Oliver Wyman News

Financial Services Firms Risk $1 Trillion in Losses from Climate Change: Report

The world’s financial services sector risks losses of up to $1 trillion if it fails to respond quickly to climate change and is hit by policy shifts such as the introduction of a carbon tax, a new report shows. The …

Financial Services Industry Misses Out on $700B a Year by Ignoring Women: Report

The male-dominated finance industry is missing out on more than $700 billion a year in revenue by failing to listen to or tailor products for women, according to management consultancy Oliver Wyman. “Women are arguably the single largest under-served group …

Winning, Sharing, Trusting, Failing, Losing: 10 Insuretech Connect Takeaways

Pulling together some loose threads from October’s Insuretech Connect Conference, here are 10 takeaways: Innovation Rap. “I actually feel the industry gets a bad rap in terms of innovation,” Dan Glaser, Marsh McLennan Cos. CEO, told the roomful of innovators, …

UK Could Lose 75,000 Insurance, Banking Jobs as a Result of Brexit: Regulator

Sam Woods, Britain’s top banking regulator, said a consultancy’s estimate that Brexit could cause as many as 75,000 job losses in banking and insurance is “plausible” if the U.K. leaves the European Union without a trade deal. About 10,000 U.K.-based …

Insurers, Tech Firms ‘Must Work Together’ to Tackle Emerging Technology Risks

The World Economic Forum is bringing insurers, tech firms and governments together to find ways to tackle risks from new technology such as drones and driverless cars, it said on Thursday. Tech firms have moved fast to develop new products, …

New York Regulator Subpoenas Wells Fargo Over Unwanted Auto Insurance

New York state’s banking and insurance regulator issued subpoenas on Tuesday to two Wells Fargo & Co units after the bank said it had sold auto insurance to hundreds of thousands of customers who did not need it. The New …

Federal Uncertainty Could Impact Pennsylvania Individual Market, Miller Says

Pennsylvania insurers are seeking a statewide average rate increase of 8.8 percent for individual plans and 6.7 percent for small group plans, but this could be adversely affected by actions taken by the Trump Administration or Congress against the Affordable …

Internet of Things Is Industry Disruptor that Could Benefit Innovators: Efma Report

The steady advance of the internet of things (IoT) presents a huge number of opportunities for insurers – as well as threats, according to a digest published by Efma*. The rise in connected homes, connected cars and the use of …

Women Are 30 Years From Attaining 30% of Seats on Boards: Report

It will take 30 years at the current pace of change for women to attain just 30 percent of the seats on executive committees in the financial services industry globally, an Oliver Wyman report said on Monday. Globally women account …

Global Car Insurers Offer Discounts – If They Can Monitor Driving Data

Insurance companies around the world are promising lower rates on car coverage. The catch is they want to install the equivalent of an airplane’s black box to track how and where you drive. Smartphone applications and devices that record trip …