Companies risk losing more than 40% of annual profit once a decade in a world threatened by trade wars, cyber attacks, pandemics and climate change, according to McKinsey & Co., which estimates the COVID-19 crisis could top $5 trillion in …
The industry loss footprint for extratropical cyclone “Sabine” – also known as “Ciara” and “Elsa” – is estimated at €1.61 billion (US$1.9 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. Cyclone Sabine hit the …
Premiums for directors’ and officers’ liability insurance surged in the second quarter, broker Marsh said on Monday, as insurance underwriters fear the coronavirus pandemic will lead to hefty litigation claims. Premiums for directors’ liability insurance, known as D&O, in Britain …
Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday. Overall insured losses …
Global average commercial insurance prices increased 19% in the second quarter of 2020, the eleventh straight quarter they have risen. Average price increases were driven principally by increases in property insurance rates and financial and professional lines — as was …
Global average commercial insurance prices increased 19% in the second quarter of 2020, according to the latest Global Insurance Market Index released by broker and risk adviser Marsh. The increase, the largest since the Marsh index was launched in 2012, …
Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say. The blast on Tuesday, the biggest …
A new risk to global supply chains is emerging as exhausted seafarers stuck offshore for months halt work, a breaking point caused by restrictions on crew changes amid coronavirus precautions. Three vessels are idled in Australia after crews who worked …
Americans are becoming less comfortable with the idea of driverless transportation. A new report from an American Automobile Association (AAA) indicates that consumer trust in these vehicles has quickly eroded over the past few years. Today, three-quarters (73 percent) of …
Business owners and consumers are rethinking their finances and insurance needs due to the current economic uncertainty. However, new research suggests insurance customers and their agents are not always on the same page; there are gaps between what agents and …
