April 16, 2024
Via: Insurance JournalBeat Capital Partners, a London-based venture capital investor that focuses on the insurance industry, announced it is planning to launch a specialty and tech-enabled credit non-payment insurance underwriter. Called “Convergence,” the business is expected to underwrite through a Lloyd’s consortium, […]
April 1, 2024
Via: Insurance BusinessActive insurance pioneer Coalition has announced that its full-stack carrier, Coalition Insurance Company (CIC), is now quoting for its admitted cyber product across the entire US. Shawn Ram, Coalition’s head of insurance, said the move is part of the company’s […]
March 21, 2024
Via: Insurance JournalIn an inaugural EY/Institute of International Finance (IIF) global insurance risk management survey, cybersecurity was ranked as the highest concern for chief risk officers. CROs surveyed said the top five risk types or risk management types for the coming year […]
February 15, 2024
Via: Reinsurance NewsCyRisk, 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 […]
February 15, 2024
Via: Reinsurance NewsJapanese 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 […]
February 14, 2024
Via: Repairer Driven NewsThe 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
February 9, 2024
Via: Insurance JournalThe 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
February 7, 2024
Via: Insurance JournalWisconsin 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 […]
February 6, 2024
Via: Insurance JournalIn 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 […]
February 2, 2024
Via: JD SupraOn 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 […]
February 1, 2024
Via: Reinsurance NewsInsurtech 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 […]
January 31, 2024
Via: Insurance JournalDespite 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 […]
January 25, 2024
Via: Reinsurance NewsParametric 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 […]
January 24, 2024
Via: JD SupraAfter 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 […]
January 23, 2024
Via: Insurance BusinessAn 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 […]
January 22, 2024
Via: JD SupraTexas 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 […]
January 12, 2024
Via: Reinsurance NewsThe 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 […]
January 10, 2024
Via: Reinsurance NewsiSwiss 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 […]
January 8, 2024
Via: Reinsurance NewsMarsh, 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 […]
January 5, 2024
Via: Insurance BusinessNew 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, […]