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Companies prepare for political risks during continued global turbulence: WTW

22nd May 2024

Against the backdrop of ongoing global instability, companies intensify their focus on risk management, adapting strategies to navigate evolving threats, reports insurance and reinsurance broker WTW. Following a year in which nearly a fifth of companies had to restate earnings due to geopolitical events, 2024 proved challenging as well, with 69 ... Read the full article

Frequency of ransomware claims jumps 64% YoY, At-Bay

15th May 2024

The frequency of ransomware claims in the United States between 2022-2023 jumped by a staggering 64% year over year, which was was primarily driven by an explosion in “indirect” ransomware incidents which increased by more than 415% in 2023 than in 2022, according to a new report from At-Bay. The firm ... Read the full article

Structured data and automation essential to address escalating global risks: M-Files

24th April 2024

The insurance industry must use structured data and automation to address the issues derived from increasing incidents like extreme weather, economic or geopolitical events and cybercrime, M-Files highlights. In recent times, the world has witnessed a host of occurrences that have rocked global markets, such as wildfires raging across Europe, two ... Read the full article

Qubit completes Pre-Series A fundraising to bolster growth and research

10th April 2024

Qubit Underwriting, a Managing General Agent (MGA) recently launched in Hong Kong specialising in digital asset insurance, has successfully completed its Pre-Series A fundraising. The raised funds will help to fuel Qubit’s expansion efforts to reach global markets and bolster research and development initiatives, particularly in harnessing artificial intelligence for underwriting. Having ... Read the full article

Moody’s forecasts strong underwriting discipline for trade credit insurers in 2024

28th March 2024

Analysts at Moody’s Investors Service anticipate that trade credit insurers will maintain strong underwriting discipline in 2024, supported by robust financial reserves, despite an increase in insolvencies and claims resulting from a global economic downturn. Moody’s observes a persistent increase in corporate defaults in early 2024, which is expected to lead ... Read the full article

Preparing insurers for future Generative AI advancements: MAPFRE

20th March 2024

In a recent report conducted by Spanish insurer MAPFRE, a framework of actions is presented for insurers to consider in anticipation of potential advancements in Generative Artificial Intelligence (AI), aimed at mitigating risks and fostering a positive impact on society. The report, titled, “Exploring tomorrow: the role of insurers in a ... Read the full article

Resilience enhances incident response capabilities with BreachQuest acquisition

22nd February 2024

Resilience, a cyber risk management firm, has fortified its position in combating cyber threats by acquiring BreachQuest, an innovative incident response technology solution. With the digital landscape evolving rapidly and risks escalating, this strategic move aims to enhance incident response mechanisms, particularly against Business Email Compromise (BEC) attacks, which have emerged ... Read the full article

Insurance industry responds to evolving risks with innovation and collaboration: Allianz

23rd January 2024

In the face of growing concerns over the insurability of modern risks such as cyber threats and climate-related disasters, the insurance industry is stepping up its game, according to the recently published Allianz Risk Barometer 2024. The report highlights that cyber security has become the top global risk, with cyber-attacks and ... Read the full article

Insurance market expected to develop new forms of cover for war risks in 2024: DAC Beachcroft

19th January 2024

The insurance market is expected to continue developing new forms of cover for war risks throughout 2024, according to analysts from international insurance law firm, DAC Beachcroft. In a report released by the firm, analysts highlighted how insurance of war risks has been confined predominantly to marine and aviation hull, however ... Read the full article

Cowbell to cover UK mid-market businesses with up to £1bn turnover

8th January 2024

US-domiciled cyber insurer Cowbell has extended its cyber insurance capabilities by now catering to mid-market businesses in the UK with an annual turnover of up to £1 billion. Previously, the insurer only catered to small and medium-sized enterprises. The cyber insurer is backed by A+ rated re/insurers, and officially entered the UK ... Read the full article

Insurers remain cautious about adopting AI for customer-facing activities: EY

6th December 2023

It should not come as a surprise that insurers are remaining somewhat cautious about adopting AI for customer-facing activities, especially given the lack of regulatory clarity. However, the opportunities to use AI technology to differentiate the value proposition and enrich customer experiences cannot be overlooked, according to EY. The company states that ... Read the full article

Canopius grows cannabis insurance offerings in transportation and distribution

13th November 2023

Canopius Group, a global specialty lines re/insurer, has expanded its cannabis insurance product, now covering transportation of cannabis products from cultivation to distribution. The re/insurer started to underwrite cannabis-exposed risks in April 2023. This offering is for privately owned and not-for-profit organisations in US states where medical and recreational adult-use ... Read the full article

Cowbell’s growth shows ongoing commitment to closing the insurability gap: CEO Kudale

1st November 2023

Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), continues rapid growth as it announces $25mn in equity financing and a 49% increase in its new customer base year-over-year. In an expanding cyber insurance market, 72% of SMEs are still without cyber insurance and say that a major ... Read the full article

Europe faces dynamic changes in risk landscape as €1bn losses surge: Munich Re

19th October 2023

Munich Re has noted that the frequency and severity of weather-related natural catastrophes are increasing in Europe, with an "unprecedented" series of events exceeding the €1 billion mark this year. However, Clarisse Kopff, a Member of the Board of Management, suggests the firm "is in a good position to carry ... Read the full article

UK’s Pool Re renews reinsurance broking contract with Guy Carpenter

17th October 2023

Pool Re, the UK Government’s terrorism reinsurance scheme, has reported it successfully renewed its reinsurance broking contract with Guy Carpenter for three years, with an option to run to five. According to the announcement, Guy Carpenter will support Pool Re in returning risk and premium to the private sector, which in ... Read the full article

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