Risk management

Digital Insurance spoke with Sarah Downey, managing director, blockchain advisory leader and financial services claims leader at Lockton Companies, the global insurance brokerage firm.

For example, a smart contract-enabled parametric insurance product could be designed to automatically pay out to farmers in the event of a drought.

With rising inflation and interest rates is the insurance industry prepared for what's ahead?

These days, it's hard to find a place in the US that is free from risk.

Nonprofits are experiencing higher costs and greater restrictions on coverage.

The agency acknowledged that loan performance in the sector has been strong, but cited several reasons to think that might change, including rising interest rates, the effects of inflation and uncertainty about the future of work and commerce.

More than 14.5 million single and multi-family homes were affected by natural disaster events last year. There was an estimated $56.92 billion in property damage.

The total losses and physical damages were estimated to cost $343 billion, well below the peak loss year in 2011 of $615 billion, however the 2021 losses, compared to 2011-2020 were about 4% higher than the average of $271 billion, according to the 2021 Weather, Climate and Catastrophe Insight report.

The clock is ticking for banks, insurers and asset managers still providing support to oil, gas and coal producers. It’s not just the moral imperative—that fossil-fuel use is destroying the atmosphere and life on Earth with it. It’s that their financial health requires leaving such companies behind.

New research highlights the evolving role of the insurance industry from reimbursements to incentivizing to reduce risk and prevent losses altogether.

About 20 nations have signed on to a deal to stop funding foreign fossil fuel projects -- with a last-minute entry by Italy. But the impact of the accord is undermined by the absence of key countries like China.

Over half or 62%, of insurers, say they will invest in risk management over the next year, with 55% saying they’ll invest in customer and employee data protection, according to the FIS’ 2021 Readiness Report.

The risk models insurers had previously relied on need to be adapted for today’s challenge.

With the growing vulnerabilities and uncertainty of our highly globalized and connected world, actions in one place can spread rapidly to have global effects.

Amid record low travel and vehicle miles traveled, speeding and crashes in cities around the United States have increased.

Ruth Foxe Blader, managing director with venture-capital company Anthemis, is responsible for identifying insurtechs that are helping carriers minimize risk.

So-called 'black box' pricing makes insurance products more competitive and efficient for lenders, practitioners say.

Whether self-driving cars can correctly identify and avoid pedestrians has become a burning issue since an Uber driverless vehicle killed an Arizona woman.

Insurance group says Volvo collision avoidance tech that was turned off could've prevented or mitigated a crash that killed an Arizona woman.