Market News
Insurance Industry Stands To Benefit as Digitalization Progresses
As digitalization is revolutionizing a host of industries, for the insurance industry it holds the promise of a new source of growth, new risk pools, and new efficiencies, according to Swiss Re. For insurers, digitalization changes how risks can be assessed and mitigated with new and more granular data. Read More
Oklahoma Added 14 New Captives during 2023's First Three Quarters
Oklahoma licensed 14 new captive insurance companies from January 1 through September 30, bringing the state's total captive count to 56. The total includes 55 actively licensed captives and one dormant captive. In 2022, Oklahoma captives generated $297 million in direct and assumed premiums. Read More
Delaware Outlines Captive Process and Regulatory Improvements
Delaware Insurance Commissioner Trinidad Navarro and the Delaware Captive Insurance Association (DCIA) announced a series of process and regulatory improvements meant to keep Delaware an attractive choice for businesses seeking a captive domicile. The measures include guidance for captives writing Side A directors and officers coverage. Read More
Systemic Cyber-Attack Scenario Envisions $3.5 Trillion Global Loss
A hypothetical but plausible cyber attack on a major financial services payment system could cause widespread disruption to global business and global economic losses of $3.5 trillion, according to Lloyd's. While the cyber-insurance market is growing, Lloyd's cautioned that that coverage represents just a fraction of potential economic losses. Read More
Percentage of Organizations Hit by Cyber Attacks Continues To Grow
Cyber attacks increased for the fourth consecutive year in 2022, with 53 percent of firms surveyed suffering a cyber attack, according to a new report from Hiscox. Hiscox says that last year's report saw 48 percent of firms revealing that they'd experienced a cyber attack. Read More