Parametric Insurance Increasingly Aids Farmers, Others Dealing With Extreme...
Joemar Flores, a spindly 28-year-old, gestured across his family’s farmland, nestled between a steep hill and a river, and expressed gratitude for the rice paddies in the distance. They’re still there,...
View ArticleGenAI Investment to Grow 30%, High Adoption Firms Expect 3x Higher ROI Over...
With modest GDP growth and stagnant budgets, organizations globally will find it necessary to reallocate funds from mature areas to support IT investments, according to Boston Consulting Group’s...
View ArticleWhat Role Does Insurance Play in a Politically Charged Climate?
Law enforcement officials are continuing to investigate a July 13 shooting at a Butler, Pa. rally for former President Donald Trump’s 2024 election campaign. During the incident, the former president...
View ArticleCrowdStrike Outage Insured Losses Could Reach $1.5B
Global insured losses from last week’s massive IT outage are likely to range from $400 million to $1.5 billion, cyber analytics firm CyberCube said on Thursday. A software bug in cyber security firm...
View ArticleExtreme Weather Sends Insured Losses 70% Above Historical Norms
Natural catastrophes caused about $62 billion of insured losses in the first half of 2024 — roughly 70 percent above the 10-year average — as extreme wildfires, droughts and floods upend historical...
View ArticleU.S. Expected to Propose Barring Chinese Software in AVs
The U.S. Commerce Department is expected to propose barring Chinese software in autonomous and connected vehicles in the coming weeks, according to sources briefed on the matter. The Biden...
View ArticleInsured Losses From UK Riots Will Be Manageable, With Claims Below £250M: Report
Insured losses from recent riots in the United Kingdom are expected to remain at manageable levels with a limited impact on insurers’ credit profiles, according to credit agency Morningstar DBRS, in a...
View ArticleFive Takeaways After 13 Month Global High Temperature Streak Ends
After 13 months of what felt like an endless breaking of heat records, the streak came to an end last month — just barely. The European climate agency Copernicus said last week that July 2024’s average...
View ArticleGlobal Study Finds Biometrics Top Cybersecurity Choice to Combat Deepfakes
The risk of deepfakes is on the rise with almost half of organizations (47 percent) reportedly encountering a deepfake already, according to a new study by iProov, a biometric identity provider, whose...
View ArticleMutating Mpox Virus Poses Challenges to Containment Efforts
Changes in the mpox virus are just the latest challenge facing disease trackers trying to contain an outbreak of the virus that’s become a global health emergency. The surge of cases is centered in the...
View ArticleTelegram CEO Held Over Alleged Failure to Stop Crime on App
Pavel Durov, the chief executive officer of Telegram, has been detained in France over claims that the messaging service failed to properly fight crime on the app, including the spread of child sexual...
View ArticleNew Accounting Rule Forces Change to How AM Best Ranks Top Reinsurers
The implementation of IFRS 17 accounting standards in the insurance industry has forced a modification to AM Best’s annual ranking of top reinsurance groups for 2023, the rating agency said. IFRS 17...
View ArticleSunk Superyacht Likely to Cost Insurers at Least $150M, Sources Say
Insurers of the Bayesian superyacht that sank this month, killing tech entrepreneur Mike Lynch and six others, could be on the hook for at least $150 million, according to the first estimates by...
View ArticleLloyd’s Reports Best First-Half Underwriting Profit Since 2007
The Lloyd’s insurance and reinsurance market reported overall profit before tax of £4.9 billion (US$6.4 billion), a 25.6 percent increase from the £3.9 billion (US$5.1 billion) reported during H1 2023....
View ArticleBrokerage Giants Aon, Marsh Unite In Call for Industry Aid to Ukraine
Highlighting the existence of blanket exclusions in reinsurance contracts for risks originating in the region impacted by the ongoing Russia Ukraine conflict, Aon and Marsh McLennan are jointly calling...
View ArticleExploding Pagers in Lebanon Spur Theories on Sabotage Method
From the moment pagers began exploding across Lebanon Tuesday, theories began to circulate on how devices considered outmoded in much of the world were turned into dangerous weapons that killed several...
View ArticleSigns of Climate Change Seen Globally: Floods, Fires, Drought
The hallmarks of climate change—extreme heat and drought; larger, more intense wildfires and supercharged hurricanes, typhoons and rainstorms that lead to catastrophic flooding—are being seen and felt...
View ArticleSir Charles Roxburgh Named Carnegie-Brown Successor as Lloyd’s Chair
Lloyd’s of London, the insurance and reinsurance marketplace, announced that Sir Charles Roxburgh has been named its next chair, subject to regulatory approval. Sir Charles will take up the position on...
View ArticleHistoric Rainfall Inflicts Chaotic Floods Across Four Continents
Severe rains bucketed down on central Europe, Africa, Shanghai and the U.S. Carolinas this week, underscoring the extreme ways in which climate change is altering the weather. Different meteorological...
View ArticleDeadly Central Europe Flooding Made Twice as Likely by Climate Change
Human-caused climate change doubled the likelihood and intensified the heavy rains that led to devastating flooding in Central Europe earlier this month, a new flash study found. Torrential rain in...
View Article