Global commercial insurance prices increased 13% in the fourth quarter of 2021, according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor, continuing a trend of moderating rate increases that began in Q1 2021. While this is the 17th consecutive quarter of increases, the rate of… Continue reading Cyber Rates Continue to Rise, Doubling in Some Geographies
Author: Farkas Laura
Ukraine in Focus for Olympics Insurers as Beijing Games Kick Off
According to industry sources, the threat of war between Russia and Ukraine is the greatest risk for insurers offering coverage during the Beijing Winter Olympics, as an outbreak of hostilities could force team withdrawals or appearance cancellations. The Olympic Games, as the most important sporting events on the calendar, are always a huge business opportunity… Continue reading Ukraine in Focus for Olympics Insurers as Beijing Games Kick Off
New Insurtech Tool from American Claims Management Screens for Subrogation Opportunities
American Claims Management, a national third-party claims administrator, has launched an insurtech tool to screen for subrogation opportunities often hidden inside claims files. The new tool, called SubroNet, uses artificial intelligence to find clues in claims adjusters’ notes and other documentation. “Subrogration is a useful business and financial practice to manage claims costs, but often… Continue reading New Insurtech Tool from American Claims Management Screens for Subrogation Opportunities
Traffic Fatalities Continued to Rise at Record Pace in First Nine Months of 2021
U.S. Department of Transportation’s National Highway Traffic Safety Administration released its early estimate of traffic fatalities for the first nine months of 2021. NHTSA projects that an estimated 31,720 people died in motor vehicle traffic crashes from January through September 2021, an increase of approximately 12% from the 28,325 fatalities projected for the first nine… Continue reading Traffic Fatalities Continued to Rise at Record Pace in First Nine Months of 2021
Florida Senate, House Weigh Options to Address Troubled Insurance Market
With premiums skyrocketing and homeowners flocking to the state-backed Citizens Property Insurance Corp., Florida Senate and House members began advancing proposals to address the troubled insurance market on Wednesday. However, in the coming weeks, the Senate and House will have to reconcile their differences on how far they will go in making changes — especially… Continue reading Florida Senate, House Weigh Options to Address Troubled Insurance Market
WTW Announces the Formation of a Cyber Crime Task Force
WTW announced the formation of its CyberCrime task force within its Financial, Executive and Professional Risks (FINEX) global practice. “Willis Towers Watson recognized long ago the potential overlap of cyber and crime risks and the benefits of addressing these risks holistically within our clients’ insurance portfolios,” said Peter Foster, Head of Global FINEX Cyber and… Continue reading WTW Announces the Formation of a Cyber Crime Task Force
Autonomous Car Companies Shift in Overdrive, Leaving U.S. Regulators Behind
Companies ranging from Tesla Inc to General Motors Co’s Cruise are racing to make money with their self-driving technology, outpacing efforts by regulators and Congress to write rules of the road for robot-driven vehicles. On Tuesday, Cruise announced that SoftBank Group Corp will invest an additional $1.35 billion in anticipation of the company’s commercial robo-taxi… Continue reading Autonomous Car Companies Shift in Overdrive, Leaving U.S. Regulators Behind
Cyber Insurance Rates Fail to Match Catastrophe Risk: Chubb CEO
Rising prices of insurance against cyberattacks fail to take account of the potential catastrophic effects of a widespread attack, Chubb Ltd. Chief Executive Evan Greenberg said on Wednesday. “The pricing environment is pretty good,” Greenberg said on a conference call. “But … that is not addressing by itself the fundamental issue…. Like pandemic, cyber has… Continue reading Cyber Insurance Rates Fail to Match Catastrophe Risk: Chubb CEO
U.S. Risk Professionals See Pay Rise by About 14%
Risk management professionals at all levels and responsibilities in the United States experienced an average 14.4 percent base salary increase in 2021 compared to 2019, while Canadian practitioners experienced an average 18.8 percent increase in the same period, according to RIMS’ 2021 compensation survey. Here’s a look at a few of RIMS’ key findings for… Continue reading U.S. Risk Professionals See Pay Rise by About 14%
Great American Insurance Group Announces Leadership Succession Plans
Great American Insurance Group is pleased to announce that David L. Thompson Jr. has been named President and Chief Operating Officer of Great American’s Property & Casualty (P&C) Group, effective February 1, 2022. Mr. Thompson will become the 18th President in Great American’s 150-year history, assuming this title from Gary J. Gruber. Mr. Gruber has… Continue reading Great American Insurance Group Announces Leadership Succession Plans