Industry News
Global Insured Losses From Severe Convective Storms Hit New High of $60B: Swiss Re
Global insured losses from severe thunderstorms have hit a new all-time high of $60 billion in 2023, with overall natural catastrophe claims surpassing $100 million, according to Swiss Re Institute ...
AXIS Gets In-Principle Approval to Launch Energy Resilience Syndicate at Lloyd’s
AXIS Capital Holdings Ltd. announced it has received in-principle approval from Lloyd's to launch a syndicate that will focus on providing capacity for new energy projects with a critical role in ...
When MGAs manage a high volume of insurance submissions, underwriting speed often depends on what happens before an underwriter ever...
US DOJ Slaps Criminal Fines on UK Brokers Tysers and H.W. Wood for Bribery
The U.S. Department of Justice has slapped criminal penalties on UK reinsurance brokers Tysers Insurance Brokers Ltd. and H.W. Wood Ltd. as a result of their participation "in a corrupt scheme to pay ...
Survey: 70% of Americans Are Reviewing Insurance Policies as Premiums Rise
Extreme natural disasters, supply chain issues and runaway litigation are contributing to rising insurance premiums, leading the majority of Americans to re-examine their insurance policies, ...
Rising War Risks Prompt Insurers to Reassess Property Cover in Geopolitical Hot Spots
Insurers grappling with the rising risk of physical attacks on businesses due to war or civil disorder are reconsidering the breadth and scope of such cover in potential conflict hot spots. Political ...
Costs of Small Business Cyber Attacks Are Down But Frequency Is Up, Says Hiscox
The less-than-encouraging news: Only 33 percent of U.S. small businesses consider cyber risk high or very high. The somewhat encouraging news: 53 percent of U.S. small businesses have either a ...
U.S. Commercial Lines Survey Shows Aggregate Q3 Increase of 6.1%
Commercial insurance prices for the U.S. increased 6.1 percent in the third quarter, maintaining an upward trend. According to the latest results from WTW's Commercial Lines Insurance Pricing Survey ...
Africa Specialty Risks Gets ‘In Principle’ Approval to Launch Syndicate in 2024
Africa Specialty Risks (ASR), a pan-African focused insurance and reinsurance group, has received "in-principle" approval to launch a Lloyd's syndicate in 2024. The syndicate will be launched in ...