Category: Trends

According to the Coalition Against Insurance Fraud and its most recent report estimating the economic impact of insurance fraud in the U.S., the estimated yearly cost related to insurance fraud has increased from $80 billion in 1995 to $308 billion in 2022. That is a staggering number –that the consumer absorbs in the form of increased premiums – to the tune of around $3,700 per year for the average U.S. family.

Commercial lines property and casualty insurance holding company, W. R. Berkley, has been making plans and positioning itself to take advantage of rising prices in the property catastrophe arena, with the company’s President and Chief Executive Officer (CEO), W. Robert Berkley, saying that it could become a meaningful part of what the firm does in the short run.

Mobile technology and innovative apps are key elements in the ongoing digital transformation of the insurance industry.

Business has always had innovation, but innovations seem to come in waves.

With inflation currently remaining above historical peak, Swiss Re’s Head of Northern, Central & Eastern Europe, Frank Reichelt, discussed with Reinsurance News about what coping mechanisms the company have had to adapt to keep ahead.

At its 10th Allianz Motor Day, Allianz addressed the question of how sustainable car insurance can be, calling for an increase in so-called “green repairs” to vehicles.

Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, today announced the formation of Ferian Re, an independent Bermuda-based Class 3B reinsurer that will provide capacity across Coalition’s cyber programs.

Insurers need to rethink their approach to innovation. The speed of change in technology, an evolving competitive landscape, increased customer expectations, and the new reality of a permanent hybrid workforce have challenged insurers across all functions.

To outsiders, IBM may be best known for its once-ubiquitous electronic typewriters. In the 21st century, however, the company has evolved into a multinational computer technology and IT consulting business, and it is a major player in the insurance industry.

The analysis, sponsored by Socotra, found that the benefits of shorter time-to-market exceeded the costs by as much as 40 times.