Digital Platforms

Insured losses from natural catastrophes were greater than $110 billion in 2011, the second-highest figure ever recorded, according to Swiss Re in “Taking a Comprehensive View of Catastrophe Risk Worldwide,” a report from AIR Worldwide. And there is a 6.7 percent probability the insurance industry will experience a loss of this size in any given year. In 2012, insured losses totaled $65 billion, $25 billion of which are attributed to Superstorm Sandy, as estimated by Munich Re.

The clarification of certain rules, as well as information security, were among the topics discussed in two meetings this week.

After a flat 2012 for global life insurance premiums, a new report from Swiss Re has the global growth rate projected at more than 3 percent for 2013.

Ernst & Young’s first Latin American insurance outlook highlights growth opportunities in a market poised for profitability.

Standards organization consolidates with DISA, an organization that focuses on cross-industry electronic standards.

With positions in the Treasury yet to be filled, calls to balance out Lew’s budget-heavy background persist.

Trillium survey finds 75 percent of claims systems should be upgraded or replaced within five years; analytics and better communication present opportunities to improve cost-effective customer satisfaction.

Networked Insurance Agents has licensed Appulate’s Submission Management Portal for its independent retail agent affiliates. The technology offers a workflow designed to save agents time on workers’ compensation submissions.

20-year veteran of AIG climbs to executive ranks after four years at Zurich.

In response to President Obama’s nomination of White House Chief of Staff Jack Lew as Treasury Secretary, the Property Casualty Insurers Association of America expressed its eagerness to working with Lew.

The new offering, IBX Wire, is designed to enable members to connect directly to the insurer and manage their personal health care via mobile device.

Data crunching and tech savvy can take IT talent a long ways, but there's another intangible that differentiates exceptional talent, according to a new study.

The Deloitte Center for Financial Services says consumers may be wary of life and annuity products as they confront more immediate financial concerns.

Report from the U.S. Government Accountability Office also finds some potential risks to consumers and insurers.

Insurers seeking emerging markets are expected to contribute heavily to the rise in M&A this year.

Gartner's first IT forecast of the year anticipates a 5.7-percent increase from 2012's final IT spending tally.

ICMG survey also revealed that about 40 percent of respondents review strategic alliances on an "as needed" basis.

Insurer turns to e-application business fulfillment platform in an attempt to further automate processing.

Fitch says total estimated losses could continue to rise, as several insurers have yet to release loss estimates.

P&C business in the United States ends the year with a 5-percent increase; commercial auto, commercial property and general liability see the highest increase in December.

Board also decides whether or not to let the lawsuit be carried on by Starr.

Shelter Insurance claims to be the latest casualty to regulations found in the Dodd-Frank Act.

End-to-end policy administration system will be implemented by Auto-Owners’ life insurance subsidiary.

A.M. Best maintains its stable outlooks on the P&C, life and reinsurance sectors despite significant and persistent challenges, including loss reserves, low interest rates, weather-related volatility and increasing competition.

The number of deals may have risen in 2012, the total value dropped by more than $10 billion.

A slow overall growth trend at the end of 2012 is cause for concern heading into 2013; however, health care and financial services may hold the best opportunities for IT job growth.

Industry organizations have responded enthusiastically to news that Congress has agreed to a $9.2 billion authorized increase to the National Flood Insurance Program (NFIP), which is necessary to pay claims resulting from Superstorm Sandy. The bill had already passed the Senate and President Barack Obama is expected to sign it.

Severe weather-related catastrophes in United States accounted for a larger-than-normal portion of global catastrophe losses in 2012, increasing to 67 percent from an average of 32 percent, and 90 percent of global insured losses, compared to an average of 57 percent, according to Munich Re.

The 354-67 vote allows the government flood insurance program to continue paying damage claims to about 120,000 policyholders. The measure, raising the program’s borrowing authority by $9.7 billion, needed a two-thirds supermajority to pass under fast-track procedures. The Senate probably will clear the measure later today.

RSA, the security division of EMC, released a report from the Security for Business Innovation Council that assesses how cloud computing, big data analytics, enterprise mobility and social media will transform enterprise IT and “hammer away” at the foundations of information security strategies this year.

Sun Life Financial Inc. rallied 40 percent last year as investors rewarded decisions to shed riskier assets and emphasize insurance and wealth management. Chief Executive Officer Dean Connor says the narrower focus can still boost earnings in 2013.

The reinsurance sector entered 2013 with ample dedicated capital and stable pricing, according to “The Route to Profitable Growth,” the 2013 global renewal report from Guy Carpenter & Co. Renewals were supported by lower than normal catastrophe losses during the first nine months of 2012, increased reinsurance capacity and record-high levels of capital.

Small IT hiring sprees set for the first half of 2013 are being bridled with a pocket of idle businesses, and tech positions overall are taking longer to fill, according to a survey by technology and engineering career community, Dice.

Patented technologies to provide data protection, intuitive data presentation capabilities.

At January 1 renewals, marine endures its worst year in recent history, reports Willis Re.

IT and business executives need to apply a risk-management approach that balances economic value against risks.

Robert Benmosche, president and CEO, AIG, will be honored at the June 17 gala dinner in conjunction with the International Insurance Society's 49th Annual Seminar.

Net income for P&C insurers in the United States more than doubled during the first three quarters of 2012, increasing to $31.2 billion from $12.3 billion for the same period last year, as a result of improved underwriting results, according to “U.S. P/C Net Income Improves in 3rd Qtr; Sandy’s Impact Yet to be Realized,” a special report from an A.M. Best Co.

This compilation of the top slideshows of 2012 is based on pageviews and represents the biggest topics and trends from the past 12 months.

Ahead of the upcoming holiday, the National Insurance Crime Bureau analyzed vehicle theft data to determine the 11 most popular holidays for vehicle thefts.

Well ahead of superstorm Sandy’s wrath, private U.S. property/casualty insurers' net income after taxes grew to $27 billion in the first nine-months of 2012 from $8.4 billion in the same nine-months of 2011, with insurers' overall profitability, measured by their annualized rate of return on average policyholders' surplus, climbing to 6.3 percent from 2 percent. This is further validation that the property/casualty industry is prepared to deal with Sandy-related losses.

As insurers evaluate their 2013 risk management programs, they are faced with a growing concern over the long-term effects of cybersecurity attacks.

INN’s top videos list is based on views and contains must-know information from some of the most forward-thinking voices in the industry.

Several insurers across both property/casualty and life insurance sectors received patents in the past weeks for their technology and process innovations.

As the rubble settles along the U.S. Northeastern coastline devastated by superstorm Sandy, insurers are offering initial estimates of its losses. Sandy, a deadly 1,000-mile wide storm that took the lives of 132 people as it swept up the Northeastern seaboard in late October, is expected to cost insurers up to $25 billion in total losses. By these estimates Sandy is being classified as the second-costliest storm after hurricane Katrina in 2005.

As New Year’s Day approaches, the National Transportation Safety Board and AAA show support for all laws requiring ignition interlock devices after first DUI offenses.

According to a new report from Celent, addressing legacy IT environments will become the cost of staying in business.

Auto and property insurer turns to InsuranceSuite to provide rating, underwriting, policy administration, billing and claims management.

Clients in two Midwestern states to use Priority’s quoting, rating and underwriting solution.

Survey of CIOs, IT professionals and business executives reveals that more than a quarter of respondents did not know if their cloud applications were compliant.

Celent report offers insights on the developing market and 15 solutions providers.

Weather-related losses in the United States dominate the insurer’s list of losses.