How Predictive Analytics Boost Commercial Insurance Profits, Smooth Cycles
By Insurance24
HARARE, The increasing use of predictive analytics among commercial lines insurers has helped improve their bottom lines and led to more balanced underwriting cycles, A.M. Best says in a report.
“Underwriting cycles have been impacted by the quicker determination of underwriting, pricing and claims trends and
FEMA to Issue First Catastrophe Bond for Flood Insurance Program
By Insurance24
HARARE, In another step shifting risk to private markets, the Federal Emergency Management Agency (FEMA) said it intends to secure additional reinsurance for the National Flood Insurance Program (NFIP) through issuance of a catastrophe bond.
FEMA began purchasing private reinsurance in 2017 and recovered $1.042 billion
When will machines take over insurance jobs?
By Insurance24
HARARE, A report on artificial intelligence and automation from AllianzGlobal Corporate & Specialty (AGCS) has made predictions about when and how machines will take over jobs.
“The potential substitution of many low- and middle-income jobs could bring extensive unemployment,” according to the “The Rise of Artificial Intelligence:
New platform uncovers cyber exposures with the help of data
By Insurance24
HARARE, It’s hard to imagine a time when cyber risk wasn’t on the minds of insurers and their clients, but as hack attacks evolve in scope and sophistication, it’s getting harder to turn a blind eye to cyber threats.
“Twelve to 18 months ago, catastrophic
Tax bill causes surge in small business optimism and new insurance needs
By Insurance24
HARARE, The tax reform bill passed by Congress in December 2017 has caused a wave of optimism and positivity among small business owners in the US. Many are eagerly anticipating the 20% net business income deduction which will enable them to inject more funds into business investment.
A recent poll of 2,700
Is insurtech moving to the mainstream?
By Insurance24
HARARE, Insurtech could be moving more towards the mainstream of the industry, an expert has said.
Laura Kalomiris, director of operations at Trov, said that one of the big trends she saw in insurtech over the course of 2017 was its move toward the mainstream as more businesses looked to jump into the innovative technology.
“A lot of new industries
Global insurance M&A may be returning to form after slowdown
By Insurance24
HARARE, Global insurance mergers and acquisitions may be returning to form after a two-year decline, according to a new report.
There were 350 completed mergers and acquisitions in the global insurance sector in 2017, according to a new report from global law firm Clyde & Co. That’s down from 387 in 2016 – but the
Cyber concerns outrunning risk management
By Insurance24
HARARE, Few companies have faith in their cyber risk management, despite the skyrocketing stakes of an attack.
Two-thirds of 1,300 senior executives surveyed in a newly released global survey by Marsh and Microsoft ranked cyber security among their top five risk management priorities, yet only 19% felt highly confident in their ability to prevent
AXA to swoop for XL Group for US$15.3 billion
By Insurance24
HARARE, It’s the big reveal ending all speculation surrounding the sale of XL Group… today the Bermuda-based firm and its buyer announced the acquisition deal that is set to create what has been described as the number one global property and casualty commercial lines insurer.
Paris-headquartered AXA has agreed to pay US$15.3 billion
The means for expansion
By Insurance24
HARARE, BANKS AND other institutions that provide financing to the insurance industry play an integral role in enabling agencies to expand their books of business. In the current insurance landscape, standing still is akin to going backwards, and any agency that isn’t continuously looking for ways to grow by making investments in its business could face a