Not only did natural catastrophes in 2021 break insurance claims records, but they also highlighted the growing cost of non-modeled characteristics of disasters, which are altering the industry’s understanding of these risks, according to a report published by RMS. “Secondary …
Global insurance losses from the Russia-Ukraine war could range from $16 billion to $35 billion, with reinsurers expected to assume 50% of those claims, according to a report published by S&P Global Ratings. While recent articles in the press have …
More than 50 severe flood events around the world caused combined economic losses of US$82 billion in 2021, while insured losses stood at slightly more than US$20 billion – more evidence of a large ongoing global insurance protection gap of …
Zurich Insurance said it has removed the letter “Z” from its social media branding as a result of Russia’s use of the letter during its war in Ukraine. “The Zurich brand has been around for 150 years. It is a …
Vienna Insurance Group (VIG) acquired the business of the Dutch insurer Aegon in Hungary for €620 million ($682.6 million) after receiving approval from Hungarian regulatory authorities. The deal, which closed on March 23, 2022, includes the purchase of two Dutch …
As the world enters the third year of the pandemic, employees in the insurance industry expect to maintain workplace flexibility—a hybrid model—even after COVID-19 infection rates dwindle to safe levels. Now companies will have to navigate this new environment—to find …
A single hour of downtime from mission-critical, third-party IT service providers can cost small and medium-sized enterprises tens of thousands of dollars, but traditional insurance often does not cover these significant losses. That’s why the founders of Parametrix Insurance came …
The fire on the cargo ship Felicity Ace, which had burned for more than a week, is likely extinguished and the vessel is now being towed, according to the operator MOL Ship Management. The ship had been transporting thousands of …
The co-founders of London-based Rising Edge aimed to create something different when they decided to launch a managing general agent in 2021, which focuses solely on directors and officers liability insurance. CEO Philippe Gouraud and Managing Director Yoel Brightman wanted …
Global commercial insurance prices increased 13% in the fourth quarter of 2021, a decline from the 15% increases seen in both the second and third quarters, according to Marsh’s latest Global Insurance Market Index. Marsh noted that this is the …
