Thought Leadership

Liberty Mutual Holding Co. is exploring the sale of its businesses in Spain, Portugal and Ireland, according to people familiar with the matter, joining other American insurers retreating from the region.

In recent years there has been a strong increase in cyber attacks, which has made organisations and companies realise that they can become a target and face serious consequences, Swiss Re Institute notes in a new report.

Claim settlement and fulfilment, form the most crucial aspect for any kind of insurance product. Insurance has majorly been led by a traditional model, where claim settlement is a long and tedious process, both for consumers and insurance companies.

COP27 has once again highlighted the importance of companies playing their part in fighting climate change. Individual organisations doing so is a start, but industry wide change must take place. The insurance sector is no different.

If you’re counting the years since the inception of the term InsurTech, you may be surprised to know that it is officially 12 years old. InsurTech is still in the “tween” years, though it is getting ready to move into a new phase—being a teenager.

Though U.S. insurtech companies are focused on trimming expenses these days, startups in the property and casualty space are still spending on one type of acquisition: Buying licensed carriers that are no longer writing business.

Imagine a ship. Once it is built and placed into service, the vessel will require maintenance and repair. Inclement weather and natural disasters may impact travel and the delivery of its merchandise.

When computers first came out almost 70 years ago, the insurance industry was one of the first to embrace the new technology. However, it stopped there. Today, companies still mostly work with legacy systems and the industry is known to reluctantly embrace ideas of tech innovation.

Lloyd’s is looking to implement next year a market-wide measurement framework to help syndicates transition their underwriting portfolios to a net-zero position by 2050, The Corporation’s CEO John Neal has said.

A new report from Liberty Global Transaction Solutions (GTS), part of Liberty Mutual Insurance, shines a light on current global M&A insurance claims trends.

Bermuda has long been an innovator in insurance and, under the leadership of its crypto believer Premier David Burt, it is now looking to be an innovator in digital assets.

The insurance industry has faced an onslaught of challenges over the past couple of years, from the global COVID-19 pandemic to economic and social inflation, a talent shortage, a changing climate, growing ransomware attacks, and the Russia-Ukraine war.

The market for cybersecurity insurance coverage increased 61% in 2021 over the prior year, reaching $6.5 billion in premiums, according to the annual cyber insurance report issued by the National Association of Insurance Commissioners. Although cyber insurance carriers are struggling to keep up with demand, some digital insurance platforms and cybersecurity advisors are identifying the biggest risks that should be addressed.

Today more cars than ever are connected, and those connected cars are creating and transmitting a lot of data. This in turn has created a gold rush among automobile manufacturers (aka OEMs), insurers, and others to find ways to monetize that data. For personal auto insurers the stakes and opportunities are greater than ever.

Brad Middleton, director, pricing & rating, Deloitte Canada I’ve found Earnix to be quite good for the marketplace. One of the challenges that insurers consistently

We define insurtech as the use of emerging hardware, software and user interfaces to address inefficiencies or opportunities in the insurance value chain. Further, we think of the intersection of two dimensions as the focus of our discussion: industry specificity solutions and more recently established market players or solutions.

Digital tools are key to mitigating and covering flood risks, according to a report by the Insurance Information Institute (Triple-I) and Capgemini

AXA CEO Thomas Buberl has drawn attention to the series of crisis the globe finds itself in a recent radio interview in France.

Despite a meteoric increase in cloud adoption, executives at many insurance companies are still reluctant to make the move. Even as leaders within these organizations grapple with the imperative to modernize and innovate, many have a tendency to proceed with extreme caution.

MGAs – once a reliable venture capital insurtech investment draw – may have lost their luster.

Legacy systems are often blamed for the reason the insurance industry struggles to fully modernize. Many incumbent insurers have outdated, neglected IT infrastructure, and instead of addressing this underlying problem in one major overhaul, they seem to pile new applications on top of their legacy systems.

Berlin-based insurtech, wefox, is calling on the insurance industry to improve customer experience after its Global Safety Report results revealed there is widespread dissatisfaction and lack of trust in the industry.

What word would you pick to describe the future of underwriting? If ‘adaptable’ came to mind, you would be joining the majority of insurer executives in the mid/large commercial lines segment who thought the same in a recent SMA survey.