Speed of process is the biggest challenge facing marine insurance claims managers, according to new research from Marine Judge, an AI-driven marine insurance platform.
The global insurance protection gap (IPG) for the total market (life and non-life) has risen to $5.78tn- 70.8% in the life segment and 29.2% for the non-life segment - according to the updated edition of MAPFRE Global Insurance Potential Index (MAPFRE GIP) 2020.
HX, the data and analytics division of Howden Group Holdings, has announced the release of its Q3 2020 insurance sector earnings update, focusing on COVID-19, capital, catastrophes, and pricing.
Reputation is one of the most valuable intangible assets to global businesses, according to a report by Lloyd’s and KPMG. The reputational risk landscape has changed significantly over the last decade, as businesses’ risk profiles evolved rapidly across all industries.
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.
Phishing attacks against small and medium sized businesses in Singapore have increased by more than 60% in the first 10 months of this year - a worrying sign at a time when SMEs are accelerating digitalisation efforts in the wake of COVID-19.
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.