Lloyd’s of London highlights reputational risk and regulation as top concerns for insurers

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Survey suggests insurers are vexed by increasing risks Lloyd’s of London, one of the world’s largest providers of insurance and reinsurance, has released the results of its latest survey concerning the global insurance industry. The survey indicates that many of the world’s leading insurance executives are becoming increasing concerned with reputational risk and insurance regulations. These concerns are spurring new actions from insurance companies, including the offering of new policies and, in some cases, the abandonment of some markets or refusal to provide coverage to controversial organizations. Stricter regulations pose…

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MIT and Princeton University researchers say that major storms will become more frequent because of climate change

A new report from the Massachusetts Institute of Technology (MIT) and Princeton University claims that so called “100-year Storms” could happen as frequently as every 3 to 20 years. 100-year storms are natural disasters of massive strength that leave a great deal of destruction in their wake. Risk modeling firms were the first to popularize these terms to express the potential risks that insurance organizations had to prepare to mitigate. Insurers use the risk assessments provided by modeling firms to price coverage, but this new report could change everything. Researchers…

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More investment in nanotechnology research needed, says National Research Council

Scientists from the National Research Council in the U.S. are urging insurers to invest more money in studying nanotechnology. The technology has advanced significantly in the past decade and now holds major promise in medical applications and consumer products. Council scientists say that the potential health hazards of the technology are not yet fully understood and that an additional $24 million a year is required to fill in the knowledge shortfall. Without an intimate understand of the risks associated with nanotechnology, consumers could face unforeseen dangers that will have a…

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With public entities making major cutbacks, insurers are growing weary of the increasing risks found in state prisons

The effects of 2008’s economic recession are still being felt today, even as the economy shows modest signs of recovery. The lingering impact of economic turmoil is now being felt by public entities that are making major cutbacks to personnel and services. The insurance industry is keeping a keen eye on these government-backed entities as they are becoming increasingly exposed to risk. State prisons, in particular, have insurers worried due to the rampant overcrowding seen in such facilities throughout the U.S. The Professional Liability and Underwriting Society, a risk analysis…

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