerging Asia attractive for insurers and investors: Swiss Re

August 11, 2023

Via: Reinsurance News

Emerging Asia is becoming less shock prone, this along with enhanced economic credibility lowering long-term volatility of growth, inflation and interest rates, is making the region more attractive for insurers and investors alike, according to a recent report by the […]


Risk Management, Trends

What is the hottest topic in insurance right now?

August 10, 2023

Via: Insurance Business

The insurance industry is hyper fixated on an issue that is extremely relevant to the property sector, namely valuation. That is according to Ben Beazley (pictured), executive vice president, national accounts property at Jencap Group. “Valuation is the hottest topic […]