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Cowbell reports successful first year in the UK with triple-digit growth

10th October 2024

Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has reported significant growth as it marks the first anniversary of its expansion into the UK. From January to June 2024 alone, Cowbell's results show continued success in the region, highlighted by a threefold increase in premiums, policies, and producers: ... Read the full article

Sasria considers expanding coverage to include natural disasters and climate risks

8th October 2024

The SA Special Risk Insurance Association (Sasria) is exploring the expansion of its coverage options to include climate, severe weather, as well as cyber risks. Sasria is a state-owned non-life insurer that provides special risk cover - including civil commotion, public disorder, strikes, riots and terrorism - to all individuals and ... Read the full article

LCP reveals 198% own funds ratio amid evolving market risks in insurance sector

1st October 2024

LCP (Lane Clark & Peacock), a consultancy firm specialising in actuarial, investment, and insurance services, has reported another robust financial year for the insurance market, despite the challenges posed by increasing risks. Their eighth annual review of Solvency II, which examines data from 100 of the largest non-life insurers in the ... Read the full article

Marijke van Berkom to spearhead Resilience’s expansion into France and Benelux

1st October 2024

Cyber risk solutions firm Resilience has expanded its insurance operations to France and Benelux, appointing renowned cyber insurance veteran Marijke van Berkom as Head of France & Benelux to lead its efforts to support clients and brokers across the region. This shift builds on the company's successful expansion into the UK, ... Read the full article

CIAB observes softening commercial P&C market in Q2’24

20th August 2024

In the second quarter of 2024, the commercial property and casualty (P&C) insurance market showed further signs of softening, according to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey. Premiums across all account sizes increased by an average of 5.2% in Q2 2024, a noticeable drop from the ... Read the full article

Soft ransomware targets, a new top emerging risk for enterprises: Gartner

6th August 2024

Concern about artificial intelligence (AI)-enhanced malicious attacks is once again the top emerging risk for enterprise in the second quarter of 2024, a recent Gartner, Inc.’s survey has revealed. Gartner surveyed 274 senior risk executives and managers during H1 2024 to document and compare emerging risks. Three of the top five most ... Read the full article

Events like the CrowdStrike IT outage “are unlikely to reach catastrophic levels”: Coalition’s Motta

26th July 2024

$0.96 billion industry-wide loss experienced by US cyber insurance policyholders impacted by the CrowdStrike IT outage has been forecasted by cyber insurance provider Coalition, a low figure compared to the losses of natural catastrophe events that routinely impact the insurance industry. The IT outage took place on July 19, caused by ... Read the full article

Travelers buys more Northeast cover at July reinsurance renewal

19th July 2024

US primary insurer Travelers decided to increase the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $150 million at the July renewals, and also renewed its personal insurance hurricane cat XoL treaty with a higher retention. Alongside the release of its second-quarter 2024 financial results, Travelers has provided ... Read the full article

Businesses must do better to understand complexity of Business Email Compromise: GC

10th July 2024

Business Email Compromise (BEC), a form of phishing that involves attackers manipulating individuals into unintentionally facilitating fraudulent activities, an often overlooked cyber threat, is considered to be one of the most financially damaging cyber threats across the sector, according to Guy Carpenter, the global risk and reinsurance specialist and business ... Read the full article

Several macro forces can drive corporate progress between now and 2026: Mayer Brown

8th July 2024

Financial leaders brace for change to address multiple threats as they face significant gaps in organisational preparedness for successful business transformation, a recent Mayer Brown study has found. "The Next Organization: Seven Dimensions of Successful Business Transformation (A Financial Services Report), which includes insights from 197 leaders from financial services firms, ... Read the full article

Identifying minor risks to prevent future challenges: Raaflaub, Swiss Re

5th July 2024

Patrick Raaflaub, Group Chief Risk Officer at Swiss Re, emphasises the importance of promptly identifying minor risks and initiating early discussions on effective management strategies to prevent them from becoming unmanageable in the future. Raaflaub illustrates this point with the Schweizerhalle catastrophe, which, nearly four decades later, still demonstrates the consequences ... Read the full article

CRC Group expands team with three key hires

1st July 2024

CRC Group, the North American wholesale specialty insurance distributor, has bolstered its team with a series of key hires. Firstly, the company has announced that Sarah McKenna has joined CRC Group’s San Francisco, CA office as a property broker. She brings more than eight years of industry experience towards the role. Prior ... Read the full article

Re/insurance sector has to be ambitious amid expanding risk environment: Carnegie-Brown, Lloyd’s

26th June 2024

Speaking earlier today in London during Marsh McLennan's Rising Professionals’ Global Forum 2024 event, Bruce Carnegie-Brown, Chairman, Lloyd’s, distilling down on the scope of risk, said that "the greatest challenges of our time are climate change, evolving cyber and technology risks, geopolitics and political violence and financial risk." According to Carnegie-Brown, ... Read the full article

Catastrophe losses may raise rates, reduce homeowner protection: S&P

10th June 2024

As insured catastrophe losses surge, potentially leading to higher rates and diminished homeowner protection, S&P Global Ratings, a provider of credit ratings and research, examines the challenges facing property/casualty insurers. In their recent report, S&P highlight how recent data shows that insured catastrophe losses in the US have soared to over ... Read the full article

Global insurance market facing a combination of climate, AI & regulatory challenges, GILC

23rd May 2024

A new report from Global Insurance Law Connect (GILC) showcases that natural disasters linked to climate change, cyber security, artificial intelligence (AI) and regulations related to consumer protection are the "biggest challenges" facing insurers across 2024. GILC's annual Risk Radar report is a collection of insights from law firms across 27 ... Read the full article

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