Climate change is significantly impacting human health, posing various risks and simultaneously presenting new avenues for the health and life insurance industry. As global temperatures rise and weather patterns shift, the prevalence of certain diseases, natural disasters, and health-related incidents is likely to increase, affecting mortality and morbidity rates. This has a direct bearing on the actuarial assumptions and risk
Allianz Personal Lines Business has made a formidable leap in the domain of fraud detection and prevention. The integration of advanced technologies and the establishment of strategic partnerships have been pivotal factors in this achievement. The year 2023 marked an impressive climb of 29% in their fraud prevention rates, showcasing their efficacious methods in combating insurance fraud across varied realms
In today’s digital era, small and medium-sized enterprises (SMEs) face growing cyber threats, necessitating the development of more sophisticated insurance policies to address these evolving risks. As these businesses become increasingly dependent on digital operations, their vulnerability to cyberattacks becomes more pronounced. To counter this, there is a critical need for insurance providers to enhance their insurance offerings. Modern cyber
Tokio Marine HCC, a leader in the global specialty insurance sector, has embarked on a transformative journey by partnering with Akur8 in a move that promises to reshape its approach to insurance pricing. This collaboration is set to leverage Akur8’s trailblazing transparent machine learning technology within its Core Platform, signifying a major advancement in how Tokio Marine HCC utilizes data
The London insurance market is witnessing a noteworthy transformation as AM Best, a leading rating agency, revises its outlook for this segment from stable to positive. This change is a reflection of the market’s robust pricing strategies and strengthening underwriting profitability. The upgrade signals confidence that the sector will experience further financial improvement. Contributing to this optimistic view is an
Zywave is pioneering change in the cyber insurance industry with its “Cyber Quoting” platform. In an era where cyber threats are intensifying, this tool is a standout for its efficient approach to cyber insurance procurement. Traditionally, gathering data for insurance quotes has been a lengthy and burdensome process. Zywave addresses this problem by utilizing a standardized questionnaire, which simplifies and
Emerging within the insurtech landscape, Rainwalk Technology, a pioneer in pet insurance tech, has recently achieved a pivotal milestone by securing $4 million during its Seed funding round. Anchored by ManchesterStory Group and supported by entities such as Insurtech Gateway and Bridge Capital, this financial backing is set to propel Rainwalk’s growth in the competitive US sector. The company aims
The American cyber insurance industry, once marked by rapid expansion, has shifted toward a period defined by equilibrium and financial gain. The sector has seen a reduction in growth as premium increases have led to underwriting profits, with a direct incurred loss ratio for standalone cyber policies leveling at 44%. This reflects a balance between premiums collected and claims costs,
Chubb’s intended acquisition of Healthy Paws represents a strategic foray into an industry ripe for innovation and growth. By venturing into pet insurance, Chubb is positioning itself to capture a segment of the insurance market that continues to gain traction among pet owners who are increasingly aware of the financial implications associated with pet healthcare. The acquisition not only broadens
With the insurance industry undergoing a significant transformation, Nexus Underwriting aligns itself with the winds of change. The strategic appointment of Steve Willett as Head of Development underscores the company’s commitment to not only compete but to lead in the dynamic world of financial lines in a global context. Willett’s vast experience and proven track record in international markets bode
Chubb Corporation, a leading player in the global insurance market, has made a decisive move with the proposed acquisition of Healthy Paws, a top pet insurance company in the U.S. This strategic move represents Chubb’s foray into the burgeoning pet insurance sector, asserting its ambitions to cater to the ever-increasing demand from pet owners for financial protection against rising vet
The U.S. Department of Labor has unveiled a significant new rule that boosts the reliability of financial guidance for workers engaged in retirement planning. This initiative updates the definition of “investment advice fiduciary” as it’s related to both the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. By redefining this key term, the rule aims to ensure
