Insurance Sector Trends 2023
This List covers trend insights about the future of the Insurance Sector. Insights curated in 2023.
This List covers trend insights about the future of the Insurance Sector. Insights curated in 2023.
Insight posts
Quantumrun Foresight
Cyber-insurance policies help businesses combat the sharp increase in cybersecurity attacks.
Insight posts
Quantumrun Foresight
The number of insurance firms ending coverage for coal projects doubles as withdrawing insurers spread beyond Europe.
Insight posts
Quantumrun Foresight
As AI technology becomes more sophisticated, businesses are increasingly at risk for damages caused by machine learning failures.
Insight posts
Quantumrun Foresight
Cyber insurance has become more necessary than ever as companies experience an unprecedented number of cyber attacks.
Insight posts
Quantumrun Foresight
Blockchain technologies and products have given rise to decentralized insurance, where everyone is motivated to protect the community’s assets.
Insight posts
Quantumrun Foresight
Climate change is driving high insurance premiums and making some areas no longer insurable.
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Insurancejournal
New You can now listen to Insurance Journal articles!Car insurance premiums are skyrocketing primarily due to rising auto parts costs and extreme weather, according to virtual insurance agent platform Insurify's Q3 2023 Mid-Year Auto Insurance Trends Report.
In the first six months of this year,...
In the first six months of this year,...
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Investopedia
What Is Company-Owned Life Insurance (COLI)?
Company-owned life insurance (COLI) is a life insurance policy that pays a benefit to the company if an insured employee dies.
Key Takeaways
Company-owned life insurance (COLI) is a life insurance policy that pays a benefit to the company if an...
Company-owned life insurance (COLI) is a life insurance policy that pays a benefit to the company if an insured employee dies.
Key Takeaways
Company-owned life insurance (COLI) is a life insurance policy that pays a benefit to the company if an...
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Economictimes
Crop insurance claims worth around Rs 2,761.10 crore under the Pradhan Mantri Fasal Bima Yojana (PMFBY) were pending till 2021-22, with maximum pendency of claims in Rajasthan, Maharashtra and Gujarat, Parliament was informed on Tuesday. The admissible claims under the PMFBY are generally paid by...
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Csrwire
Home News Research. August 2023 /CSRwire/ - A new report unveiled today finds that the U.insurance sector held $536 billion in fossil-fuel related assets in 2019, despite some insurers citing climate-related risk and natural disasters as factors in raising premiums and/or dropping coverage within certain high-risk regions.
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Investopedia
What Is Standard Auto Insurance?
Standard auto insurance is the auto insurance offered to average-risk drivers. Drivers with only a few blemishes on their driving, insurance, or credit histories usually qualify for standard auto insurance coverage.
Key Takeaways
Standard auto insurance...
Standard auto insurance is the auto insurance offered to average-risk drivers. Drivers with only a few blemishes on their driving, insurance, or credit histories usually qualify for standard auto insurance coverage.
Key Takeaways
Standard auto insurance...
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Pr
Media, PA, August 17, 2023 --(PR.com)-- Woop Insurance's new product - Insurance Dashboard - gives consumers a free personalized evaluation of their insurance policy that allows members to understand the current insurance market and their policy costs and coverage, to make informed decisions for...
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Cannabishealthnews
They compared trends in premium costs in states with and without legalisation over an 11 period from 2010 - 2021. an 'statistically significant' reduction of $1662.7 in insurance premiums seven years after the introduction of medical cannabis laws, compared to a control group which saw a reduction of $1541.8 in year eight, and a reduction of $1625.8 in year nine.
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Bizjournals
Florida lawmakers' recent legislative overhaul put the state's property insurance market on a path toward recovery, but the industry is still far from a comeback.While new market entries are expected to reap the benefits of the new legal framework, the reforms won't retroactively apply to the...
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Landlordnews
Student Assist addresses the issue that many students do not take out insurance cover on a personal basis, and in the event of an item being damaged or stolen, look to their accommodation provider to assist. However, traditional landlord insurance covers the property itself but not tenant belongings.
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Nationalobserver
As Canada gets closer to implementing a national flood insurance program, the federal government has an opportunity to send the right signals about preparing for the effects of climate change, says one adaptation researcher. While the program is greatly needed to help people recover from the...
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Newstrail
According to HTF Market Intelligence, the Global Horse Insurance market to witness a CAGR of 13.during forecast period of 2023-2028. The market is segmented by Global Horse Insurance Market Breakdown by Application (Recreational, Commercial, Others) by Type (Mortality, Major Medical & Surgical, Loss of Use, Liability, Others) by Horse Type (American Quarter Horse, Arabian, Thoroughbred, Morgan, Appaloosa, Others) by Sales Channels (Broker, Agency, Direct Response, Others) and by Geography (North America, South America, Europe, Asia Pacific, MEA).
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Insurancejournal
Farmers Insurance announced it will part ways with approximately 2,400 employees - 11% of its workforce across all lines of business.
"Decisions like these are never easy, and we are committed to doing our best to support those impacted by these changes in the days and weeks to come," Raul...
"Decisions like these are never easy, and we are committed to doing our best to support those impacted by these changes in the days and weeks to come," Raul...
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Jdsupra
The Louisiana Insurance Department ("Department") recently sent e-mail notifications to numerous third party administrators ("TPA") regarding the failure to file their Catastrophe Response Plans with the Department by June 2023, as required by Louisiana Revised Statute 22:572. The email notification instructed those TPAs that have not yet filed their Catastrophe Response Plan with the Department that they have until September 25, 2023, to file their plans via the Department's Industry Access Portal.
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Economictimes
Jio Financial Services, the newest addition to Reliance Industries will enter the insurance sector, said Reliance Industries' chairman Mukesh Ambani at the 46th Reliance annual general meeting (AGM) on Monday."JFS will enter the insurance segment to offer simple, yet smart, Life, General, and...
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Darkreading
SAN FRANCISCO, Aug. 29, 2023 /PRNewswire/ -- Delinea, a leading provider of solutions that seamlessly extend Privileged Access Management (PAM), today published its 2023 State of Cyber Insurance report finding that a significant gap is emerging between insurance carriers and organizations who are...
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Insurancejournal
The private flood insurance market has been growing but 2023 may provide a real test following Tropical Storm Hilary in California as well as future storms that may come during the remainder of the Atlantic hurricane season.
According to AM Best, the federal National Flood Insurance Program's...
According to AM Best, the federal National Flood Insurance Program's...
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Irishexaminer
Health insurance provider VHI has announced a significant hike in prices which will see customers pay hundreds more for their premiums.Coming into effect from the 1st of October, the provider said the 7% price hike was driven by a "significant" increase in demand for healthcare following the...
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Oilprice
The Global Shield against Climate Risks (GSCR) initiative seeks to bolster financial protection for climate-vulnerable economies with proactive financial measures. Legacy challenges, like the unfulfilled $100bn climate finance promise, have left many in V20 countries without financial protection amid increasing climate impacts.
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Insurancejournal
Californians know wildfires and earthquakes; hurricanes, not so much. So when Tropical Storm Hilary inundated Southern California in normally bone-dry August, it showed just how exposed homeowners are to a growing financial risk from unpredictable climate-driven flooding.
Standard homeowners...
Standard homeowners...
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Theverge
Waymo is using insurance data to make the case that its self-driving cars are safer than human drivers. The report, a result of the collaboration first announced last year between the Alphabet-owned company and the insurer Swiss Re, is intended to show how driverless vehicles crash less often and...
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Techcircle
Women's Day: Mid, senior-level women techies need more role models, upskilling opportunities AI governance should be an intrinsic part of tech skilling: Geeta Gurnani, IBM Gender-balanced cyber workforce can lead to greater efficiency: Kris Lovejoy.
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Fintech
YuLife, the tech-driven financial force, has partnered with renowned health provider, Bupa, to expand its insurance offerings, reinforcing its commitment to enhancing business health provisions in the UK.
The impetus for this collaboration is the rising demand for quality workplace benefits. With...
The impetus for this collaboration is the rising demand for quality workplace benefits. With...
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Jalopnik
The auto insurance industry in the U.S. is in trouble. Insurance companies are complaining about the rising costs of doing business. Because of this, as The Washington Post reports, drivers across the country are facing increasing premiums. Insurance companies don't seem to want to be in the...
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Insurancejournal
Total global insured losses from natural catastrophes of more than $100 billion a year may be less newsworthy than in the past. In fact, the industry should expect loss totals of at least $100 billion every year, according to models from data and analytics firm Verisk.
Average losses over the...
Average losses over the...
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Jdsupra
At the Summer National Meeting, NAIC's Privacy Protections (Working Group acknowledged more time is needed to thoughtfully address interested-party feedback on new consumer privacy protection Model Law #674, and it will seek a drafting extension. Including New York's 23 NYCRR 500, the insurance industry now must comply with 24 separate versions of data security laws.
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Shows
Freeing American Families: Fertility and Family Policy 59:36As fertility rates fall in much of the world, many policymakers are considering expensive policies intended to raise birth rates and support families more broadly. But do those policies work, and should government play a role in trying...
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Autoblog
For those drivers worried about paying the exorbitant increases in automobile insurance premiums, reading a recent Washington Post story won't help to lower the prices. But it may be something of a comfort to realize that lots of people are paying as much — or more — than you are.
The Post's...
The Post's...
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Pymnts
CLARA Analytics, a provider of artificial intelligence (AI) technology for insurance claims optimization, has completed a $24 million Series C funding round, bringing its total funding to $60 million. With this latest funding, the company aims to enhance its platform's AI capabilities, including generative AI, predictive modeling and natural language processing (NLP), according to a Thursday (Sept.
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Koreatimes
By Lee Yeon-wooShin Yong-ho, the founder of Kyobo Life and the innovator behind the world's first education insurance, was commemorated on the 20th anniversary of his passing.Kyobo Life reported that a memorial ceremony was held at its headquarters on Sept. The event was attended by a total of 300 participants including notable figures from academia, the cultural sector and company employees.
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Finsmes
Delos Insurance Solutions, a San Francisco, CA-based insurance protection company, raised $7.3M in Seed funding.
The round was led by IA Capital Group with participation from Blue Bear Capital, Gallatin Point Capital, Generation Space through Seraphim Space Investment Trust PLC, Avanta Ventures,...
The round was led by IA Capital Group with participation from Blue Bear Capital, Gallatin Point Capital, Generation Space through Seraphim Space Investment Trust PLC, Avanta Ventures,...
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Seekingalpha
SARINYAPINNGAM A Quick Take On EverQuote EverQuote, Inc. (NASDAQ:EVER) provides online consumer insurance shopping and lead generation for insurance carriers and agents. I previously wrote about EVER with a Buy outlook, before management's surprise announcement it was exiting the health insurance...
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Itnewsafrica
Insurance for small and medium enterprises (SMEs) has a reputation for being complicated, opaque, paper-intensive and expensive. Many SMEs believe that they get poor service and value for money from insurers; they're also frustrated by one-size-fits-all products and the amount of time and administration it requires to get some basic coverage.
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Insurancejournal
Online insurance marketplace Policygenius has found that home insurance premiums at renewal increased 21% on average from May 2022 to May 2023.
The state that saw the highest average increase for homeowners insurance during the time period analyzed by Policygenius was Florida, at 35%....
The state that saw the highest average increase for homeowners insurance during the time period analyzed by Policygenius was Florida, at 35%....
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Edition
New York
CNN
—
Across the United States, the cost of car insurance is up 19% compared to a year ago, according to August's Consumer Price Index report released on Wednesday. That's the biggest annual increase since 1976.
But in Florida, where extreme weather episodes are increasingly...
CNN
—
Across the United States, the cost of car insurance is up 19% compared to a year ago, according to August's Consumer Price Index report released on Wednesday. That's the biggest annual increase since 1976.
But in Florida, where extreme weather episodes are increasingly...
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Cnbc
When assessing inflation trends, policymakers tend to prefer a gauge that strips out food and energy prices, which can be volatile. This measure is known as "core" inflation. Getting back to target would require consistent core CPI readings of about 0.a month, economists said. The health insurance index has been subtracting about 3 basis points, 0.03%, a month from the core CPI, Zandi said.
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Insurancejournal
The U.S. homeowners insurance segment has been hit with three consecutive years of net underwriting losses as a result of above-average numbers of natural catastrophes, inflationary pressures and elevated reinsurance costs. These market headwinds have led AM Best to revise its outlook on the...
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Deandraper
Embracing technology has helped the manufacturing industry to automate processes, enhance research and development, and optimize production, but in this increasingly connected world, the sector has also become a high-value target for cyberattacks.
"As more manufacturers move online, their...
"As more manufacturers move online, their...
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Climatecrocks
it's not just Florida and California. Home insurance bubble puts everyone at risk - Wall Street Journal quotes an expert below - "I don't think anywhere is safe." Above, beyond Florida and California, - other states showing stress on home insurance include Texas, North Carolina, Arizona, Utah, Oregon, and, weirdly.
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Mondaq
In this newsletter, we look at certain key regulatory and judicial developments during the first half of 2023 (January - June) for the insurance sector in India, including key regulatory and other measures notified by the Insurance Regulatory and Development Authority of India ("IRDAI"). Foreign reinsurers can now obtain their Filing Reference Number ("FRN") from the IRDAI with a 3 year validity period and need not apply every year to renew their FRNs.
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Conservativedailynews
Auto insurance costs have surged in 2023, with companies raising rates to account for increased costs related to more accidents, higher incidents of theft and higher car prices and repair costs. August saw a 19.increase year-over-year in the average cost for motor vehicle insurance in U.cities, after seeing an 8.increase for the year in August 2022, indicating a trend of climbing rates, according to the Bureau of Labor Statistics.
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Insurancejournal
Lloyd's of London is teaming up with the United Nations Capital Development Fund (UNCDF) to try and improve access to insurance for climate vulnerable countries, with an initial focus on Fiji and Pacific island countries.
Climate change is happening faster and causing more damage than scientists...
Climate change is happening faster and causing more damage than scientists...
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Ktla
Months after California's home insurance market was rattled by major companies pausing or restricting their coverage, the state's top regulator said Thursday that he would write new rules aimed at persuading insurers to continue doing business in the nation's most populous state.
Seven of the 12...
Seven of the 12...
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Jdsupra
Space insurance has actually existed since 1965, but it has undergone incredible growth in recent decades[thanks in part to commercialization/privatization of efforts to launch satellites and other space objects. In 2021, the number of active satellites jumped over 200% from five years prior.[One of the most-pressing concerns a private company or a governmental agency may have in the process is navigating the "space junk" or "space debris" in orbit around the Earth, estimated at over 170 million pieces.[So far, there has only been 11 instances of partial or total failure related to space debris, but insurers are becoming increasingly concerned about such collisions—this is known as the "Kessler Effect."[4].
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Jdsupra
On September 21, 2023, the Colorado Insurance Division adopted Regulation 10-1-1 entitled "Governance and Risk Management Framework Requirements for Life Insurers' Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models" effective on November 14, 2023. The new regulation applies to all life insurers authorized to do business in Colorado.
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Pinsentmasons
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Marinelink
A new marine insurance facility for Ukrainian grain exports using the country's sea corridor has been set up in conjunction with Ukraine's authorities, insurance broker Miller said on Tuesday. Russia quit a U.N.-backed deal in July to enable exports from Ukraine to sail from three approved ports. Since then, Kyiv has launched what it calls a new temporary humanitarian corridor in an effort to break Russia's de facto blockade.
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Uipath
In our continuously evolving digital era, it's no surprise that every industry is undergoing significant change. And the insurance sector is right in the midst of this revolution. . Automation and artificial intelligence (AI) aren't distant dreams. They're very much present, drastically altering the operations and customer interactions of insurers.
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Newstrail
The most recent market research report from HTF MI on the global Insurance business process services market assesses risk side analyses, identifies opportunities, and makes use of tactical and strategic decision-making support. Information on market trends and developments, growth factors, technologies, and the market's shifting investment structure are all provided in the study. Some of the key players profiled in the study are Capgemini (France) Genpact (United Kingdom) Cognizant (United Kingdom) Accenture (Ireland) Infosys (India) Wipro (India) TCS (India) DXC Technology (United Kingdom) Atos (France) CGI Group (Canada).
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Sciencedirect
With the continuous rise in global healthcare costs and increasing recognition of inefficient use of medical resources, there has been a growing focus on reimbursement payment methods as an effective tool for promoting healthcare cost-savings and efficient utilization of health resources (Cook and Averett, 2020, Guo et al., 2019).
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Forbes
Vaultik protects and connects luxury goods through digital vaults.Vaultik
Today brings the launch of Vaultik, the first Web3 luxury fintech solution to combine EU regulation compliant, blockchain secured digital ID with e-certificates of ownership and on-chain insurance. It protects luxury goods...
Today brings the launch of Vaultik, the first Web3 luxury fintech solution to combine EU regulation compliant, blockchain secured digital ID with e-certificates of ownership and on-chain insurance. It protects luxury goods...
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Rediff
The non-life-insurance industry had moderate growth of 15 per cent year-on-year (Y-o-in August 2023. Core retail segments like motor and health continue to report strong growth of 19-20 per cent with competitive intensity still visible in the motor OD (owner driven) segment. Commercial lines reported muted growth.
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Openpr
"Worldwide Market Reports offers a UP-TO 70% Discount on Robotic Process Automation in Insurance Market Reports on Single User Access and Unlimited User Access" The report discusses everything a marketer requires before investing in the global Robotic Process Automation in Insurance Market during the forecast period 2023-2030.
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Insurancejournal
Measured Analytics and Insurance, the Salt Lake City, Utah-based cyber insurance MGA, announced the launch of its insurance product, CyberGuard 2023, for the protection of small-and-midsize enterprises (SMEs).
With its AI-rich data analytics and national security-grade threat intelligence,...
With its AI-rich data analytics and national security-grade threat intelligence,...
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Insurancejournal
When Texas lawmakers meet next month for a special session on funding public education, they will have more money available to them to spend than they anticipated when they passed the state's $321.3 billion budget earlier this year, Texas Comptroller Glenn Hegar said last week.
The rise in state...
The rise in state...
