The Internet of Things (IoT) is increasingly automating processes both in residential and commercial environments but the devices’ capabilities and the data they generate needs to be protected.
Eager to snap up business in a hardening market, new capacity providers in the London market may offer attractive alternative options for insurance buyers.
Marine insurers are preparing markets for rate increases of up to 7.5% for the 2020/21 policy year. Such a move would hit the shipping industry at a difficult time.
Companies are changing their reporting practices to better reflect their commitment to Environmental, Social and Governance (ESG) factors. Underwriters should take note.
The insurance market is becoming more challenging for buyers as carriers look to improve their underwriting profitability and only offer cover when they fully understand the clients’ exposure. Insurers are reducing their capacity in some risk areas and tightening their policy terms and conditions. As a result, insureds need to spend more time preparing for renewals and disclose more information to persuade insurers and secure the best possible outcome.
The pharma industry and all other companies in the opioid supply chain will be passing on the costs of compensation and related legal costs in the US to insurance and reinsurance carriers (where they have policy coverage) in a move that will affect renewal negotiations for the next 12 months, at least.