Tag: risk management

January 4, 2024

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, […]

January 4, 2024

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 […]

January 3, 2024

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 […]

January 2, 2024

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 […]

December 21, 2023

We’re told that the price guidance has been raised for the first industry-loss triggered cyber catastrophe bond deal, which is being sponsored by reinsurance firm Swiss Re, while the size of the Matterhorn Re Ltd. (Series 2023-1) transaction remains at […]

December 7, 2023

The less-than-encouraging news: Only a third (33%) of US small businesses consider cyber risk high or very high. The somewhat encouraging news: 53% of U.S. small businesses have either a standalone cyber insurance policy or have cyber coverage through another […]

November 22, 2023

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 […]

November 21, 2023

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 […]

November 17, 2023

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 […]

November 1, 2023

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 […]

October 26, 2023

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 […]

October 12, 2023

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 […]

October 10, 2023

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 […]

September 27, 2023

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 […]

September 26, 2023

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 […]

September 12, 2023

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 […]

September 6, 2023

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 […]

August 30, 2023

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 […]

August 18, 2023

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 […]

August 17, 2023

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 […]