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A canvassing of the cyber market suggests the impact will be negligible. -
The range allows “for information that could emerge beyond what is known today”.
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The appointments are aimed at offering a clearer team structure.
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Property insurance rates declined by 9%, the same as in the prior quarter.
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WTW’s Jessica Klipphahn will take over as head of North America mid-market.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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AWS suffered a large-scale service disruption originating in northern Virginia.
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Christopher Reynolds and AJ Jones have been hired as business development directors.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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An average of 81% of property accounts renewed flat or down.
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Growth concerns were top of mind at this year’s conference.
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Insurers continue to compete on price, especially in the SME sector.
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Cyberattack/data breach remains in the top slot.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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Global pricing is now 22% below the mid-2022 peak.
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The risk also ranked as a top three concern for companies of all sizes.
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Lockton Re has predicted major growth in the global cyber insurance market.
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Average incident costs for SMEs were up nearly 30%.
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The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
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As data privacy litigation increases, insurers increasingly lean on exclusions.
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The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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The MGA is backed by three Lloyd’s syndicates, offering capacity limits of up to $10mn.
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Ransomware claims have made up the majority of recent large losses.
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The company saw a 53% decrease in cyber claims after a surge in 2024.
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It is understood that CyberCube has been considering a sale of the business.
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Growth in the SME sector could help stabilize the market, however.
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The company was hit with a data breach on July 16.
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The executive joins from Coalition and brings more than 30 years of experience.
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The program is set to begin binding this month.
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The executive joins from At-Bay and brings more than 25 years of experience.
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The group has hit multiple industries since March, including a raft of insurance companies.
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The risk of cyber incidents that cause physical damage is also rising.
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The executive formerly held roles at At-Bay, AIG and Hiscox.
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The broker has noted that double-digit reductions are increasingly available in property.
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The executive has been with the company for roughly one year.
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The insurers sent denial letters to the tech company as lawsuits and damages pile up well into the multi-millions.
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The NFP acquisition was a “tailwind for organic growth, not a key driver”, said CFO Edmund Reese.
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The executive said the claims industry is going to “be transformed”.
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Casualty rates increased 4% globally but shot up 9% in the US.
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BI claims are notoriously difficult to manage and some insurers believe binary coverage can help.
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Demand and growth opportunities remain ample despite competitive pressures.
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The executive previously held roles at Capgemini, The Hartford and AIG.
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But June was the busiest month of the year on the back of recent broker churn.
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The cyber business will continue to operate as a standalone entity.
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Premium rose across the top 15 P&C risks in 2024.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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The partnership is being formed via Liberty Mutual’s Ironshore subsidiary.
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The outages began around 07:00 ET on Tuesday.
