Organizations’ investments in cyber security are paying off, but the continued evolution of the cyber threat highlights the need for organizations to devote further attention to early detection and response capabilities, a new report from Allianz Commercial suggests. Allianz Commercial noted that 2023 has seen a resurgence in ransomware claims.
US property-casualty insurers saw mounting underwriting losses push their second-quarter after-tax net income to the lowest level since 2011, according to the American Property Casualty Insurance Association (APCIA). US property-casualty insurers' first-half combined ratio of 104.3 percent was 4.4 points higher than last year's 99.9 percent, the APCIA said.
Lloyd’s of London recently marked the 5-year anniversary of its Lloyd's Lab innovation hub, which, to date, has supported over 100 InsurTechs and driven innovation efforts within the Lloyd's market. Lloyd's Lab was established in 2018 with the InsurTech Accelerator as its core program.
The number of risk retention groups (RRGs) has remained stable over the past 15 years, with RRGs, overall, tending to be better capitalized than the broader insurance industry, according to a new report from Pinnacle Actuarial Resources, Inc. Seven states and districts have ten or more domiciled RRGs.
The economic factors driving the US property-casualty industry's growth could cumulatively expand faster than the country's gross domestic product (GDP) in 2024, and might outperform the overall US economy by 2025, according to the Insurance Information Institute.