The Bank of England has encouraged the government to work with UK insurers in preparation for future major shocks, rather than leave swathes of the economy exposed to catastrophic losses. The danger of a “protection gap” is emerging as firms …
The COVID-19 pandemic is expected to reduce global macroeconomic resilience by about 20% in 2020 from 2019 levels as stimulus packages deplete countries’ fiscal and monetary buffers around the world. At the same time, the combined global protection gap for …
Natural catastrophes and man-made disasters in the first half of 2019 were responsible for USD $44 billion of economic losses globally, according to Swiss Re Institute’s preliminary sigma estimates. This figure is well below USD $109 billion, the average first-half …
Insured losses for last year’s 330 natural catastrophes reached US$134 billion, or 38 percent of their economic price tag of $353 billion, according to a report published by Impact Forecasting, Aon Benfield’s catastrophe model development team. The overall economic, or …
Between deductibles, excluded losses, and difficulty accessing business interruption coverage, a business suffering hurricane losses can take a big out-of-pocket economic hit even if it has insurance. There is a disconnect between business needs and what is ultimately covered when …
Minnesota lawmakers could decide whether to regulate the ride-hailing industry this year. House and Senate legislators say they plan to introduce bills soon to toughen insurance regulations for companies like Uber and Lyft. That would add Minnesota to the growing …
Ridesharing company Uber on Friday said it has new insurance to cover a gap between personal and commercial policies when drivers are using the app-based ridesharing service, while the company’s CEO said the San Franciscso-based firm is also working with …
