Insurance industry encouraged to focus on terrorism risk

Terrorism Risk Insurance industry

Insurers are encouraged to address this issue as it is producing growing economic losses. Rising economic losses resulting from terrorism risk require the insurance industry’s attention. This, according to the Guy Carpenter & Co LLC reinsurance broker, which recently released a report on the topic. The cost of terrorism is estimated to be in the hundreds of billions of dollars worldwide. For example, from 2004 through 2016, the terrorism risk cost the European Union over $200 billion. Even the United Kingdom alone lost nearly $50 billion to the expenses associated…

Read More

Hurricane Florence insurance losses will be within insurers’ ability to manage

Hurricane Florence Insurance - Storm Blowing in

Standard & Poor’s has predicted that the industry losses left by the storm will not have a significant financial impact. The Standard & Poor’s rating agency announced it doesn’t feel the Hurricane Florence insurance losses will be anything the industry cannot manage. Moreover, it forecasted that the insurance and reinsurance industries will not be significantly impacted by those losses. Despite the “material insured losses” left by the hurricane, the storm is not expected to harm insurers. The North Carolina coast was the first to be struck when the storm made…

Read More

Warren Buffett makes insurance news with caution in the industry

auto insurance industry - berkshire hathaway warren buffett

Berkshire Hathaway recently announced its earnings and stated that it is unlikely that an underwriter would be purchased. In recent insurance news, Warren Buffett of Berkshire Hathaway finally put an end to the speculations that have been made about the company for a long time, by saying that they don’t have any real intention to ever purchase a large commercial underwriter, and that the intention is to take a more organic strategy in order to grow their commercial platform. Buffett fielded some heavy questions at the annual shareholder meeting for…

Read More

Cyber insurance could lead to growth in the reinsurance industry

Cyber Insurance

Cyber insurance continues to gain attention throughout the world Fitch Ratings has released a new report that highlights cyber insurance as a key growth opportunity for the reinsurance industry. Major cyber attacks have been making headlines recently and the insurance industry is becoming subject to a growing portion of these attacks. Recently, health insurers Anthem and Premera Blue Cross were victims of major data breaches that compromised the information of several million consumers. For the reinsurance industry, the digital world could hold some promise, but also significant risks. Report highlights…

Read More

Munich Re makes a move on marine insurance

Marine Insurance

Reinsurer is moving its marine insurance underwriting to Hong Kong Munich Re, one of the world’s leading reinsurance companies, is beginning to consolidate its marine businesses and has chosen Hong Kong as the center for its underwriting in the Asia Pacific region. The company is following a trend that has seen many insurance and reinsurance companies separate their marine businesses from the traditional property casualty sector. Companies are beginning to be affected in changes in the marine sector and are looking to provide better coverage options to organizations that need…

Read More

Insurance industry is beginning to respond to evolving global market

Insurance Industry News

Insurers and reinsurers are adopting a new approach to their markets Insurance and reinsurance companies are beginning to re-evaluate their business models as prices begin to soften throughout the global market. Risks are beginning to evolve and new investors are beginning to power changes within the commercial insurance market. These changes are encouraging companies to change the way they approach their chosen market sectors in order to better accommodate demand and ensure their continued sustainability. Companies are also feeling a greater need to balance their exposure to certain risks, especially…

Read More

Insurance industry study shows leadership positions lack gender diversity

Insurance industry gender diversity

The research indicated that despite the fact that there are many women employed, they are not in these roles. According to the results that have recently been released from a study in the United States, the insurance industry is lacking in gender diversity across all leadership levels, even though there are a high number of women who have positions in the field. The study involved the data of 91 publicly traded companies as well as 9 mutual companies. The study was conducted by the team of primary author Mike Angelina,…

Read More