Zurich Insurance Group has announced a five-year partnership with the International Federation of Red Cross and Red Crescent Societies (IFRC), with the company putting 21 million Swiss francs (roughly $22.7 million) into the alliance. The partnership is part of Zurich’s…
Bermuda insurers will cover more than $2.5 billion of claims resulting from last fall’s Hurricane Sandym the Association of Bermuda Insurers and Reinsurers (ABIR) said late last week. Loss estimates from the storm are around $18 billion, with about half…
Almost half of the United States insurers taking part in a Ceres survey say the effect of current extreme weather events on operations, revenue and profitability is a motivator of action on climate change. “The exposure of the company’s operations,…
Impact Forecasting, the catastrophe model development arm of Aon Benfield, announced Monday several new scenario models to generate loss estimates for specific historical or hypothetical events, including storm surge from last fall’s Hurricane Sandy. The massive flooding in Thailand in…
A British Columbia court last week ruled against the provincial government’s auto insurance provider, which was sued by a commercial client whose accident claim was denied. In a decision released March 5, Madam Justice Lauri Ann Fenlon ruled that Streeper…
The Insurance Institute for Highway Safety announced Thursday five additional vehicles have earned the Top Safety Pick+ award and Honda Motor Co.’s Civic is the first small vehicle to attain the designation. To be named a Top Safety Pick+, a…
Many security leaders at Canadian firms say they fear that not knowing about a cyber breach doesn’t mean one hasn’t occurred, leading to concerns around brand reputation, notes a new report from Telus and the Rotman School of Management at…
Mobile communications company Vodafone and Towers Watson have launched a telematics program, aimed at speeding up the development of usage based insurance offerings outside of North America. United Kingdom insurance company AIG Europe Limited, part of the international group AIG,…
Institutions that are part of the United Nations, along with partners including the World Meteorological Organization (WMO), will be hosting a meeting on national drought policy in Geneva this month, in an effort to combat the effects of what has…
Boston consulting firm Strategy Meets Action released this week the results of a recent survey of property and casualty insurance firms, suggesting that despite technologies linking the computer systems of brokers and agents with those of carriers, many workers are…
Insurance carriers are starting to invest in analytics software to detect fraud, but what’s even more important is having claims staff who are good at using it, educating policy makers and preventing fraudsters from buying policies in the first place,…
Droughts are increasingly becoming one of the most destructive of natural catastrophes worldwide, with the number of loss-producing droughts doubling since the 1980s, but it remains an underestimated risk, notes a new report from Munich Re. Still, droughts remain an…