Lines of business

The International Underwriting Association has urged cyber insurers, brokers and clients to focus on risk management to help better respond to claims.

The executive will lead a new specialty business line focused on global credit and political risk.

The new platform includes over 400 workers’ compensation classes, including contractors, healthcare, hospitality, manufacturing and transportation.

In 2022, Texas ranked third in incurred losses behind Florida and California, clocking in at $53bn, according to data from the Insurance Council of Texas.

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Two studies have found that, while almost a third of back-up attempts fail to restore system data after a ransomware attack, cybercriminals are refining their methods.

The rating reflects “the entity’s role and strategic importance to Beazley as an excess and surplus writer in the United States”, AM Best said.

Commercial property rates in Hawaii, which sustained a major wildfire event in August, went up to 5.02% that month from 1.65% in July, but remained lower than the average even after the increase.

A 19-year veteran of the insurance industry, he has held executive positions in finance, operations and underwriting within property and casualty lines of business.

Pricing, reserves and uneven catastrophe losses will be the theme this quarter.

An RPS report cites a drop in demand from Covid highs, along with increasing competition among carriers and near-record capacity as among the challenges currently facing transportation insurers.

Rising counterparty risk from economic slowdown will support prices and growth.