Cyber insurance market growth is fast and healthy, says Swiss Re

cyber insurance market

As worries over the impact of a hack, data breach or other similar risks, firms are insuring themselves. Swiss Re released a statement describing considerable growth trends in the cyber insurance market. The reinsurance firm pointed out that businesses are starting to see the importance of coverage in an environment where risks are skyrocketing. The Zurich-based giant it pointed out that the cyber risks are rapidly rising in their complexity and frequency. The Swiss Re Sigma report titled “Cyber: Getting to grips with a complex risk,” provided considerable insight on…

Read More

National Flood Insurance Program continues to struggle from financial losses

flood insurance rates

10 years after Hurricane Katrina, federal program is still financially crippled More than 10 years have passed since Hurricane Katrina hit the United States, and many homeowners are still reeling from the damage caused by the catastrophe. Homeowners faced one of the most expensive disasters in the history of the country and its insurance industry, with some $80 billion in losses, with another $16.1 billion in flood insurance claims. The hurricane, as well as other storms that hit the country between 2008 and 2012, caused serious problems to the National…

Read More

New health insurance in Hong Kong could reduce financial healthcare burden

Hong Kong health Insurance News

The policy is geared toward people up to the age of 75 and may reduce the expense shouldered by the government. The health insurance industry in Hong Kong is getting ready to launch a new form of coverage that is designed to cater to people in their 60s and early 70s, which could help to significantly ease the financial burden that has been weighing on government healthcare services. Recent predictions have shown that the cost of government health services could rise by over $36 billion (HK$285 billion) by 2041. This…

Read More

Insurance technology is changing the game, says Swiss Re

Insurance Technology investments

The company released its latest sigma study, which has shown that tech has brought considerable change. A new sigma study released by Swiss Re has shown that insurance technology is considerably altering the way that insurers and customers interact, as each of those parties has been presented with considerable information and tools that had never before been available to either of them. Insurance companies are particularly benefiting with the amount that they can learn about their customers. What the conclusion of the study suggested was that insurers use the insurance…

Read More

Insurance industry sees a decline in insured losses in 2013

insurance industry

Swiss Re report shows that insured losses in 2013 were lower than what they were in 2012 Swiss Re, a leading reinsurance firm, has announced that the global insurance industry has seen losses from natural disasters and man-made catastrophes fall by 44% in 2013. A calm hurricane season help insurers avoid significant losses, but powerful storms in Europe had a significant impact on the insurance industry. Despite this impact, however, insured losses industry-wide were less than what had been seen in 2012. As such, the insurance industry is expected to…

Read More

Life insurance assets from Swiss Re in U.S. may soon be for sale

life insurance news

The company has announced that it is considering a retreat from the market in the United States. Sources familiar with Swiss Re Ltd. have revealed that it is thinking about putting its Aurora National Life Assurance Co. up for sale as it is drawing back from the American health and life insurance marketplace. This second largest reinsurer in the world is now taking efforts to seek out buyers for the assets. Swiss Re is working alongside Barclays PLC in order to be able to locate buyers for Aurora National as…

Read More

Premiums set to grow throughout the insurance industry

International Insurance Industry

Swiss Re reports on the state of the insurance industry Swiss Re, a leading global reinsurance firm, has released a new report concerning the state of the insurance industry and the cost of coverage. The global insurance industry has been seeing a great deal of activity recently, some of which has been considered somewhat negative. The negative issues that the industry has had to deal with are largely associated with powerful natural disasters that have occurred in some parts of the world in recent months. The report shows that natural…

Read More

Insurance industry faced with major losses in 2012

insurance industry report

Swiss Re reports on insurance industry losses from 2012 The insurance industry faced massive losses due to natural disasters and man-made catastrophes in 2012, according to Swiss Re, one of the world’s leading reinsurance firms. Over the past two years, the insurance industry has been stricken with several catastrophic events. Hurricanes, earthquakes, and an ongoing financial crisis in Europe have all served as major stumbling blocks for the global insurance industry. According to Swiss Re, many of the companies operating in the industry are still fighting to recover from such…

Read More

Insurance news from Swiss Re reveals Sandy and extreme weather loss estimates

insurance news - atlantic hurricane season

The Superstorm and other disasters were found to have caused $77 billion in insured losses. The second largest reinsurer on the globe has issued its insurance news data regarding natural catastrophes as well as manmade disasters last year accumulated a cost to the industry of $77 billion. This makes 2012 the third most costly year that the industry has ever recorded. According to the Swiss Re insurance news report, there were over 300 different disasters and catastrophes last year. Together, they led to the loss of more than 14,000 lives.…

Read More

Insurance news from Swiss Re shows drop in catastrophe claims

Insurance news cost

The industry has faced about half as much cost from disasters than it saw last year. Swiss Re, the massive European reinsurance company, has released its most recent insurance news statistics for the year, saying that it looks as though the industry took on about half of the claims costs for disasters this year than it did last year. The claims losses from 2011 were nearly record breaking, so the notable reduction is very welcome. The prediction made by Swiss Re in its insurance news statement was that the industry…

Read More