The global mutual and cooperative sector, including takaful players, collectively wrote $1.41tn in insurance premiums and increased the sector's share of the total insurance market to an eight-year high of 26.3% in 2022, according to the International Cooperative and Mutual Insurance Federation (ICMIF).
FM Global has appointed Mr Johnell Holly to as senior vice president. In this newly created role, he will unify and drive strategic alignment across global client services, sales, broker relations, marketing and FM Global's business risk consulting group, and ensure these functions scale with the company's long-term business goals. At the same time, he will elevate the experience FM Global's clients and brokers receive.
Insurance rates in the first quarter of 2024 in Asia declined 2% after being flat for the three prior quarters, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
The takaful sector remains a small player within Islamic finance, accounting for less than 2% of the total market. Despite this, the global takaful market surpassed $30bn in 2023, according to the Arab Monetary Fund (AMF).
Cyber attacks have more than doubled since the pandemic and while companies have historically suffered relatively modest direct losses from cyber attacks, some have experienced a much heavier toll.
Global insured losses from Nat CAT events in Q1 2024 were minimally estimated at $20bn, heavily driven by severe convective storm (SCS) activity in the US according to a new report.
Almost two-third (62%) of insurance executives recognise AI and machine learning technology as elevating underwriting quality and reducing fraud in the insurance industry.
Over eight in 10 organisations encountered one cyber security incident in a year, the Cyber Security Agency of Singapore (CSA) said in its Singapore Cybersecurity Health Report 2023.
Nearly three quarter of insurers are investing in private markets or plan to do so as firms put excess cash to work according to a global survey.
Climate change will reduce future global income by about 19% in the next 25 years with the poorest areas and those least responsible for heating the atmosphere taking the biggest monetary hit according to a new study.