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Tag: risk management


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 […]


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 […]


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 […]


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 […]


InsurTech

Descartes launches cyber risk parametric solution in France

February 1, 2024

Via: Reinsurance News

Insurtech Descartes has announced the launch of Cyber Shutdown Cover, a parametric solution dedicated to cyber risk in France. This new solution demonstrates the firm’s ambition to gradually extend its scope to emerging risks beyond just natural hazards. “Our research […]


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 […]


Risk Management, Trends

Parametric insurance a valuable addition to climate risk management landscape: WRMS

January 25, 2024

Via: Reinsurance News

Parametric insurance is said to be significantly disrupting and complementing traditional insurance models across the climate industry, by offering innovative solutions that address the shortcomings of conventional approaches. In the face of climate-related risks, assessing and quantifying damages accurately can […]


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 […]


Cyber Risks, Risk Management

Underwriters concerned about ransomware and supply-chain attacks: Woodruff Sawyer

January 12, 2024

Via: Reinsurance News

The cyber insurance market witnessed a major shift between 2022 and 2023, with a combination of positive trends and facts ultimately creating a soft cyber insurance market, which included higher pricing after a two-year hard market, reduced claim experience due […]


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 […]


InsurTech

Marsh launches AI-powered risk financing solution, ReadyCell

January 8, 2024

Via: Reinsurance News

Marsh, an insurance broker, risk advisor, and business of Marsh McLennan, has launched ReadyCell, a risk financing solution that “enables organisations of all sizes to quickly open their own insurance company and take greater control of their risk management.” Marsh […]


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

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 […]