Thought Leadership

Allianz SE says car-shipping incidents are now a major cause of loss for the insurance industry after a cargo ship with about 4,000 Volkswagen AG vehicles caught fire and sank in the Atlantic two months ago.

Some of the most important questions insurance company CEOs ask their reserving actuaries are: “How much adverse development are we experiencing?” “What is driving these results?” and “Are any parts of the business heading into trouble?”

Insurance executives are recognizing the power of innovation to accelerate the pace of company change. Yet for innovation to deliver long-term value, it must become embedded in a carrier’s DNA.

Millennials will constitute a significant chunk of the insurance market for the next few decades, and how they engage and make decisions differs from previous generations.

There wasn’t much discussion about car insurance at Berkshire Hathaway’s annual meeting this year, but when the subject came up, Warren Buffett acknowledged the continued dominance of a competitor, a mutual assurance.

AXA shareholders approved all resolutions submitted to them by the board of directors at the company’s annual shareholders’ meeting Thursday.

Elon Musk trumpeted Tesla’s early inroads into automotive insurance last week. Warren Buffett, whose Berkshire Hathaway conglomerate owns Geico, has cast serious doubt on whether Tesla and other automakers can break into the industry and turn a profit.

Zurich Insurance Group (Zurich) has selected 12 startups to collaborate on novel ways to serve customers, create more frequent meaningful touchpoints with them, and challenge the boundaries of insurance.

It’s not hard to understand and forecast why usage based insurance (UBI) — otherwise known as behaviour-based insurance or pay-as-you-drive (PAYD) — is becoming popular among North American drivers and rest of the world.

Nowhere is the insurance gap more pressing than in the case of flood insurance.

Tesla is “trying to turn a nightmare into a dream with Tesla Insurance,” chief executive Elon Musk said Wednesday.

Harsh market conditions, innovative entrants, and demanding clients are a few forces driving transformation in the insurance industry, but every challenge presents an opportunity.

What makes a true digital payment experience in insurance? Although the past few years have been characterized by rapid digital payment options, the real game-changer has been the focus of market leaders to embrace the transformation of the actual payment experience – both for premium and claim payments.

The COVID-19 pandemic has likely led to more distracted driving. April marks Distracted Driving Awareness Month and insurers have released data and studies that reveal what behaviors are leading to unsafe roadways.

It’s been just over two years since the World Health Organization declared COVID-19 a global pandemic. As a result, we’ve seen major shifts in how people expect to work, play, shop and take on risks. It’s become clear that many of these new expectations are here to stay with varying degrees of impact on all industries.

The frantic pace of insurance industry M&A activity that emerged in 2021 shows no signs of slowing down, as firms look to expand their operations and take advantage of new growth opportunities in a variety of areas.

Insurtech has become a major part of the insurance market, with record-breaking amounts spent on technology-based innovations that can revolutionise the sector. It’s an area ripe for investment – with more than $1bn (£760m) spent every month on investment into insurtech startups in 2021, according to reinsurance broker Wills Re.

As the world constantly evolves and changes, so too does the life insurance industry, which is preparing for a multitude of challenges, particularly in three areas: interest rates, regulatory mandates and technology (software, underwriting tools and distribution platforms).

Survey indicates pandemic may have accelerated shifts in buyer preferences for a wider array of coverage, service, and distribution options.

Lloyd’s, the world’s leading marketplace for commercial, corporate and speciality risk solutions, has today announced the next eleven InsurTech start-ups that will join the eighth cohort of the Lloyd’s Lab in its ten-week programme, which brings together InsurTechs, insurers, and brokers to test out new, innovative solutions. The teams will be working to create insurance products to address the issues and challenges facing the Lloyd’s market.

Is adequate risk transfer in the face of rapid technological change even possible?

The vehicle salvage process has long been the inefficient, paper-based and nearly-forgotten tail-end of an auto insurer’s coverage obligation. But it doesn’t have to be this way.

According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022. According to this report the industry is expected to grow by 31.9% on annual basis to reach US$56,979.8 million in 2022.

In 2020, while both metros and non-metros reported nearly the same number of covid-19 claims, the trend changed in 2021 as non-metros reported 17% more claims than metros.

Lloyd’s of London has said it is working with the UK government to implement sanctions imposed over the war in Ukraine as fast as possible, including cancelling Russian firms’ insurance cover.