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Blockchain not understood by enough insurers: PwC
11th September 2018
Blockchain is not understood by a sufficient number of insurers and is therefore obstructing its progression, says PwC in a new report. The firm says that, while blockchain is proving an excellent system for transparent, real-time customer experience for early adopters, the gains will be greatest if insurers focus their experimentation ... Read the full article
Liability insurers’ D&O rates set to decline further in 2018: Fitch
21st March 2018
Property/casualty insurers active in the directors & officers (D&O) liability market could have difficulty maintaining underwriting performance in 2018 as market pricing remains highly competitive, and claims' trends point to challenges ahead, according to Fitch Ratings. As a niche segment in the U.S. insurance market D&O insurance has seen a trend ... Read the full article
Insurance Europe welcomes European Commission’s Fintech Action Plan
15th March 2018
Insurance Europe has welcomed the European Commission’s latest FinTech Action Plan which sets out how the Commission plans to assist Europe in becoming a global hub for FinTech, with EU businesses and investors able to take advantage of the single market, while protecting customers' interests. The plan includes a pan-European label for platforms that will ... Read the full article
Companies’ uptake of standalone cyber insurance to surge in 2018
12th January 2018
In 2018 uptake of standalone cyber insurance policies is expected to surge as companies respond to the growing cyber threat and regulators more strictly enforce and coordinate cybersecurity regulations, according to Aon's 2018 Cybersecurity Predictions report. As firms increasingly feel the heat of cyber attacks with reduced earnings, operational disruption and ... Read the full article
WannaCry could be a catalyst for a new approach to cyber risks: Sciemus
17th May 2017
The global cyber attack caused by the virulent new strain of self-replicating ransomware known as Wanna Decryptor, WannaCry, or WCry, could be just the catalyst that the insurance and reinsurance market needs to stimulate a new approach to cyber risks, according to experts at Sciemus. The WannaCry ransomware has impacted more ... Read the full article
SCOR & ChainThat test blockchain proof-of-concept for reinsurance
23rd January 2017
French reinsurance giant SCOR has been working on testing a blockchain based proof-of-concept for digitalising certain reinsurance market processes with start-up ChainThat. As the insurance technology (InsurTech) trend continues to accelerate, the majority of major reinsurance firms have been involved in testing blockchain technology (the distributed ledger style database that underpins ... Read the full article
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