Applied Systems has acquired Planck, an AI company specializing in insurance, to expand its AI capabilities. This acquisition aims to improve digital insurance processes for agencies, carriers, and clients.
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Otonomi Expands Parametric Cargo Insurance to New Transport Modes
Otonomi, an insurtech startup, has expanded its parametric cargo insurance to include more transport modes. Initially focusing on aviation cargo, Otonomi has now added maritime and intermodal coverage.
Severe Storms in the US Drive Global Natural Disaster Losses in H1 2024
The first half of 2024 has seen severe convective storms (SCS) in the United States accounting for $37 billion of the $61 billion global insured losses from natural disasters.
Commercial Insurers Lead in Customer Satisfaction Scores
A recent report highlights commercial insurers with above-average customer satisfaction scores. These insurers have excelled in providing quality service, meeting customer expectations, and managing claims effectively, setting a benchmark for the industry.
Addressing Silicosis: A Call for Comprehensive Data
In response to the increasing prevalence of silicosis among California workers, the state’s Insurance Commissioner has called on the Workers’ Compensation Insurance Rating Bureau (WCIRB) to conduct a detailed study of silicosis claims over the past decade.
New Jersey Proposes Insurance Surcharges and Oil Fees for Climate Resilience
In response to increasing climate-related disasters, a New Jersey group has proposed a 2% surcharge on property insurance policies and mandatory fees on the oil and gas industries to fund climate resiliency projects.
Insurers Brace for Business Interruption Claims Post-Tech Outage
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.”
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%.