International Industry Leaders Convene at Global Insurance Symposium

Global Insurance Symposium News

The premier three-day event featured industry-shaping insights for attendees The 2023 Global Insurance Symposium brought together industry and regulatory leaders from around the world for three days of collaboration, networking and learning in Des Moines, Iowa, – the hub of the US insurance industry. With the theme of “Thriving in a Changing World,” 500 attendees participated in relevant panels, networking opportunities, breakout sessions and more, gaining valuable insight and direction. “The Global Insurance Symposium offered industry expert speakers and attendees the ideal setting for collaborative efforts as we to continue…

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Climate change threatens insurance industry

Natural Disaster damage insurance trends

Climate change may be a significant problem that cannot be ignored Natural disasters are nothing new to the world. Countries have been battered by floods, hurricanes, earthquakes, volcanic eruptions, and other catastrophes since before they were officially countries. In the world of business, few industries are so well acquainted with natural disasters as the insurance industry. The industry, as a whole, is well versed in the monitoring of weather patterns and has been able to accurately predict the impact an effects of several natural disasters around the world. According to…

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Reinsurance companies face tremendous losses

Last year, the reinsurance sector was battered down by huge losses resulting from natural disasters. The disasters that lead to the enormous insured losses included the earthquakes in New Zealand, the flooding in Thailand and Australia, and the tsunami following the earthquake in Japan. These were all top events discussed in the most recent survey results from the Reinsurance Association of America. Catastrophe losses considered, the combined ratios for most reinsurers within the group were reported to have fallen. According to the executive director covering property and casualty insurance at…

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WillisWire report highlights the emerging risks facing the global insurance industry

The global insurance industry has been facing many threats in recent years, the majority of which coming from unpredictable natural disasters. The world is changing at a rapid pace in terms of technology, environment and crime and as each of these fields advances, new threats emerge that could destabilize the industry as a whole. Willis Group Holdings, one of the world’s largest insurance brokers, has launched a new website that seeks to document these risks. The site is called WillisWire and will play host to a number of surveys and…

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Moody’s data shows insurance claims from Costa Concordia may break $1billion mark

According to Moody’s Investors Service, the insurance losses from the capsized Costa Concordia cruise ship from Carnival Corp off the Italian coast could break the $1 billion mark once all of the injuries and environmental damage are included in the tally. James Eck, the senior credit officer at Moody’s published a note that stated that the sunken ship “marks the first major insured loss of 2012 and will result in a drag on first-quarter 2012 earnings for affected firms.” Though the ship’s damage, itself will cost an estimated $500 million,…

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