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Stoïk completes €11 million Series A round

30th June 2022

Andreessen Horowitz (a16z), one of the world’s largest venture capital funds, known for investments in companies such as Skype, Twitter, Facebook, Airbnb, and more recently Pinterest and Slack, has invested in Stoïk. The company is a startup brokerage specialising in cyber insurance products. Stoïk, which is based in ... Read the full article

Swiss Re’s CEO of reinsurance says insurers must embrace building digital trust

30th May 2022

Insurers need to face up to the task of building ‘digital trust’ between themselves and the consumers they serve, according to a new blog post from Moses Ojeisekhoba, CEO of Reinsurance at Swiss Re. The post, ‘Why insurance leaders should care about digital trust’, refers heavily to work put out ... Read the full article

Swiss Re unveils nine-step, digital trust methodology

19th May 2022

Swiss Re has unveiled a nine-step methodology for companies to position themselves as trustworthy in an increasingly online world. The thirty-page report, Decoding Digital Trust: An Insurance Perspective, provides a framework for understanding digital trust, highlighting its relevance against the backdrop of increasing digital automation, both in insurance and across ... Read the full article

Commercial insurance rates increasing due to inflation & legal system abuse: APCIA

17th May 2022

In the American Property Casualty Insurance Associations (APCIA) latest report, “Commercial Insurance Rates Rising: What Business Owners Need to Know”, the company examined the impact of inflationary pressures on commercial lines insurance and business owners. With “skyrocketing” inflation and legal system abuse forcing prices higher across society, along with losses in ... Read the full article

Measured names Nick Little as Head of Insurance

12th May 2022

Measured Analytics and Insurance, a data and analytics-driven cyber insurer, has appointed Nick Little as Head of Insurance. Little will be part of the company’s leadership team, where he will drive innovation, efficiency, and progressive disciplined underwriting as well as expanding the distribution of Measured’s products. He has been serving in various ... Read the full article

Businesses under-insuring intangible assets: Aon

19th April 2022

Aon plc has published a new report in collaboration with independent researcher Ponemon Institute, which found that businesses continue to undervalue and under-insure intangible assets relative to tangible assets. According to the study, since 2009 the implied market value of intangible assets at S&P 500 companies increased 255%, while the book ... Read the full article

Corvus Insurance finds 2021 average ransoms paid by quarter were down 44.2%

19th April 2022

Corvus Insurance has released findings from its second Corvus Risk Insights Index - a compilation of industry trends and data analysis based on the company’s IT security scanning technology, the Corvus Scan. One of the major findings from the report was that ransomware attacks are down from recent peaks, as the ... Read the full article

Ukraine conflict industry loss could exceed $20bn: PCS

18th April 2022

The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS. Property Claim Services (PCS) has analysed data from its three most relevant product offerings, the PCS Global Aviation, PCS Global Marine and Energy, and PCS ... Read the full article

Russia-Ukraine conflict creates new risks for insurers: Moody’s

7th April 2022

According to Moody’s, the economic consequences of Russia’s invasion of Ukraine creates new risks for global insurers and asset managers, with the impact of the crisis depending on its severity. Moody’s has created its own baseline scenario, which resulted in the G20 economies’ GDP growth slowing to 3.6% in 2022, compared ... Read the full article

CFC names Roger Francis as Managing Director, CFC Response

4th April 2022

Specialist insurer CFC has appointed Roger Francis to the newly-created role of Managing Director of CFC Response, bringing with him over 15 years of experience within information security. Francis joined CFC in the summer of 2019 to take up the role of Cyber Claims Director, having previously helped businesses protect their ... Read the full article

Commercial insurer profits to peak in 2023, weaken after: Fitch

29th March 2022

Analysts at Fitch Ratings believe that commercial insurance price momentum peaked last year, meaning insurer profits are likely to reach a high in 2023 and weaken thereafter. In a new report, the rating agency notes that price increases since 2017 helped regain healthy profitability in 2021, but warns that price momentum ... Read the full article

Financial volatility from Russia conflict poses minimal risk to insurers: experts

28th March 2022

During a recent panel hosted by the Insurance Information Institute (IIS), experts agreed that the possibility of a protracted period of high volatility poses only a minimal risk to the global insurance and reinsurance industries. Panellists used the discussion to explore the various potential impacts of Russia’s invasion of Ukraine on ... Read the full article

Favourable pricing driving underwriting profits for commercial P&C insurers

23rd March 2022

Fitch Ratings has said that favourable pricing is driving underwriting profits for US diversified commercial property and casualty insurers. A new note from the agency outlines how the insurers it looked at are able to demonstrate operating scale via large premium bases and substantial levels of equity capital. Diversification, said the ... Read the full article

Market Volatility: Main risk for European re/insurers from Russia – Ukraine

18th March 2022

American credit rating agency Fitch Ratings warns that the war between Ukraine and Russia is more likely to impact the European insurance sector through second-order financial market volatility, instead of through direct effects from sanctions on Russian entities and other measures that are restricting Russian businesses. European re/insurers have little direct ... Read the full article

Pool Re grows terror retro cover to £2.5bn

2nd March 2022

UK government-backed terrorism reinsurer Pool Re has completed the placement of its expanded £2.5 billion retrocession programme, led by Munich Re, and with Hannover Re and Fidelis also among those providing significant capacity. The retro tower was grown from £2.475 billion last year thanks to Pool Re's new Baltic ... Read the full article