Risk analysis

There’s little faith in the global economic recovery accelerating, with officials and business leaders citing climate change and rising social tensions, alongside the pandemic, among their top risks, the World Economic Forum found.

In case you missed it, insurtech -- technology developed to improve and transform the insurance industry -- is having a bit of a moment. Forrester recently reported record-breaking funding for insurtechs, closing Q3 at $15 billion - more funding than in 2019 and 2020 combined - with more deals anticipated by the end-of-year.

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.

American International Group Inc. and other insurers avoided steep losses from a spate of extreme weather this year thanks in part to the reinsurance industry. But increased reliance on those policies probably means price hikes are coming.

The stay-at-home mandates, school and business closings, and increased remote work arrangements emanating from COVID-19 resulted in a significant decrease in motor vehicle accident frequency in 2020, with that trend continuing into 2021. There are many other, less obvious forces that actuaries and company management should consider as 2021 year-end reserves are analyzed.

Success demands an innovation-driven formula with four main components: speed, accuracy, scale and customer experience. To do this and change the economic equation, here are five efficiency strategies recommended by Verisk.

A crucial point that many businesses engaged in the B2B sharing economy are increasingly aware of is that engagement often carries considerable liability risk, which is why it is of utmost importance for businesses to insure against this risk with robust verification services.

The Federal Emergency Management Agency in April announced the first significant update to the beleaguered National Flood Insurance Program, which covers about 5 million properties. Premiums have risen steadily, but the program is more than $20 billion in debt, thanks in part to rising seas and stronger storms. Now, a quarter of the participants will see lower costs, while the remainder will see premiums rise in increments as high as 18% annually.

Recent EY research confirms how the pandemic fundamentally changed consumer needs, how they plan to increase their financial security, and what insurers can do to seize the opportunity.