Catastrophe risk modelling firm AIR Worldwide announced on Monday that it has expanded the capabilities of its terrorism risk model to support scenario testing for the United States and 27 other select countries, including Canada, to help companies assess the…
Technological developments will profoundly change the way in which the re/insurance industry develops, distributes, underwrites and administers the insurance protection it sells to consumers, Swiss Re said on Monday. New technologies such as cognitive and cloud computing as well as…
Reinsurance demand has increased over the past 18 months, with the cession ratio across the global property and casualty insurance industry registering a small rise for the first time in several years, according to Aon Benfield’s September 2016 edition of…
Commercial insurance prices in the United States were nearly flat during the second quarter of 2016, according to the most recent Commercial Lines Insurance Pricing Survey (CLIPS), released on Monday. Willis Towers Watson (WTW), a global advisory, broking and solutions…
As investment returns remain low and with recent drops in renewal pricing, reinsurance carriers are resisting “aggressive buying tactics” on the part of cedents, Guy Carpenter & Company LLC suggested in an article published Friday. “From a buying perspective, while…
The global banking, financial services and insurance (BFSI) security market is estimated to grow to nearly US$50 billion by 2021, driven by regulatory, security and cyber factors. Market research firm MarketsandMarkets said in a report released Thursday that the BFSI…
One cryptomalware attack can cost a small or medium business (SMB) up to US$99,000 on average, according to recent research from global cybersecurity company Kaspersky Lab. And “despite the fact that cybercriminals do not guarantee the return of corporate data,…
Twenty-four catastrophe bond transactions closed during the 12-month period to June 30, 2016, with a total limit of US$5.2 billion, a decrease on the prior-year period of US$7 billion, according to Aon Securities’ annual report on the insurance-linked securities sector.…
The recent flooding in Louisiana is expected to cost the economy of the United States between US$10 billion and US$15 billion, with public and private insured losses expected in the low-digit single billions, according to Aon Benfield’s latest Global Catastrophe…
Hurricane Hermine is expected to have a “modest” impact on the property and casualty and catastrophe bond markets, according to ratings agency Fitch Ratings. Insured losses for reinsurers from this event will also likely be limited, but Fitch said in…
Global insurance brokerage Hub International Limited has acquired Edmonton-based New Dimensions Underwriters Ltd. The terms of the acquisition of the managing general agency were not disclosed, notes a statement this week from Chicago-based Hub International, which provides property and casualty,…
Willis Towers Watson plc reported Monday the combined ratio for its index of top reinsurers was 94.1% during the first six months of 2016, up 2.6 points from 91.5% during the same period as 2015, during a time when insurers…