Insurance industry professionals must cope with regulation risks

Insurance industry risks - Banana Peel Survey

A new study has revealed the largest risks faced by pros, the results of which have now been published in a report. New local and international level regulations are now being seen as the greatest risk faced by the insurance industry, according to a PricewaterhouseCoopers and Centre for the Study of Financial Innovation report. The new rules could considerably increase problems with compliance as well as costs for insurers. According to the 2013 Insurance Banana Skins Survey, new regulations regarding market conduct and solvency could “swamp” the insurance industry with…

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Insurance industry isn’t ready for what climate change has in store

insurance industry climate change

The damaging severe weather is becoming more frequent and more expensive in the U.S. Last year in the United States, there were 11 extreme weather events that struck various parts of the country each leaving a minimum of $1 billion worth of damages behind, as well as thousands upon thousands of claims to the insurance industry. Superstorm Sandy, alone, left behind economic losses of $50 billion, not to mention the loss of human life. That storm also brought with it a cost tens of billions to the insurance industry, particularly…

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

Insurance Industry News Deal

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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