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Life Insurance: A Crucial Component in Financial Planning In a recent revelation by the International Union of Marine Insurance (IUMI), marine insurance premiums soared to $38.9 billion in 2023, marking a 5.9% increase. This growth is attributed to heightened trade activity, rising vessel values, and escalating oil prices. However, it’s essential to consider how these […]

Future of the Insurance Industry: A Closer Look with Rhoda Murray West The insurance industry is evolving rapidly, with significant changes on the horizon. Rhoda Murray West, Senior Vice President at Marsh, provides critical insights into these transformations and highlights the integral role of life insurance in securing various life stages and events. The Growing […]

Gallagher Re Study Links Cybersecurity Gaps to Higher Insurance Claims A recent study by Gallagher Re has unveiled a significant correlation between cybersecurity gaps and an increase in insurance claims. The findings illustrate that poor cybersecurity practices substantially elevate the risk of cyber incidents, while robust controls can improve loss ratios. The study’s revelations highlight […]

People Who Retired Earlier Than Expected Are Financially Stressed, Survey Shows A recent survey from John Hancock Financial revealed that approximately 62% of retirees left the workforce sooner than anticipated, leading to significant financial stress. The results underscore the criticality of comprehensive financial planning, including life insurance, to secure financial stability in unforeseen circumstances. The […]

Heritage Insurance Estimates $105 Million in Hurricane Losses for 2024 Despite Significant Storm Losses, the Firm Expects Q3 Positive Income Heritage Insurance has projected a substantial $105 million in losses due to hurricanes for the upcoming year. However, the firm remains optimistic about achieving positive income for the third quarter of 2024, citing strong financial […]

Flood Re Hosts Over 50 MPs to Discuss Flood Insurance and Resilience In a recent event, Flood Re, an organization focused on providing affordable flood insurance, gathered over 50 Members of Parliament (MPs) to shed light on flood preparedness and the Build Back Better initiative. This assembly drew attention to various aspects of insurance, including […]

Allianz Becomes Top Global Insurance Brand, Ranks 29th Worldwide In a notable achievement, Allianz has ascended to become the top global insurance brand, now ranking 29th in the world. The brand value of Allianz has surged to an impressive $23.5 billion, reaffirming its dominance in the global market. This landmark accomplishment underscores Allianz’s commitment to […]

Generali Ends Insurance for Midstream, Downstream Oil Projects Generali, a global insurance provider, has announced its decision to cease insurance coverage for midstream and downstream oil projects. This new policy is a significant step in the company’s commitment to fostering environmental sustainability. The decision comes amidst rising concerns over climate change and its environmental impact. […]

Chubb Names Tim Benson to Lead North America Unit Chubb’s Multinational Insurance Business Gets a New Leader In a strategic move to reinforce its leadership in the insurance sector, Chubb has appointed Tim Benson as the head of its North America unit. This new leadership is expected to bring a fresh perspective to Chubb’s multinational […]

Alkeme Expands Through Arizona Acquisition In a strategic move to solidify its presence in the insurance sector, Alkeme Insurance has expanded its portfolio by acquiring an Arizona-based firm. This acquisition marks a significant step for Alkeme as it deepens its footprint in the fast-growing Errors and Omissions (E&O) and Personal Lines (PL) insurance markets. The […]