Industry News
S&P Predicts Reinsurers Will Continue Pricing Momentum During 2023
A hard market in short-tail lines — such as property and property catastrophe — across global geographies is likely to continue throughout 2023, after beginning the year with multi-decade-high ...
W.R. Berkley: Waiting for Discipline in Property; Overall Marketplace ‘Splintered’
There is no one answer to the overall insurance industry's place within its cyclical path. Each product line needs to be looked at individually, according to Robert Berkley, CEO of W.R. Berkley ...
AIG Fires Interim CFO Lyons
AIG late Monday terminated interim Chief Financial Officer Mark Lyons after he "violated his confidentiality/non-disclosure obligations," the company said. Lyons was just appointed interim CFO ...
WTW Launches Cyber Facility, Providing Excess Capacity Globally
A new excess layer cyber facility, called CyXS, was launched by WTW, providing excess layer cyber capacity for global clients. Key elements of the facility include: Capacity: Access to up to 50 ...
January Reinsurance Renewals Were Most Challenging in 2 Decades: MMC’s Doyle
The most challenging January reinsurance renewals in nearly two decades saw global property-catastrophe rate increases of 25-60 percent, with loss-affected clients facing even higher prices, ...
AI Wildfire Detection Bill Gets Approval in Colorado
A year after the most destructive wildfire in the state's history scorched nearly 1,100 homes, Colorado lawmakers are considering joining other Western states by adopting artificial intelligence in ...
Climate Is Forcing the Most Risk-Aware Industry to Reinvent Itself
When it comes to climate impacts, the front line of the finance industry is insurance. Last year's payout from damages caused by extreme weather events totaled $120 billion—about the same as the ...
Tesla, Insurers Address Expensive Repairs in Sharply Different Ways
Tesla Inc.'s electric vehicles are expensive to repair — so much so that the automaker and insurers are addressing the issue in sharply different ways. Chief Executive Elon Musk says Tesla is ...