Increasing demand for digital insurance products and online distribution is expected to displace $280 billion of existing insurance revenue by 2025, according to a new report. These trends threaten the renewal of some traditional premiums and alter the future revenue landscape for insurers, the report predicted.
North American buyers of commercial property-and-casualty insurance can expect an “ever-so-slight turn for the better” and a “less difficult marketplace” in the months ahead, says a new report. However, buyers will continue to face rising prices across most lines of business for the remainder of 2021.
The U.S. inland marine insurance segment's loss ratio deteriorated by nearly 16 percentage points in 2020 amid the COVID-19 pandemic. The segment also saw its first decrease in direct premiums written in more than a decade in 2020.
Twenty-three of the world's leading reinsurers saw positive earnings for 2020 and an increased capital base, aided by access to new funding. This resilience cannot, however, hide the fact that recent reinsurance sector results have been poor.
The pandemic, the hard market, social unrest and social inflation are all raising questions for the insurance industry, said experts at a recent conference. Insurers are coping by planning, communicating with clients and pivoting their strategies.
A new survey reveals the top five risks facing directors and officers: cyber attacks, data loss, regulatory risk (including threat of fines and penalties), health/safety/environmental and risk of employment claims. Pandemic-related changes in working practices are heightening these concerns.
The White House announced an effort to provide immediate support to farmers, tribes and communities suffering from worsening drought conditions in the Western U.S. The initiative will identify both immediate financial needs and develop longer-term measures to help communities and the environment.
Last year was marked by wildfires, droughts, floods and melting glaciers, prompting the U.N. Secretary-General to say the world stands "on the verge of the abyss." Pandemic-related lockdown restrictions also delayed crucial assistance to millions hit by extreme climate events.
Two senators are working to attach legislation to allow automakers to deploy tens of thousands of self-driving vehicles on U.S. roads to a bipartisan China bill, a significant reform that could help speed the commercial use of automated vehicles.
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