As the cyber insurance market continues to grow, it is only natural to discuss its place in the battle against cyberattacks, including ransomware, which has been a particularly prevalent topic in recent months. Over the last several years, the cyber insurance market has rapidly expanded, and more companies now purchase cyber coverage than ever before. Close to 50 percent of ... Continue Reading »
Marsh
Amidst Global Growth, Medical Trends Lift Insurance Costs
Medical trends continue to outpace inflation by almost three times — the average global medical trend rate for 2018 was 9.7 percent, with a similar increase expected for 2019 and an even higher rate for 2020. ... Continue Reading »
Terrorism Risk in Europe
The threat of Islamist extremism remains high in Europe, driven in part by radicalized individuals returning from fighting in Iraq and Syria. Religious extremist attacks in the E.U. will likely target the entertainment and hospitality sectors and public spaces frequented by tourists, according to the 2019 Terrorism Risk Insurance Report, from Guy Carpenter affiliate, Marsh. ... Continue Reading »
Property Terrorism Insurance Take-Up Rates Higher in Major Metropolitan Areas
Companies based in the Northeast United States have traditionally purchased property terrorism insurance at a higher rate than companies based in other regions. Unsurprisingly, 80 percent of companies based in New York purchased terrorism insurance in 2018, tying it with Chicago for the lead among major U.S. cities that are perceived as higher-value targets for terrorist ... Continue Reading »
Directors & Officers Liability: Three Emerging Areas to Watch
As business risk evolves, the pressures on company boards and officers are growing. Gone are the days when the main concerns of directors and officers were related to company mismanagement and misrepresentation claims, according to Sarah Downey, D&O Product Leader, at Guy Carpenter affiliate, Marsh. Chief among potential risks that boards must now deal with are: emerging ... Continue Reading »
Global Insurance Prices Are on the Rise
Dean M. Klisura, President, Global Placement for Marsh Contact Global commercial insurance prices rose by 6 percent in the second quarter of 2019, nearly double the increase that the first quarter had. This increase represents the largest increase in the Marsh Global Insurance Market Index since its inception in 2012. For the third consecutive quarter, composite pricing ... Continue Reading »
Different Captive Structures Offer Flexibility and Value
Single-parent, or pure, captives continue to be the primary structure for captive vehicles, accounting for more than two-thirds of captives globally. However, captive parents have a variety of options for structuring a captive entity. ... Continue Reading »
U.S. Organizations Continue to Purchase Terrorism Insurance at High Levels
The United States is the world’s largest buyer of terrorism insurance, and U.S.-based organizations continue to purchase coverage at a high rate. In 2018, the take-up rate for TRIPRA coverage embedded in U.S. property policies was 62 percent. Take-up rates have remained close to 60 percent over the last several years. ... Continue Reading »
2019 Terrorism Risk Insurance Report
Terrorism remains a dynamic global risk and a serious threat for people and organizations. The evolution of terrorism risk exposes many countries to complex threats from both international and home-grown groups, as well as individuals acting on their own, known as “lone wolves.” And the evolution of terrorism risk in recent years challenges risk professionals to adopt new str ... Continue Reading »
Captives Looking to Capitalize on Technology Innovations
The wave of digitization across industries, including insurance, is creating opportunities for captives to invest in technology innovations that can reduce administrative expenses. As digital experiences reshape consumer expectations, businesses are taking cues to deploy technologies that make it easier for users to find information and complete transactions. ... Continue Reading »
