According to cybersecurity expert Troy Hunt, the global cyber outage that disrupted airlines, businesses, and emergency services on Friday may be the “largest IT outage in history.”
Category: Show on Homepage
Construction Industry Challenges and Insurer Responses
The construction industry faces significant challenges post-COVID-19, including persistent project delays, supply chain disruptions, and soaring material costs. According to a KPMG report, only 25% of construction projects meet their original deadlines.
Analyzing Medical Professional Liability Insurers’ Loss Ratios
Recent data highlights the performance of medical professional liability insurers, focusing on their loss ratios. Loss ratios are a critical measure of an insurer’s profitability, calculated as the ratio of claims paid to premiums earned.
Drivers Seek Alternatives as Car Insurance Costs Surge
Amidst soaring car insurance rates, many U.S. drivers are no longer passively accepting the steep hikes. The average annual cost of full-coverage car insurance has increased by 12%.
The Growing Concern Over Deepfake Fraud
Generative artificial intelligence (GenAI) has stirred significant debate, primarily over copyright infringement. The technology’s ability to create convincingly human-like texts and images has led to high-profile lawsuits.
Significant Drop in M&A Activity
The first half of 2024 saw a notable decline in insurance agency mergers and acquisitions (M&A), with only 300 deals announced. This represents a 20% decrease from the 385 transactions recorded during the same period in 2023, based on OPTIS Partners’ M&A database.
California Lowers Workers’ Compensation Rates
California’s Insurance Commissioner Ricardo Lara has announced a new, reduced rate for workers’ compensation insurance, lowering the annual benchmark rate from $1.41 to $1.38 per $100 of payroll.
Hard Market in Non-Life Insurance Expected To Persist Into 2025
The non-life insurance sector is anticipated to face persistent hard market conditions into 2025, as per the latest report by Swiss Re. This outlook is driven by a combination of factors, including elevated claims costs, inflationary pressures, and ongoing supply chain disruptions. As insurers navigate these challenges, rate increases are expected to remain necessary to… Continue reading Hard Market in Non-Life Insurance Expected To Persist Into 2025
Heffernan Expands Southwest Presence With Costello Acquisition
Heffernan Insurance Brokers, a leading full-service brokerage firm, has announced the acquisition of Costello Insurance Associates, a move that further strengthens its presence in the Southwest United States.
Insurance Sector Poised for Over 10% Return on Equity in 2025
The insurance sector’s return on equity (ROE) is projected to surpass 10% in 2025, marking a significant rebound for the industry. This optimistic forecast comes amid a backdrop of rigorous underwriting standards and disciplined risk management practices that have been reinforced during the ongoing hard market conditions. Factors Driving Improved Return on Equity Several key… Continue reading Insurance Sector Poised for Over 10% Return on Equity in 2025