In a comprehensive study spanning from 2017 to the current year, ISN, a global leader in contractor and supplier information management services, published a white paper that revealed promising insights into workplace safety. The Serious Injury & Fatality (SIF) Insights White Paper, based on expanded data over seven years, highlighted key trends and improvements in high-risk industries. The integration of
Faced with the uncertainty and financial demands of long-term care (LTC) insurance, U.S. life insurers are increasingly utilizing strategic tools and practices to manage these risks more effectively. Among these measures, the use of reinsurance has emerged as a powerful method for mitigating exposure to the unpredictable liabilities associated with LTC policies. Increasing Reliance on Reinsurance In pursuit of more
European insurers have voiced strong support for the European Commission’s initiative to establish a Savings and Investments Union (SIU). This ambitious plan is designed to enhance financial opportunities for EU citizens by effectively bridging the gap between savings and productive investments. The insurance industry’s endorsement brings a crucial perspective to the table, given their significant role in the European financial
The use of real-time data analytics is transforming the insurance industry, bringing unprecedented precision and efficiency to risk management processes. This article explores how these advancements are shaping the future of insurance. The Importance of Real-Time Data Analytics Identifying High-Risk Policies Early Real-time data analytics empowers insurers to spot high-risk policies promptly, reducing the likelihood of unexpected claims. By leveraging
In recent years, the directors and officers (D&O) insurance market has experienced substantial shifts, marked by significant profitability driven by strategic rate increases from 2019 to 2022. Despite these favorable outcomes, the sector now faces evolving risks and regulatory changes that present new challenges. This article delves into the current landscape of the D&O insurance market, supported by insights from
Munich Re’s recent acquisition of NEXT Insurance for $2.6 billion in cash has created a substantial stir within the insurance industry. The deal, finalized on March 19, marked a significant milestone for both companies as NEXT Insurance becomes a part of the ERGO Group, Munich Re’s major primary insurance company. For small businesses, this transaction could mean transformative changes in
In a significant move aimed at enhancing the efficiency of technology implementations within the insurance sector, Insurity, a leading provider of cloud-based software solutions, has formed a partnership with OIP Insurtech. This collaboration is set to bring substantial benefits to Property and Casualty (P&C) insurers, brokers, and Managing General Agents (MGAs), primarily by leveraging Insurity’s advanced technological solutions with OIP
The concept of neonatal care leave has gained considerable traction recently owing to the growing awareness around the significance of dedicated family support during critical early moments in a newborn’s life. Families with infants admitted to neonatal care face unique emotional and logistical challenges. The introduction of neonatal care leave offers much-needed relief for these families, allowing them to navigate
The growing backlog of employment tribunal cases is an issue causing significant concern for workers, employers, and legal professionals alike. Recent reports indicate a staggering increase in open single case claims from 33,000 in the last quarter of 2023 to 43,000 in the last quarter. This nearly one-third rise in unresolved cases has led the Employment Lawyers Association (ELA) to
The government’s announcement on welfare reforms, aimed at reducing state expenditure on disability and long-term health condition benefits, brings significant changes for both employers and benefit recipients. These reforms, detailed in the Pathways to Work green paper, propose changes intended to streamline the benefits system and enhance employment support. This comprehensive overhaul affects various aspects of welfare benefits, including the
As artificial intelligence (AI) continues to permeate various sectors, the insurance industry is witnessing a notable transformation. For instance, 77% of insurers are now integrating AI into their processes, a significant increase from just a few years ago. However, despite the potential for AI to enhance precision in risk assessments, many underwriters encounter difficulties in verifying the accuracy of AI-generated
The property insurance market faces significant challenges, both from rising reinsurance costs and the increasing frequency of natural disasters. InsurTech startup ResiQuant has recognized these issues and is leveraging artificial intelligence to transform how property risk is assessed and managed. The company, recently backed by a $4 million seed funding round led by LDV Capital, aims to provide precise, AI-powered
