Global Industrial Cybersecurity Spend to Grow to More than $36 Billion in 2027

Cyberattacks pose risk to creditworthiness

Global cybersecurity spending in industrial critical infrastructure sectors (e.g., energy, transport, and water & waste management) is expected to hit US$23 billion by the end of 2022 and grow at a CAGR of 10% to reach US$36.67 billion in 2027. This is just one of the forecasts in The State of Cyber & Digital Security… Continue reading Global Industrial Cybersecurity Spend to Grow to More than $36 Billion in 2027

Florida’s Property Insurance Crisis Continues with No End in Sight

Florida property insurance market improves

Florida’s property insurance crisis just went from terrible to disastrous, according to some insurers. Companies may not have what they need to get through hurricane season which means more can lose their coverage. “We have the potential of a massive failure of Florida insurers, probably the worst on record, not only in Florida. But in… Continue reading Florida’s Property Insurance Crisis Continues with No End in Sight

Florida Lawmakers Leave Out Citizens Property Insurance Issues

Florida insurer of last resort

With more than 850,000 policies, the state-backed Citizens Property Insurance Corp. has become an 800-pound gorilla in Florida’s troubled insurance market. But you wouldn’t have known that as lawmakers passed bills during a special legislative session last week to try to shore up the industry. Lawmakers did not make changes designed specifically to address issues… Continue reading Florida Lawmakers Leave Out Citizens Property Insurance Issues

Verisk Expands Weather Intelligence with Mapping and Analytics Platform

Verisk announces collaboration to fight claims fraud

Insurers, first responders and supply chain logistics operators can now analyze the impact of severe weather more effectively with Verisk’s newly enhanced web-based weather analytics data solution. Verisk is a leading global data analytics provider. Verisk’s Respond® mapping and analytics platform, Respond MAP™, enables users to combine valuable weather data with locations of interest, such… Continue reading Verisk Expands Weather Intelligence with Mapping and Analytics Platform

Water Companies Are Increasingly Uninsurable Due to Ransomware, Industry Execs Say

climate change and water treatment infrastructure

Water utility and association executives at a recent conference said that as ransomware attacks against the sector increase, more water companies are finding themselves uninsurable. According to Nick Santillo, vice president of digital infrastructure and security at American Water, insurers are increasingly requiring water utilities to meet stringent cybersecurity requirements before even considering insuring them.… Continue reading Water Companies Are Increasingly Uninsurable Due to Ransomware, Industry Execs Say

FEMA Fund Debuts as Natural Disasters Grow More Damaging, Costly

FEMA disaster aid distribution

A new fund is betting on companies that help with recovery from natural disasters as climate change raises the risk of hurricanes, wildfires and other catastrophes. The Procure Disaster Recovery Strategy ETF is debuting Wednesday under the ticker FEMA. Tracking an index, it holds companies involved in risk mitigation and reconstruction, including those that provide… Continue reading FEMA Fund Debuts as Natural Disasters Grow More Damaging, Costly

Uvalde Shooting: Police, Guns and Schools Protected from Lawsuits

Gun Regulations

While public outrage grows in the United States over a school shooting in Uvalde, Texas last week that killed 21, the victims’ relatives may never get their day in court against police, school officials, and gunmakers who, according to attorneys, enjoy special legal immunity that may protect them from being sued. As with previous school… Continue reading Uvalde Shooting: Police, Guns and Schools Protected from Lawsuits

Increased Ransomware Attacks, Global Threats Tempering Executive Confidence in Cyber Preparedness

Christie's ransomware

The toll of almost three years of unrelenting workplace disruption, digital transformation and ransomware attacks means most leaders are no more confident in their ability to manage cyber risk than they were two years ago. This is according to a new report published today by Marsh, the world’s leading insurance broker and risk advisor, and… Continue reading Increased Ransomware Attacks, Global Threats Tempering Executive Confidence in Cyber Preparedness

P/C Industry Sees Slight Underwriting Gain in Q1 2022: AM Best

P&C underwriting performance improves except Person Lines

The U.S. property/casualty (P/C) industry boosted its net underwriting income by 4.6% to $3.3 billion for the first quarter of 2022, according to a “First Look” report from AM Best. The industry’s combined ratio improved slightly, dropping to 96.3% in Q1 from 96.6% one year earlier. The quarter produced fewer catastrophe losses this year, however,… Continue reading P/C Industry Sees Slight Underwriting Gain in Q1 2022: AM Best

Acrisure Touches $23B in Valuation After Latest Funding

Acrisure unveils New England region

Acrisure said on Tuesday it had raised $725 million in a fresh funding round led by a wholly owned subsidiary of Abu Dhabi Investment Authority, valuing the insurance brokerage at $23 billion. The company has benefited from a jump in global commercial insurance premiums that rose 11% on average in the first quarter, according to… Continue reading Acrisure Touches $23B in Valuation After Latest Funding