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Energy insurance market softens as capacity reaches record highs: Willis
The upstream market, which has seen a 5% growth in capacity, is benefiting from a quiet year for losses. This growth continues to fuel soft market conditions. Insurers are under pressure to expand their market share, which has led to reductions in rates and an increasing willingness among underwriters to take on leadership roles, further…
Zurich, Chubb and AXA show resilience amid market volatility: Moody’s
Moreover, the strong and consistent earnings of these insurers have contributed to their robust capital positions. Zurich and Chubb have shown strong capital generation capabilities despite external challenges, including catastrophe claims, the COVID-19 pandemic, inflationary pressures, and rising interest rates. AXA, through its transformation efforts, has also improved its capital generation, with its Solvency II…
What You Need to Know
As a contractor in the Midwest, you know the challenges that come with the job—unpredictable weather, long winters, and the need for solid coverage to protect your business and employees. The risks can be significant whether you’re working on a commercial build or a smaller residential project. At Central Insurance, we understand these challenges and…
Late April storms cause hundreds of millions in insured losses across US – Aon
On April 29 alone, the federal Storm Prediction Center logged 781 combined reports of tornadoes, hail, and wind from New Mexico to New York. Multiple other reports were filed during the broader April 27–29 outbreak, spanning much of the central and eastern US. Source link
Hawaii Senate introduces bill allowing insurers to subrogate claims against polluters
Lee said that, if enacted, the law would likely be the first of its kind in the US. However, similar proposals have been introduced in other states. In January, a bill was introduced in the California Senate that would grant policyholders and insurers the ability to file civil suits against fossil fuel companies. Source link
AI adoption in insurance accelerates, but ROI pressures loom: KPMG
What are the three phases of value? According to KPMG, the “enable” phase emphasizes building AI foundations by appointing responsible executives, creating AI strategies, identifying high-value use cases, increasing AI literacy, and ensuring regulatory alignment. This phase also involves launching AI pilots, utilizing cloud platforms, and leveraging pre-trained models with minimal customization. Source link