Risk

Australia's mounting extreme weather events threaten to make home insurance premiums unaffordable for an estimated 1 million households.

First Street has released a free web tool that lets users search US addresses to determine their heat risk.

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.

Thousands of people living in high-rise apartments in Britain are set to get better deals on their property insurance.

Big data provides an opportunity to instantly know more about a business than ever before.

Tech-led insurance offerings are the modern solution to bridge coverage gaps and standardize protection for global companies.

An emerging trend that is spreading out into new regions of the country.

The industry’s reliance on historical loss data and traditional catastrophe models is limiting its understanding of future climate risks.

The industry will increasingly harness data to meet the growing expectations and demands of switched-on consumers.

In other news: Appointments at Acrisure, Marsh and Tokio Marine Highland.

Insurers have closed shop in Louisiana and Florida, leaving in the lurch thousands of homeowners.

The Insurance Institute for Business & Home Safety announced standards that can demonstrably lower a home’s risk of wildfire damage.

Hemant Shah co-founded the company in 2018, which is a streamlined platform for commercial risk property data.

The World Property and Casualty Insurance Report emphasizes the effects of climate change on the insurance industry.

Automation can uncover new opportunities to improve the way insurers do their jobs.

Underwriters are charging as much as 10% of the value of a ship’s hull, according to four people involved in the market.

Keeping track of frequent changes to homes has become a complex issue for many insurers. With limited resources and rising customer expectations, many insurers are moving beyond traditional forms of customer outreach – emails, phone calls, and on-site inspections— to obtain the latest underwriting data about the properties in their portfolio.

The New York-based investment firm said in a letter to the company’s board Thursday that it has also been advocating for more independent directors on the board and operational improvements at the company in recent months.

Lessors of planes stuck in Russia since the onset of sanctions have warned insurers of possible claims to come if the jets aren’t returned. Insurers, meanwhile, are canceling some policies, including for war risk, and may challenge claims on coverage still in force, industry participants say.

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.