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The global IT outage on July 19, 2024, has triggered a significant shift in the cyber insurance sector, prompting carriers and brokers to reevaluate and accelerate their approach to innovation.
Berkshire Hathaway, the conglomerate led by Warren Buffett, reported an 82% year-on-year increase in net underwriting earnings across its insurance and reinsurance businesses for the second quarter of 2024, totalling $2.3 billion.
INSHUR has annouced its findings from Driving the On-Demand Economy in the US, the first and only report to survey Americans who drive for on-demand rideshare and delivery apps including Uber and DoorDash.
London-based Cuvva, which offers short term car insurance, has shared its financial results for 2023, ending the year with a profit for the first time.
The increasing prevalence of cyber warfare and nation-state attacks poses significant risks in 2024 and policies must evolve to address these issues, according to a new industry report by Flow.
Insurtech funding in Latin America plummeted to a historic low of $26 million in the first half of 2024, representing a sharp 78% decline compared to the same period in 2023. Over the 12 months from July 2023 to June 2024, the total funding reached $43 million, marking the lowest figure on record.
Despite geopolitical tensions and heightened inflation in recent years, major economies have demonstrated unexpected resilience. According to Swiss Re Institute’s annual World Insurance sigma report, global GDP growth is forecasted to reach 2.7% in real terms in 2024, setting a promising stage for growth and increased profitability in the insurance sector.
Fitch Ratings has found that the US Property and Casualty market is set to return to underwriting profitability along with a significant improvement in return on capital for 2024. This positive outlook is driven by lower winter storm losses and an improvement in personal auto results.
The recent RDT Tech Poll has revealed a strong consensus among insurance professionals for greater transparency and automation in claims processes. The poll highlights a significant call for change within the industry, driven by rising claims costs and inefficiencies in current systems.
The Insurtech sector is undergoing a rapid transformation, driven by advancements in AI, IoT, data analytics, and blockchain.
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