While companies should fear cyberattacks from external bad actors, a new analysis by Allianz Global Corporate & Specialty (AGCS) has revealed that it’s employee mistakes and technical issues that are to blame for the majority of cyber claims.
Many insurers and reinsurers recognise that proper understanding and integration of ESG factors is increasingly critical to the long-term viability of their businesses, says AM Best. However, overall, there is a marked lag between recognition of ESG risks and action being taken to mitigate those risks.
The recession caused by the COVID-19 pandemic is expected to cause global insurance premiums to contract by around 1.4% in 2020, according to a study by the Swiss Re Institute. In 2021, the global insurance market is expected to recover, with China leading the rebound.
Property and casualty (P&C) insurers in the US remained profitable in the first half even as 26% was sliced from their net income.
According to a Reuters report, the Arctic Ocean has been seeing a rise in commercial voyages recently as many cargo vessels venturing between Europe and Asia opt to ply this route because of the potentially huge savings they can make. The situation is posing a challenge to several marine insurance companies that are forced to navigate uncharted liability issues.
According to a new report from Allianz Global Corporate & Specialty (AGCS) called 'COVID-19 – Changing Claims Patterns', claims trends and risk exposures in different lines of insurance are likely to evolve in both the mid- and long-term as a result of the COVID-19 pandemic.
The World Economic Forum (WEF) has today published its survey on ‘Regional Risks for Doing Business 2020’ which has identified that the top risk concern facing businesses in the Asia-Pacific region today is the spread of infectious diseases.
Senior insurance professionals worry that the world’s dependence on online technology has grown so great that it may surpass the industry’s capacity to fully protect it, according to the upshot of a series of interviews conducted by CyberCube CEO Pascal Millaire.
The capital base of the world's leading reinsurers has remained resilient, after a strong capital markets recovery in the second quarter of this year, says Aon's Reinsurance Aggregate (ARA) report. The capital has rebounded to 2019 levels.
Swiss Re recently listed four COVID-19 challenges impacting life insurers as in-person sales, complicated protection products, paramedical services and going paperless.