Poor claims experiences could put up to $170bn of insurance premiums at risk in the next five years according to a new report by professional services company Accenture.
Global insured losses ($39bn) from natural disaster events in 1H2022 were above the 21st Century average, up 18%, according to preliminary estimates from Aon's 'Global Catastrophe Recap'. The report said losses were driven by persistent severe convective storm activity, predominantly in the US and Europe. Aon expects further loss development in the coming months as the full industry impact from several large events are realized.
The top 12 sellers of COVID-related insurance policies in Taiwan have paid out nearly NT$32bn ($1.07bn) in pandemic-related claims in 2022.
The Saudi Central Bank (SAMA) has instructed insurance companies to settle claims by individuals for motor third-party liability within five working days if the value of the claim does not exceed SAR2,000 ($532).
Over the past five years, fire and explosion, natural catastrophes and faulty workmanship or maintenance have been the major causes of loss by value of insurance claims according to the Global Claims Review 2022 published by Allianz Global Corporate & Specialty (AGCS).
New research by Allianz has revealed that insurance brokers spend an inordinate amount of time on simple/non-complex claims.
The cancellation of the fifth and final T20 cricket match on 19 June between India and South Africa, because of rain, is likely to trigger claims of INR400m ($5.1m) to INR450m.
Things fake are a chronic problem in China's insurance sector, judging from the grounds on which the CBIRC slaps down fines on the industry, according to a commentary on the authoritative state-controlled online news site People.com.cn.
A spike in claims due to a COVID-19 resurgence could lead to a capital event for some of the island's non-life insurers with in-force pandemic-related insurance products, according to a new AM Best commentary.
The top five jobs in the Australian insurance field which employers want to fill are those of claims assessors, SME underwriters, contact centre agents, brokers and technical claims managers, according to a report by the recruitment specialist Hays.