How ISO 9001:2015 Can Impact Risk-Based Thinking In Insurance

While risk-based thinking is a new term in the 2015 version of ISO 9001, the concept of risk management is not new to the insurance industry. Many companies already have some sort of risk management process in place and much progress has been made to formalize these processes and even use them for regulatory purposes.  Another step forward is the introduction of the ISO 9001:2015 standard, which includes a focus on risk-based thinking that could benefit the industry. ISO 9001:2015, which defines risk-based thinking even more than its predecessor ISO…

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Insurance industry may be vital to solving some of the world’s problems

Bill Clinton insurance industry

Bill Clinton identifies three issues that are significant problems for the global community The insurance industry may be vital to helping the world overcome some of its most serious problems, according to former President Bill Clinton. Both insurance and risk management may be needed to help the global community overcome the problems relating to the inequality of access and opportunity, political instability, and climate degradation. Clinton has identified these three matters as the most significant challenges facing the world today, and insurers may be in a position to help the…

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Insurance Industry Rapidly Adopts Touchstone, AIR’s Next-Generation Platform

Insurance industry standards and technology

BOSTON, July 18, 2013 — The insurance industry is rapidly adopting TouchstoneTM, AIR Worldwide’s next-generation catastrophe modeling platform. Since the new software’s release in January 2013, Touchstone has gained wide acceptance across the marketplace by some of the largest insurers, reinsurers, and intermediaries. “With the release of Touchstone, AIR is offering a robust and reliable platform that we can easily integrate into our proprietary catastrophe management system, APEX,” said Alan Calder, group head of catastrophe risk at Aspen. “Part of our risk management strategy is to evaluate and understand multiple…

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Beyond compliance – Added value in a Solvency II implementation

Compliance and Risk Management Insurance News

Solvency II implementation costs may shave a few cents off earnings per share, but this cost should be balanced by the benefit of a far more transparent – consistently transparent – set of reporting requirements than before. This valuable information will lead to improved economic planning and insight, and the ability to embed early-warning mechanisms. Risks exposed The structure of data is critically important to any Solvency II solution. Hence, insurance companies should start early to design a data management framework that is flexible enough to support Solvency II and…

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Solar product insurance specialty policy now offered by ReneSola

Insurance industry News

The coverage is being provided through PowerGuard. ReneSola Ltd., a leading worldwide manufacturer of solar modules and wafers, based in San Francisco, California, has announced that it will now be working with PowerGuard in order to offer a range of solar product insurance options to its customers. PowerGuard Specialty Insurance Services will be providing the coverage to ReneSola’s clients. The coverage being offered will involve various long term policies for the products that have been sold by ReneSola. The insurer is a California based company that manages various specialty coverages…

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Sentry Insight tool to help insurers address emerging risks

insurance industry - Kenya struggles

Sentry Insight set for launch by Sentry Insurance Risk management is an inherent and important part of the insurance industry. Insurance companies have access to tools that allow them to accurately calculate their exposure to risk and the financial consequences associated with certain disasters, whether they be financial, natural, or otherwise. The landscape of risk is beginning to change, however, with new problems emerging to challenge the industry as a whole. In the U.S., managing these new risks is quickly turning into a tricky business, thus Sentry Insurance is set…

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U.S. RE Analytics releases new tool to help insurers manage their risk exposure

Insurance technology with new risk managment tool for industry use U.S. RE Analytics, a consulting firm that provides services to the insurance and reinsurance industries, has developed a new tool that could help some insurance companies manage the cost of reinsurance more efficiently. The tool, called U.S. RE Risk Optimizer, is designed specifically to assist companies that are exposed to catastrophic natural disasters. These disasters have proven to be a serious financial risk over the past two years. Two consecutive years of severe natural catastrophes have caused the price of…

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