Estimated insured losses from natural catastrophes reached $40 billion during the first half — driven by a deep winter freeze, hailstorms and wildfires — while human-caused disasters triggered another estimated $2 billion of insured losses.
The wheat country of eastern Washington state, a vast expanse that produces the nation's fourth-largest wheat crop, is suffering amidst a drought the National Weather Service has classified as “exceptional” and the worst since 1977.
Buoyed by the hard market and rebounding economy, independent insurance agents and brokers grew overall by 7.1% in the second quarter, surpassing the 6.9% organic growth reported eight years ago in the second quarter of 2013.
Amazon has launched a new digital insurance network to help small businesses selling on its platform more easily purchase affordable product liability coverage. The service is a result of Amazon's collaboration with Marsh.
In response to climate-driven events that are causing more frequent and severe natural catastrophe losses, insurers are changing commercial property policy wordings and tightening terms and conditions.
Ethical hacking, sometimes referred to as penetration testing, aims to help companies recognize vulnerabilities in their system before a bad actor does. The practice can increase security and save money.
More widely available data and better analytics are enabling a number of new parametric insurance solutions, from a product to cover losses caused by an active assailant to ways to manage supply chain risk.
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