The shorter month of February dampened some momentum compared to Q1 2024, which had an extra business day due to the Leap Year. Despite this, several regions saw marked increases in shopping volume. Ten states experienced growth of 20% or more, including Hawaii (59%), New Jersey (43%), Washington (33%), and Massachusetts (31%).
Despite a surge in extreme weather events, only 20% of executives rank climate-related catastrophic risk as a top concern. At the same time, 72% report adopting new risk management procedures in response to severe weather, signalling a reactive rather than proactive approach to climate adaptation. Insurers warn that without stronger risk mitigation strategies, businesses could…
As of January 2024, 31 states, plus the District of Columbia, allow workers to file claims for mental health conditions arising from work-related factors, according to new data from IB+. This is accompanied by a decrease in workers’ compensation premiums and losses to $42 billion and $19 billion, respectively, in 2024, down from $45 billion…
“Using AI to detect fraudulent claims, for example, is no longer a nice to have, it’s a necessity. Because the bad guys are already using it,” Gupta said. “Claims are coming in with AI-crafted documents. Someone can easily create what looks like a legitimate ransomware attack, but all the artifacts are AI-generated. If a human…
While these top risks have remained static for a while, other emerging risks are now gaining momentum, with AI and big data becoming more prevalent concerns for risk management professionals. “There’s also a lot of social tensions across the globe, which creates challenges, especially for multinational organisations operating across various markets,” he said. “If you…
