Risk - Insurance Industry Brief

Cyber, Business Interruption, Natural Disasters Listed as Top 3 Business Risks: Allianz

Insurance Journal

JANUARY 15, 2025

Cyber, business interruption and natural catastrophes are the top three risks that concern global businesses, according to the Allianz Risk Barometer 2025. Cyber incidents, such as ransomware attacks, data breaches and IT outages, is the top global risk for 2025, …

Business Interruption

Business Interruption Cyber Risk Commercial

Zillow Listings Will Now Highlight Climate Risks, Insurance Info

Insurance Journal

SEPTEMBER 26, 2024

For-sale listings on Zillow will now feature detailed climate risk information for five key categories — flood, wildfire, wind, heat and air quality — along with insurance recommendations, according to the online real estate company. The climate risk data, provided …

Risk

Risk Insurance Insurer Insured

Clashing Risk Predictions Cast Doubt on Black Box Climate Models

Insurance Journal

AUGUST 11, 2024

These tools can allow owners and investors to better anticipate risks of flooding, wind, wildfire and other disasters. Insurers have been among the adopters of climate-risk models, in a sign … Many companies offer detailed climate projections tailored to property-level precision.

Risk

Risk Insurance Insurer Insured

Cyber Hits All-Time High Concern for Business Leaders, Says Travelers Risk Index

Insurance Journal

SEPTEMBER 25, 2024

For the fourth time in six years, cyber risk ranked highest as a concern for business leaders. In fact, this year cyber as a top concern reached an all time high, according to the 2024 Travelers Risk Index. Cyber was …

Cyber

Cyber Risk

Streamline Insurance Claims Management By Analyzing Legal Trends

Advertiser: Trellis

Adjusters can evaluate claim validity, estimate settlement amounts, and identify potential litigation risks. Trellis' extensive State Trial Court Data can be leveraged to identify opposing/outside counsel and top mediators for insurance matters, evaluate the risk of new claims by viewing similar claim litigation history, and more.

Insurance Claim

Cyber Insurance Market to Expand as Risks Evolve: Gallagher

Insurance Journal

JANUARY 16, 2025

While 2024 brought record-breaking data-breach costs and evolving cyber risk, all signs point to stable rates and ample capacity in 2025. Intense competition among cyber insurance carriers has resulted in higher limits, enhanced cyber risk management services, flexibility in insurance …

Cyber

Cyber Risk Insurance Carrier Insurance

Western States Top Wildfire Risk Scores in New Analysis

Insurance Journal

SEPTEMBER 2, 2024

California, Oregon, Colorado, Washington and Arizona are the states most at risk for wildfires, earning an “F” rating, according to a new analysis by Guidewire detailing wildfire risk in the U.S. at local, state, and national levels. Guidewire’s HazardHub data …

Risk

Risk Property Insurance Insurance Insured

Unseasonal Winter Heat Across Australia Raises Wildfire Risks

Insurance Journal

AUGUST 22, 2024

Australia is facing elevated wildfire risks months ahead of the summer fire season, as an unusually warm winter scorches parts of the continent and threatens to set temperature records. Heat is forecast to bake vast areas of the country in …

Risk

Ryan Specialty Forms Contingency Unit, Joining Paradiso Risks and Alive Risk

Insurance Journal

DECEMBER 13, 2024

Ryan Specialty, Chicago-based specialty insurance services firm, announced that Paradiso Risks is joining Alive Risk, Ryan Specialty’s sports, leisure and entertainment managing general underwriter. London-based Paradiso became part of Ryan after its acquisition of Castel Underwriting Agencies in May 2024.

Risk

Risk Underwriter Underwriting Insurance

Viewpoint: CrowdStrike Failure Highlights Potential Aggregation Risks for Reinsurers

Insurance Journal

SEPTEMBER 9, 2024

The unique, evolving and often volatile nature of cyber risks has always lurked beneath the surface as the cyber insurance premium climbed in recent years. The recent CrowdStrike software failure underscored the dormant threats posed by aggregation risk, and the …

Risk

Risk Cyber Premium Insurance

More People Moving In Than Out of Counties With High Catastrophe Risk

Insurance Journal

AUGUST 8, 2024

Despite the dangers and expense associated with living in high-risk areas, large numbers of people are still moving to parts of America most impacted by wildfires, flooding and extreme heat. According to a new report from real estate company Redfin, …

Risk

Risk Personal Property

Report: 2.6M Homes with a Cost of $1.3 Trillion at Moderate to Very High Risk of Wildfire

Insurance Journal

AUGUST 14, 2024

trillion are at moderate to very high risk of wildfire damage during the 2024 wildfire season, a new report shows. The 2024 CoreLogic Wildfire Risk … More than 2.6 million homes across 14 states with a total reconstruction cost of $1.3

Risk

Risk Damage

Risk Strategies Adds Blaisdell Insurance to Benefits Practice in New England

Insurance Journal

OCTOBER 23, 2024

National specialty insurance broker Risk Strategies reported it has acquired George W. The acquisition expands the Risk Strategies Employee Benefits Practice in its New England region. Blaisdell Insurance, an employee benefits agency based in Hampton Falls, New Hampshire. Terms of …

Risk

Risk Insurance Broker Broker Insurance

Risk Strategies Acquires Felsen Insurance of New Jersey

Insurance Journal

NOVEMBER 13, 2024

North American specialty insurance brokerage Risk Strategies reports it has acquired Felsen Insurance Services, Inc., a New Jersey-based agency offering commercial and personal property/casualty insurance. Terms of the deal were not disclosed. Established in 1985, Felsen is based in Denville, …

Risk

Risk Casualty Insurance Personal Property Commercial

Risk Strategies Acquires Ohio’s Cornerstone

Insurance Journal

NOVEMBER 21, 2024

Risk Strategies announced it has acquired the assets of Ohio-based employee benefits specialty organization Cornerstone Broker Insurance Services Agency, Inc., an Ohio-based national provider of employee benefits solutions. The sale also included the assets of ARC Benefit Solutions, which provides …

Risk

Risk Broker Insurance Insurer

Risks Too Big for Insurers Just Fed a $200 Billion Market Boom in Captives

Insurance Journal

SEPTEMBER 3, 2024

As the market for in-house insurance surpasses a record $200 billion, the underlying reasons for that boom show how a hotter, less stable planet is redrawing the risk map for corporations. Captive insurance, where companies create their own coverage vehicles, …

Risk

Risk Insurance Insurer Insured

New York Updates Financial Services Cybersecurity Regulation to Address AI Risks

Insurance Journal

OCTOBER 17, 2024

The New York Department of Financial Services (DFS) has issued new guidance to assist the more than 3,000 firms including insurers it regulates in addressing cybersecurity risks arising from artificial intelligence (AI). In a letter to letter companies, DFS Superintendent …

Risk

Risk Insurance Insurer Insured

Reinsurers’ Appetite for Natural Catastrophe Risks Grows – But Discipline Remains

Insurance Journal

SEPTEMBER 4, 2024

Top reinsurers are showing increasing – but disciplined – appetite for natural catastrophe risks as a result of rising demand, improved pricing, more favorable terms and conditions, and improving investment income, according to a report published by S&P Global Ratings.

Risk

Pennsylvania’s Enders Insurance Joins Unison Risk Advisors

Insurance Journal

OCTOBER 17, 2024

Unison Risk Advisors (URA) has acquired Enders Insurance, a family-run property/casualty insurance agency based in Harrisburg, Pennsylvania. Enders has more than 60 employees throughout its central Pennsylvania office locations including Lancaster, Reading and Middleburg. Currently led by Andrew Enders, the …

Risk

Risk Casualty Insurance Insurance Agency Insurance

Los Angeles Faces Another Day of Extreme Fire Risk as Winds Rise

Insurance Journal

JANUARY 14, 2025

Hot, dry winds are pummeling Los Angeles and surrounding areas of Southern California, raising wildfire risks through at least Wednesday as the region reels from blazes that have killed at least 24 people and burned neighborhoods to the ground. Tropical-storm-strength …

Risk

Risk Damage Insurance Insurer

Specialist Risk Group Acquires Renewal Rights of London-Based Taxi Insurance Broker

Insurance Journal

AUGUST 30, 2024

Specialist Risk Group (SRG) announced the acquisition of the ongoing renewal rights of Morton Insurance Brokers, a specialist in private hire and taxi insurance across the UK since 1987. Financial details of the transaction were not disclosed. The acquisition strengthens …

Insurance Broker

Insurance Broker Broker Risk Insurance

King Risk Partners Acquires Connecticut’s Suzio Insurance

Insurance Journal

OCTOBER 30, 2024

Florida-based insurance broker King Risk Partners reports it has acquired Suzio Insurance Center, Inc., an independent insurance agency based in Meriden, Connecticut. Suzio Insurance Center was started in 1974 by the late Franklin Suzio and is currently headed by James …

Risk

Risk Insurance Broker Insurance Agency Insurance

Economic Challenges, Cyber, and People Risks Top UK Businesses’ Concerns: Marsh

Insurance Journal

OCTOBER 11, 2024

Economic and financial challenges (43%), cyber threats (39%) and people-related risks (38%) are the top three concerns facing UK businesses over the next 12 months, according to new research by Marsh McLennan. The findings come from Marsh’s UK Business Risk …

Cyber

Cyber Risk

Risk Theory Launches New High Value Homeowners Insurance

Insurance Journal

DECEMBER 3, 2024

Dallas, TX, December 3, 2024 — Jupiter Risk Services, an affiliate of Risk Theory, is proud to launch its High Value Homeowners Insurance, a new insurance product designed specifically for single-family, high-value homeowner properties with coverage ranging from $800,000 to …

Risk

Risk Insurance Insurer Insured

Acquisition of UK’s Specialist Risk Group Completed by Warburg Pincus and Temasek

Insurance Journal

SEPTEMBER 30, 2024

Specialist Risk Group (SRG), the London-based specialist insurance intermediary, announced that its acquisition by Warburg Pincus, a global growth investor, and Temasek, the Singapore-based investment company, has been completed. With the necessary regulatory approvals now received, the partnership marks a …

Risk

Risk Broker-Agent Insurance Insurer

Best Agency to Work For – East Gold Winner: Mackoul Risk Solutions

Insurance Journal

NOVEMBER 25, 2024

At Mackoul Risk Solutions, ‘Employees Come First’ Instead of becoming a major league umpire, Ed Mackoul chose to help his father build an insurance empire. Ed wasn’t sure how his life would turn out before joining Mackoul & Associates in …

Risk

Risk Building Insurance Insurer

Moody’s Says LA Fire May Pose Risk to Southern California Edison

Insurance Journal

JANUARY 16, 2025

The Eaton Fire in central Los Angeles County poses a potential credit risk to power provider Southern California Edison, which operates electrical lines in the area where the destructive blaze first started, Moody’s Ratings said in a report on Thursday.

Risk

Risk Liability Insurance Insurer

Specialist Risk Group Acquires UK-Based MGA NW Re

Insurance Journal

NOVEMBER 5, 2024

Specialist Risk Group (SRG), the London-based specialist insurance intermediary that is majority-owned by Warburg Pincus and Temasek, announced the acquisition of specialist reinsurance firm NW Re. Financial details of the deal were not disclosed. SRG said the acquisition reinforces its …

Risk

Risk Broker-Agent Insurance Insurer

Unison Risk Advisors Adds Avondale as First to Join Its Non-Retail Division

Insurance Journal

OCTOBER 22, 2024

Unison Risk Advisors (URA) reports that Avondale Insurance Associates has joined the firm and is the first company to join URA’s non-retail division. Established in 2006, Avondale Insurance Associates is an excess and surplus lines underwriting management company across all …

Risk

Risk Underwriter Underwriting Insurance

Ryan Specialty to Acquire Nashville-Based Velocity Risk Underwriters MGU

Insurance Journal

JANUARY 7, 2025

Ryan Specialty, a specialty insurance services firm and trading partner for agents and brokers, plans to acquire Nashville-based Velocity Risk Underwriters, with a closing date early this year. Velocity Risk, providing coverage for catastrophe-exposed properties, is a managing general underwriter …

Underwriter

Underwriter Underwriting Risk Broker-Agent

Report: 10 of Top U.S. Metros at Moderate to Very High Risk of Wildfire Are in California

Insurance Journal

AUGUST 13, 2024

Ten of the top 15 metropolitan areas for wildfire risk concentration are in California, while more than 2.6 trillion are at moderate to very high risk of wildfire … million homes across 14 states with a total reconstruction cost of $1.3

Risk

Risk Damage Insurance Insurer

People Moves: Augment Risk Tabs McElhiney to Lead New Captive Offering

Insurance Journal

DECEMBER 19, 2024

Augment Risk, the reinsurance and risk capital solutions broker, announced the appointment of Steve McElhiney as partner of newly created captive and alternative risk transfer solutions offering. Based in Dallas, Steve will develop Augment Risk’s efforts in creating legacy solutions …

Risk

Risk Broker

Risk & Insurance Education Alliance and BrokerTech Ventures Launch New Insurtech Insurance Course

Insurance Journal

OCTOBER 14, 2024

October 15, 2024 – The Risk & Insurance Education Alliance, in collaboration with BrokerTech Ventures (BTV), is proud to introduce its latest educational initiative, the Introduction to Insurance for Insurtech Professionals module. Austin, TX., First announced in June 2024, the …

Risk

Risk Insurance Insurer Insured

Oregon’s New Rules for Homeowners Living in Certain High-Risk Wildfire Areas

Insurance Journal

JANUARY 8, 2025

Oregon homeowners living in certain areas at high risk of wildfire will face stricter building codes and mandates to reduce vegetation on their properties under new “wildfire hazard maps” unveiled Tuesday. The release of the maps follows a record-breaking wildfire …

Risk

Risk Building Insurance Insurer

Private Equity Tie-Ups With Insurers Create Risks, BOE Says

Insurance Journal

DECEMBER 2, 2024

Private equity’s advance into the insurance sector exacerbates the risk of “fire sales” that disrupt the functioning of financial markets, the Bank of England warned. A growing number of PE firms in the US have acquired life insurers, while British …

Risk

Risk Life Insurance Insurance Insurer

1 in 10 Tri-State Properties at High Flood Risk: New York Fed

Insurance Journal

OCTOBER 2, 2024

Research by the Federal Reserve Bank of New York finds that nearly one million houses and multifamily buildings in New York, New Jersey, and Connecticut—one in 10 properties in the tri-state area—are at high risk of flooding. These properties rank …

Risk

Risk Building

People Moves: HDI Global Promotes Schulte as Global Head of Marine; Amwins Global Risks Hires Ewing to Lead Transactional Risk Practice

Insurance Journal

DECEMBER 12, 2024

This edition of International People Moves details appointments at HDI Global and Amwins Global Risks. A summary of these new hires follows here. HDI Global Promotes Schulte as Global Head of Marine HDI Global has promoted Dr. Carsten Schulte as …

Risk

Risk Marine

Markets/Coverages: Novatae Risk Group Launches Misc. Pro Liability Program

Insurance Journal

NOVEMBER 5, 2024

Novatae Risk Group, a managing general agency, program manager and wholesale brokerage, said it has launched its new miscellaneous professional liability program with a focus on fast quoting for brokers and exceptional claim service for insureds. With underwriting handled in-house …

Liability

Liability Risk Underwriter Underwriting

G20 Watchdog Urges Governments to Address Non-Bank Financial Risks

Insurance Journal

DECEMBER 18, 2024

The Financial Stability Board (FSB) on Wednesday pitched recommendations for governments to reduce risks around hedge funds, insurers and other non-bank financial intermediaries, which now account for almost half of global financial assets. The sector of non-bank financial intermediation has …

Risk

Risk Insurance Insurer Insured

Bank of Japan Governor Warns AI Could Bring New Financial Stability Risks

Insurance Journal

NOVEMBER 21, 2024

Bank of Japan Governor Kazuo Ueda said on Thursday central banks must be mindful that technological advances, such as in the area of artificial intelligence (AI), could bring new risks to financial stability. “As financial services grow more diverse and …

Risk

Southern Water’s Credit Risk at Record High Amid Thames Water Woes

Insurance Journal

SEPTEMBER 30, 2024

Southern Water’s credit risk has soared to a record high in recent days as hedge funds scramble to protect themselves against the possibility of default at the UK water company. The curve on the utility firm’s credit default swaps is …

Risk

Risk Protection Liability Insurance

US Chicken, Pork Plant Workers Face Higher Health Risks, USDA Studies Confirm

Insurance Journal

JANUARY 13, 2025

chicken and pork plants face higher risks than other manufacturing workers for musculoskeletal disorders such as carpal tunnel syndrome, according to two studies the U.S. Workers in U.S. Department of Agriculture issued on Friday. The findings highlight health concerns for …

Risk

Risk Workers Compensation Compensation

People Moves: Liberty Mutual Names Orloff President, Global Risk Solutions N.A.

Insurance Journal

DECEMBER 3, 2024

Liberty Mutual Insurance, headquartered in Boston, named Marc Orloff as president of Global Risk Solutions (GRS) North America, effective Jan. Orloff will lead GRS North America’s financial and operational performance, which includes commercial and specialty businesses in the U.S., …

Risk

Risk Commercial Insurance Insurer

Cyber Security and Risk Mitigation

Insurance Journal

AUGUST 18, 2024

Security leaders should be exercising every available option to upgrade their security posture, and cyber insurance policies could make or break the resiliency for many organizations across nearly all industries — K-12 education, retail, healthcare, manufacturing and more. Just last …

Cyber

Cyber Risk Insurance Policy Policy

Cyber, Business Interruption, Natural Disasters Listed as Top 3 Business Risks: Allianz

Zillow Listings Will Now Highlight Climate Risks, Insurance Info

Trending Sources

Clashing Risk Predictions Cast Doubt on Black Box Climate Models

Cyber Hits All-Time High Concern for Business Leaders, Says Travelers Risk Index

Streamline Insurance Claims Management By Analyzing Legal Trends

Cyber Insurance Market to Expand as Risks Evolve: Gallagher

Western States Top Wildfire Risk Scores in New Analysis

Unseasonal Winter Heat Across Australia Raises Wildfire Risks

Ryan Specialty Forms Contingency Unit, Joining Paradiso Risks and Alive Risk

Viewpoint: CrowdStrike Failure Highlights Potential Aggregation Risks for Reinsurers

More People Moving In Than Out of Counties With High Catastrophe Risk

Report: 2.6M Homes with a Cost of $1.3 Trillion at Moderate to Very High Risk of Wildfire

Risk Strategies Adds Blaisdell Insurance to Benefits Practice in New England

Risk Strategies Acquires Felsen Insurance of New Jersey

Risk Strategies Acquires Ohio’s Cornerstone

Risks Too Big for Insurers Just Fed a $200 Billion Market Boom in Captives

New York Updates Financial Services Cybersecurity Regulation to Address AI Risks

Reinsurers’ Appetite for Natural Catastrophe Risks Grows – But Discipline Remains

Pennsylvania’s Enders Insurance Joins Unison Risk Advisors

Los Angeles Faces Another Day of Extreme Fire Risk as Winds Rise

Specialist Risk Group Acquires Renewal Rights of London-Based Taxi Insurance Broker

King Risk Partners Acquires Connecticut’s Suzio Insurance

Economic Challenges, Cyber, and People Risks Top UK Businesses’ Concerns: Marsh

Risk Theory Launches New High Value Homeowners Insurance

Acquisition of UK’s Specialist Risk Group Completed by Warburg Pincus and Temasek

Best Agency to Work For – East Gold Winner: Mackoul Risk Solutions

Moody’s Says LA Fire May Pose Risk to Southern California Edison

Specialist Risk Group Acquires UK-Based MGA NW Re

Unison Risk Advisors Adds Avondale as First to Join Its Non-Retail Division

Ryan Specialty to Acquire Nashville-Based Velocity Risk Underwriters MGU

Report: 10 of Top U.S. Metros at Moderate to Very High Risk of Wildfire Are in California

People Moves: Augment Risk Tabs McElhiney to Lead New Captive Offering

Risk & Insurance Education Alliance and BrokerTech Ventures Launch New Insurtech Insurance Course

Oregon’s New Rules for Homeowners Living in Certain High-Risk Wildfire Areas

Private Equity Tie-Ups With Insurers Create Risks, BOE Says

1 in 10 Tri-State Properties at High Flood Risk: New York Fed

People Moves: HDI Global Promotes Schulte as Global Head of Marine; Amwins Global Risks Hires Ewing to Lead Transactional Risk Practice

Markets/Coverages: Novatae Risk Group Launches Misc. Pro Liability Program

G20 Watchdog Urges Governments to Address Non-Bank Financial Risks

Bank of Japan Governor Warns AI Could Bring New Financial Stability Risks

Southern Water’s Credit Risk at Record High Amid Thames Water Woes

US Chicken, Pork Plant Workers Face Higher Health Risks, USDA Studies Confirm

People Moves: Liberty Mutual Names Orloff President, Global Risk Solutions N.A.

Cyber Security and Risk Mitigation

Stay Connected