underinsurance News

High-Net-Worth Individuals Concerned About Underinsurance: Chubb

More than half (54 percent) of high-net-worth individuals (HNWIs) are concerned that they are underinsured, with many worried their coverage is inadequate for their needs, according to new research published by Chubb. Despite this concern, out of 500 HNWIs surveyed …

Africa’s Disaster Resilience Is Focus of New African Risk Capacity Partnership

The African Risk Capacity (ARC) has teamed up with the African Development Bank (AfDB) to help African nations strengthen their resilience to weather-related risks. The ARC and the AfDB will work together to develop their member states’ understanding of the …

Cost of Insurance Is Top Factor in UK SMEs’ Buying Decisions: RSA Survey

The cost of insurance premiums was ranked as the top deciding factor when picking a policy by 61 percent of small and medium-sized enterprises (SMEs), according to survey data released by London-based RSA Insurance. This was followed closely by brokers’ …

Re/Insurers Can Help Bridge Protection Gap with Technology: GA Report

Digital technologies can be harnessed by the re/insurance industry to narrow insurance protection gaps in developing and emerging markets, thereby improving societal resilience after natural disasters, according to a report published by the Geneva Association. However, the protection gap problem …

Is Soft Market Bottoming? A.M. Best Points to Some Promising Signs

Some observers believe the bottom of the reinsurance market may be in sight because brokers are having greater difficulty filling out underpriced programs and further concessions in terms are difficult to obtain, according to a report published by A.M. Best. …

Decline in Reinsurance Prices Slowed at January Renewal: Carpenter

Reinsurance pricing continued trending downward at the Jan. 1, 2017 renewal — across most classes of business and geographies, but the pace of that decline is slowing, according to Guy Carpenter & Co. Although several sectors experienced increased loss activity, …

Global Natural Catastrophes Cost Insurers $50B in 2016: Munich Re

Insurers paid out around $50 billion for natural disaster claims last year, almost double 2015’s payout of $27 billion, reinsurer Munich Re said in its annual natural catastrophe review on Wednesday. Earthquakes in Japan and devastating floods in China – …

Re/Insurance CEOs Join Insurance Development Forum, UN & World Bank Initiative

A group of re/insurance and global broking CEOs are assisting the work of the Insurance Development Forum (IDF), which was launched last month to help build resilience to climate risk and natural disasters, while bridging the insurance protection gap for …

Gallagher Partners with Cardinus to Help UK Clients Cut Risk of Underinsurance

Arthur J. Gallagher* has partnered with independent specialist Cardinus Risk Management to offer its commercial property and property investor clients a cost-effective nationwide service that will help eradicate the risk of underinsurance and its far-reaching consequences. With figures revealing that …

PERILS Joins Singapore’s NatCatDAX, Aiming to Close Asia Nat Cat Protection Gap

PERILS, the Zurich-based independent organization providing industry-wide catastrophe insurance data, announced it has joined the Singapore-based Natural Catastrophe Data and Analytics Exchange (NatCatDAX) Alliance, which has been set up to help increase data availability for natural catastrophe insurance in Asia. …