Latest Trends Headlines
All the headlines from our Trends Topic Page, ordered by recency.
Costs of Small Business Cyberattacks Are Down But Frequency Is Up, Says Hiscox
Dec 7 2023 // The less-than-encouraging news: Only a third (33%) of US small businesses consider cyber risk high or very high. The somewhat encouraging news: 53% of U.S. small businesses have either a standalone cyber insurance policy...
Rising War Risks Prompt Insurers to Reassess Property Cover in Geopolitical Hot Spots
Dec 7 2023 // Insurers grappling with the rising risk of physical attacks on businesses due to war or civil disorder are reconsidering the breadth and scope of such cover in potential conflict hot spots. Political violence cover, which...
Businesses Feel Prepared Yet Lack Ample Insurance, Says HUB Exec Survey
Dec 7 2023 // When it comes to facing risk in 2024, most organizations are not as prepared as they may think they are. The newly released 2024 HUB Outlook Executive Survey revealed gaps in maintaining financial stability and...
AM Best Maintains Stable Outlook for U.S. Property/Casualty Commercial Lines
Dec 6 2023 // Persistently strong underwriting performance during and after the global pandemic – despite substantial economic and capital markets volatility – has prompted AM Best to maintain its “stable” outlook for...
Attacks on Red Sea Shipping Menace 12% of Global Trade as War Risk Premiums Rise
Dec 6 2023 // Fresh attacks on vessels in the Red Sea are raising insurance premiums for ships in the region and menacing commerce in a conduit for 12% of world trade. War-risk premiums for some vessels have been climbing since shortly...
German Companies Seeking to Cut Risk of Doing Business in China: Survey
Dec 5 2023 // Nearly half of German companies operating in China are taking measures to reduce the risk of doing business there largely due to growing geopolitical tensions, according to a new survey by the German Chamber of Commerce in...
Global Carbon Emissions From Fossil Fuels to Hit Record Peak in 2023: Report
Dec 5 2023 // The Global Carbon Project, an international collaboration of scientists, estimates that worldwide carbon dioxide emissions from burning fossil fuels will rise 1.1% this year over 2022, to 36.8 billion metric tons....
War Risk Insurance Rates Edge Up After Surge in Red Sea Ship Attacks
Dec 5 2023 // War risk insurance premiums edged up for Red Sea voyages after three vessels were attacked in the area on Sunday and fears grow over worsening perils for commercial shipping, maritime and insurance sources said on...
US Personal Lines Outlook Continues to Be Negative: AM Best
Dec 4 2023 // The U.S. personal lines insurance industry faces too many daunting challenges, leading AM Best to maintain its negative outlook. The outlook for personal lines was changed to negative in September 2022 – at first due in...
Australia Faces Increased Risk From Bushfires Ahead of El Niño Summer
Dec 4 2023 // Australia faces an increased risk of bushfires during the approaching summer, authorities warned on Thursday, with the El Niño weather pattern expected to generate hotter and drier conditions across large swathes of the...
Hillary Clinton Calls for Reform of Insurance Sector at COP28 Climate Talks
Dec 4 2023 // Former U.S. Secretary of State Hillary Clinton called on Sunday for reform of the insurance sector, where companies are increasingly withdrawing assistance against climate shocks. Lower-income countries and workers in...
People Moves: Symphony Grow Names Sampson Senior Director of Legal Affairs and Risk Management
Dec 4 2023 // Symphony Grow, the specialty business of Symphony Risk Solutions, appointed Michael H. Sampson as senior director of legal affairs and risk management. Sampson joins Symphony from Leech Tishman Fuscaldo & Lampl, where...
Industry Trends to Exploit for 2024
Dec 4 2023 // Agency owners must watch and learn about major trends when they start. Following are key trends that insurance agencies should be tracking for 2024. 1. Insurtech Several trends are emerging in the insurtech...
Despite Insurance Costs, Lux Condos Going Up: Miami Tower to Have $150M Penthouse
Dec 1 2023 // (Bloomberg) — A roughly 13,000-square-foot, full-floor penthouse and roof at the Rosewood Residences, a 17-story condo tower designed by Peter Marino in Miami’s South Beach, could soon be the most expensive in...
Nigeria’s Worst Flood in Decade Caused Billions in Economic Damage
Dec 1 2023 // Nigerian floods last year that claimed hundreds of lives also caused up to $9 billion in damage, according to a report from the National Bureau of Statistics. The assessment, conducted in collaboration with the World Bank,...
Washington Workers’ Comp Premium Rate Going up an Average of 4.9% in 2024
Dec 1 2023 // The Washington State Department of Labor & Industries announced a 4.9% increase in the average workers’ compensation premium rate for 2024. The increase, which takes effect Jan. 1, 2024, means employers and...
World to Hit 2.5F of Warming During 2023 as Hottest Year on Record
Nov 30 2023 // With a month to run, 2023 will reach global warming of about 1.4 degrees Celsius (2.5 Fahrenheit) above preindustrial levels, adding to “a deafening cacophony” of broken climate records, the World...
Reinsurance Market Outlook ‘Stable’ on Improved Rates, Higher Demand: AM Best
Nov 30 2023 // Substantial rate improvements, higher attachment points and rising investment income are combining with increased demand for reinsurance cover to create a stable outlook for the global reinsurance sector, according to AM...
Q3 2023 Signals Six Years of Premium Increases for Commercial Lines: CIAB
Nov 30 2023 // Overall commercial property/casualty premiums increased slightly more than 8% on average in the third quarter, marking six full years of steady increases. According to The Council of Insurance Agents and Brokers’ Q3...
Michigan Joins Four Other States in Requiring 100% Carbon-Free Energy by 2040
Nov 29 2023 // LANSING, Mich. (AP) – Michigan is on the verge of implementing one of the nation’s most ambitious clean energy mandates, aiming to be carbon-free by 2040 in what is a pivotal test of the Democrats’...
