The Toronto-based Institute for Catastrophic Loss Reduction (ICLR) announced on Monday that it will immediately form a new worldwide alliance with an international group of disaster research institutes. The proposal builds on initiatives presented at the Sendai Framework for Disaster…
Property, casualty and financial and professional liability rates in the United States’ real estate industry are generally expected to soften in 2015, barring unforeseen changes, Marsh LLC said on Monday. [click image above to enlarge] The finding was from Marsh’s…
The Caribbean general insurance market remains profitable, albeit challenging, for participants, according to the latest special report by ratings firm A.M. Best. Company Inc. The company’s special report, titled Caribbean-based General Insurers: What Lies Ahead? and released on Monday, states…
The introduction of China’s second-generation solvency regime C-ROSS (China Risk Oriented Solvency System) will impact both the fast-growing insurance market itself and beyond, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, said in a report on…
Direct insurance writers in the United States nearly doubled their market share in personal lines over 18 years, but the market share for regional carriers writing through independent agents is on the rise, with some carriers providing instant online quotes…
A number of indicators support continued acceleration of activity in the insurance mergers and acquisitions (M&A) market, notes a new report from Deloitte. In 2013 and 2014, “an increased number of large M&A announcements helped to drive the aggregate deal…
Handling a fleet of mobile devices in the workforce involves tailoring the approach to the individual user, suggested Graham Chalk, manager of enterprise mobility management (EMM) for Telus Corp., during his presentation at the P&C Technology Conference in Toronto on…
Verisk Climate recently reported the company will use hail data – derived from two significant U.S. radar infrastructure improvements – during the 2015 severe weather season to help more precisely map where hail falls and how severe it is. The…
A study from global consulting firm Protiviti said that while many organizations rate themselves as less than “very effective” at addressing their cybersecurity risks, the results are significantly better for organizations in which the board of directors has a high…
Third-party security is a top business concern for enterprises, but there is a steep disconnect in resources available to adequately and objectively manage this security, suggested a new study released on Tuesday. Security ratings company BitSight Technologies released the commissioned…
J.D. Power’s recent study of risk professionals and risk management team members in the United States and Canada shows that insurers and brokers need to work together to meet commercial customer needs. Care must be taken with regard to limiting customer-reported issues, understanding the customer’s business and communicating effectively.
When it comes to winter storm damage, does the industry have enough information (over a long enough period of time) to accurately quantify the risk? Claims experience, catastrophe models, responsible risk management and solid underwriting practices are all needed to develop a full picture of the risk.