Articles by Susanne Sclafane

Venture Capital, Traditional Insurer Interest in Insurtech Remains High

Even though venture capital investments in venture capital-backed financial technology (fintech) companies fell more than 50 percent globally during the second quarter of 2016, interest in insurance technology startups (insurtech) continues to pick up steam, a new report reveals. According …

Brexit Would Create Extra Burden for Reinsurers, Caution CEOs

While insurers and reinsurers will be able to deal with the aftermath of an exit of the U.K. from the European Union, the time and cost involved are unwelcome intrusions to the business, executives suggested here. Plan B might be …

Zurich Reorg Designed to Improve the Customer Experience: CEO Greco

The structural changes announced by Zurich Insurance Group late last week are intended to organize the company “around the customer” and improve customer innovation, according to Chief Executive Officer Mario Greco. While a simplified structure will create cost benefits, that is not …

Security Vendors, Partnerships Offer Key to Simplifying, Selling Cyber Insurance Online: CoverHound CEO

CoverHound CEO Keith Moore has a vision of simplifying cyber insurance sales that involves underwriting the security vendors used by insureds—a model that could ultimately allow small business customers to bind their cyber policies online. That’s just one part of …

Insurance Rates Unlikely to Rise a Lot Even If Hurricane Season is Above Normal: Fitch

Hurricane forecasters may be split on whether the 2016 Atlantic hurricane season will be above average or normal, but even a higher level of storms might not boost property insurance prices to levels seen in prior market cycles, according to …

Chubb CEO Greenberg Rolls Out Welcome Mat for High Net Worth Competitors

Estimating that the high-net-worth (HNW) personal lines market has more than $30 billion worth of business up for grabs, and the small commercial lines market, another $80 billion, Chubb Limited CEO Evan Greenberg sees room for competitors. During an earnings …

Zurich Restructure on Track, but Organization Still too Complex: CEO Greco

While Zurich Insurance Group’s new chief executive officer believes the insurer is on the right track in terms of growth and profit, the organizational structure remains too complicated, he suggested during an investor conference yesterday. “Zurich is world famous for [a] …

CNA Reports Mixed Bag in Q1 Results; Profit Falls But Combined Ratios Improve

CNA Financial Corp.’s first three months of 2016 produced a mixed bag of results. Fallout from a 2010 agreement to cede asbestos and environmental pollution liabilities to National Indemnity Co. also caused some financial pain. The Chicago-based carrier reported plunging …

Buffett Downplays Succession Speculation In Wake of Jain Assuming General Re Role

Among the insurance-related highlights of Berkshire Hathaway’s annual meeting in Omaha, Neb. was Warren Buffett’s answer to a question about succession planning for subsidiaries. “There are no tea leaves to read in the fact that Ajit [Jain] is supervising Gen …

Why Google’s Not So Smart or Fast and Insurance Agents Aren’t Dead… Yet

Insurance agents aren’t dead yet, but even underwriters participating in the personal automobile insurance market may be looking for another line of work within the next two decades, industry observers said at a recent conference. “The most radical view of …