One of the things the pandemic has highlighted over the last year is the importance of transparency and clear wording in the policies of insurers, as some insurers found themselves in the crosshairs of legal action when they rejected business interruption claims of policyholders.
Munich Re, Google Cloud and Allianz have announced a joint partnership towards pioneering cyber insurance, a first-of-its kind collaboration between a major cloud provider and leading cyber insurance companies. .
Insurance pricing will continue to increase across most business lines globally this year as carriers look to mitigate poor underwriting performance and the uncertainty brought on by the COVID-19 crisis.
The UK Supreme Court issued its decision in the Financial Conduct Authority's (FCA) BI test case on 15 January, ruling that some forms of BI insurance would cover COVID losses. However, experts from Guy Carpenter state that the court has adopted a narrow definition of a COVID 'occurrence' - an illness suffered by just one person or arguably several people in one household, raising questions about the meaning of the word 'occurrence' in other contexts.
Three specialist firms in the insurance industry will create a secure InsurTech platform that will support cryptocurrency investors in insuring crypto risk.
AIG has joined a taskforce established by The Geneva Association to develop and hone climate risk assessment methodologies and tools for the insurance industry.
Aon in a new collaboration with risk analytics company Praedicat, will develop a range of specialist liability reinsurance solutions to address product liability risks including nanomaterials and 5G.
Insurance brokers should recognise the reputational risks they face and tackle these issues head-on, according to the latest report of the Society of Insurance Broking (SIB).
Aviva has announced its plan to become a net zero carbon emissions company by 2040. This is the most demanding target of any major insurance company in the world today.
Major US insurance companies still have nearly $90bn invested in coal, which is the single biggest contributor to anthropogenic climate change according to a new research report released by Rainforest Action Network in February 2021.