Insurance NewsTravelers Lloyds challenges insured's improper appraisal tactics in $354k dispute
Documentation evasion allegations ignite appraisal battle in federal courtLegal InsightsBy Tez RomeroNov 24, 2025ShareTravelers Lloyds has challenged a hail storm claim appraisal, alleging the insured dodged documentation demands and pursued improper procedures. When a hail storm damaged a Texas commercial property in late September 2024, the claim seemed straightforward enough. Then months of friction over documentation, valuation disputes, and procedural maneuvering landed the case in federal court this month. Travelers Lloyds Insurance Company filed a declaratory judgment action on November 18 against VSS Carriers, Inc., seeking to invalidate an appraisal demand and umpire appointment it contends violated core policy requirements. At the heart of the dispute: a $354,000 gap between what Travelers paid and what the insured claims the damage is worth. Are you an insurance innovator? Tell us — we want to hear your storyThe timeline matters here. VSS Carriers reported the alleged hail damage on March 3, 2025, more than five months after the September 25, 2024 loss. Travelers issued an initial payment of $257,773.68, followed by a supplemental $285,116.59, totaling $542,890.27. VSS Carriers rejected this and claimed the damage should be valued at $896,812.40, insisting on an additional $148,082.27 for general contractor overhead and profit. The valuation dispute centers on how the policy reads. Travelers points to language stating the insurer will pay replacement cost but not more than "the amount you actually spend that is necessary to repair or replace the lost or damaged property." The insured wanted overhead and profit included despite lacking those actual expenditures at the time of demanding appraisal. But the real tension emerged over documentation. Starting in May, Travelers repeatedly asked VSS Carriers for proof of what was actually spent on repairs, including invoices and payment records. Requests continued through summer with no response. This matters because the policy requires insureds to cooperate in claims investigation and settlement, and to permit inspection of records proving the loss. When VSS Carriers invoked the appraisal clause in August, Travelers agreed conditionally, but only if the insured produced documentation and limited the appraisal to covered damages. Tensions escalated when Travelers formally withdrew from the appraisal process in early October, citing missing documentation. What happened next raised questions. VSS Carriers unilaterally petitioned the state court for umpire appointment that same day, which was granted immediately. The insured's designated appraiser then submitted a position statement and proposed award directly to the appointed umpire without Travelers' participation. The incident highlights a growing tension in claims handling. Travelers argues that cooperation and documentation requirements are conditions precedent to appraisal, meaning an insured cannot invoke appraisal without first satisfying these contractual duties. Without them, the insurer contends, there is no legitimate dispute to appraise. According to the filing, all three key documents supporting the claim contain identical figures of $896,812.40, raising questions about the documentation itself. A federal court will ultimately decide whether VSS Carriers complied with policy requirements and whether the appraisal process can proceed as initiated. For now, the case represents a flashpoint in how insurers and insureds navigate valuation disputes and enforce policy conditions. Related StoriesFrankenmuth blocks appraisal its own policy explicitly allows, policyholders sueAllstate rejects $332k appraisal award after accepting hail damage claim process
Insurance NewsExcessive lawsuits driving up insurance premiums for US policyholders
Excessive lawsuits add more than $6,000 annually to premiumsInsurance NewsBy Josh RecamaraNov 30, 2025ShareRising insurance premiums are not only fueled by natural disasters and accidents, but excessive lawsuits, according to recent surveys from the Independent Insurance Agents & Brokers of America (Big I) and the Insurance Information Institute in partnership with Munich Reinsurance America.The Big I survey found that 64.3% of Americans are concerned about excessive insurance lawsuits affecting their premiums, and 80.3% believe their rates would rise even if they never filed a claim, according to a report fromThe Information. The Insurance Information Institute and Munich Re survey quantified this impact, estimating that excessive lawsuits add $6,664 annually to premiums for a typical family of four.The role of third-party litigation fundingA key factor driving these higher costs is third-party litigation funding, where investors bankroll lawsuits in exchange for a portion of any jury award. Michael Coffey, founder of Coffey Modica LLP, explained that such funding allows plaintiffs to endure longer trials, pursue more sophisticated legal strategies, and hold out for higher jury awards.Over the past decade, jury awards have tripled, increasing insurers’ costs and prompting higher premiums for all policyholders, even those who have never filed a claim.Excessive lawsuits create a ripple effect across the insurance industry. Insurers incur larger payouts, higher legal expenses, and extended settlement times. These costs are ultimately spread across policyholders, influencing premiums in sectors ranging from auto and homeowners to commercial lines.The growing prevalence of litigation funding means insurers are increasingly factoring potential legal exposure into pricing models, underwriting standards, and claims management practices, according to the report.Steps policyholders can takeExperts suggested several measures consumers can take to mitigate the impact of excessive lawsuits on premiums.For one, policyholders should document claims thoroughly, choose insurers with strong claims-handling reputations, conduct annual policy reviews with licensed agents, maintain a clean claims history, and ensure adequate coverage to reduce the likelihood of disputes escalating to litigation.Big I senior vice president Nathan Riedel (pictured) emphasized that regulatory reform is also critical. Broad consumer support for legal system reform can help curb abuses that drive insurance costs upward, underscoring the role policyholders play in shaping the market.By staying informed, reviewing coverage, and advocating for change, consumers can help manage their exposure to rising premiums linked to excessive litigation, according to the report.Related StoriesCyber insurance pricing softens - but underwriters aren't backing offHackers strike Ivy League schools already under political pressure
Insurance NewsCyber insurers brace for more ransomware as soft market drags on
Rates remain low, but one threat is rising again, pushing insurers to hold the lineCyberBy Chris DavisDec 03, 2025ShareThe cyber insurance sector may have found some stability, but that doesn’t mean it’s on solid ground. According to Jacob Ingerslev (pictured), head of cyber and tech underwriting at Tokio Marine HCC – Cyber and Professional Lines Group, a member of the Tokio Marine HCC group companies based in Houston, Texas, the current soft market has deep roots - and isn’t going anywhere fast. “We got here through a ransomware wave that started in around 2019,” he said. That surge triggered “really fast and hard, steep hard market conditions in the 2020 to 2022 period” as carriers raced to adjust their underwriting to account for unexpected loss activity. By mid-2023, the environment had softened - too much, in fact. “We’re still in soft market territory,” Ingerslev said. “But it’s not worsening.” While that brings some relief, the divide between buyers and carriers is clear. “If you’re a buyer, it’s good times. If you are an insurance carrier, stability and not volatility is the goal,” he said. Ransomware, meanwhile, continues to trend upward. A brief lull in 2022 led some to think the worst was over, but that optimism has faded. “Everyone thought, OK, it’s over now, but it certainly returned,” said Ingerslev. He estimated a 20% to 30% year-over-year increase in ransomware activity, based on both internal portfolio data and ransomware group leak sites, where stolen data is posted if victims don’t pay. “If you have that information and you know roughly the percentage of people paying extortion, you can kind of get to some rough numbers,” he said. Ransomware targets small firms, but they’re still not buying Despite rising threat levels, new customer acquisition has stalled - one of the key reasons rates continue to fall. “There just aren’t enough new buyers coming into the market,” Ingerslev said. With carriers fighting over the same pool of large-account renewals, pricing pressure has intensified. He sees the biggest opportunity in the small business and lower-middle market segment. “That’s where there’s less penetration of cyber insurance,” he said. “There are about 30 million companies in the US and there are only 1,000 that make up Fortune 1,000 companies.” But the latter group still accounts for roughly a third of all cyber insurance premium volume. More troubling, many small businesses aren’t even aware they’re at risk. While high-profile attacks against large companies dominate headlines, they don’t reflect the full picture. “Despite all the activity hitting the news stream, I think there’s this unfortunate sensation that it’s only big companies being impacted,” said Ingerslev. “But in reality, just given the sheer number of small companies out there, there’s a lot more ransomware activity in the small business space.” Tech, AI, and international lag Beyond the US, the global cyber insurance market is still underdeveloped. “The total cyber insurance premium market globally is estimated at about $15 billion, and two-thirds of that is the US,” said Ingerslev. He expects that balance to shift quickly, especially as artificial intelligence enables more sophisticated international cybercrime. “AI will now make it much easier to get your foreign language attacks right, specifically when it comes to the social engineering piece,” he said, adding that deepfake voice calls will only accelerate the trend. “We will see a shift to more international attack activity for that reason.” On the coverage side, cyber remains one of the more innovative product lines in the insurance space. “There really are no two exactly the same insurance policies out there in the cyber market,” said Ingerslev. “It hasn’t standardized much.” That variability gives insurers room to innovate but also adds complexity to comparison and pricing. Holding the line as market shifts again Longer claim resolution timelines due to increased litigation have added new challenges, but Ingerslev warned that market cycles in cyber will continue to move faster than traditional lines. “It probably is, over time, going to switch more rapidly because it’s still relatively short tail as a line of business - even though it’s becoming longer tail with some of the lawsuits happening,” he said. That volatility leaves little room for error. “This is where you can make some serious mistakes,” Ingerslev said. “From our perspective, now is the time to stay disciplined and hold the line. If you have underperforming areas of your portfolio, you just need to address them and worry less about what everyone else is doing.” Related StoriesWhy this soft market could be the most dangerous yet for cyber insuranceHow cyber insurers are adapting to the new ransomware playbook
Insurance NewsGenerali share swap blocks Mps-Mediobanca takeover amid investigation
Insurer's role underlines its influence in protecting its own corporate interestsInsurance NewsBy Josh RecamaraDec 01, 2025ShareThe investigation into Monte dei Paschi di Siena’s (Mps) takeover of Mediobanca has highlighted the role of Generali in blocking the deal, while clarifying that the insurance company itself is not under scrutiny.Generali, along with the Ministry of Economy and Finance (MEF), remains outside the investigation.Attention has centered on the shareholder vote last August. Prosecutors noted that the vote effectively blocked the takeover bid, representing a “concerted majority” and a rallying point for votes against or abstentions.During that meeting, shareholders rejected the proposed transaction involving Banca Generali in exchange for the 13% stake in Generali held by Piazzetta Cuccia, the reports said. Mps has been under scrutiny since it confirmed last Thursday that CEO Luigi Lovaglio is being probed for alleged market manipulation. Milan prosecutors alleged that Lovaglio, alongside billionaire Francesco Gaetano Caltagirone and Delfin Sarl chairman Francesco Milleri, coordinated actions to seize control of Mediobanca in an effort to strengthen influence over Assicurazioni Generali SpA, Italy's largest insurer.According to media reports, prosecutors have described Lovaglio as an “external competitor” and “facilitator” in the operation, noting that he was not acting in the interest of Mps but allegedly contributed to market rigging alongside Caltagirone and Milleri.The European Commission declined to comment on the ongoing investigation, but noted that Mps is no longer constrained by prior state aid conditions and can pursue corporate actions independently.Mps completed the €17 billion ($19.8 billion) acquisition of Mediobanca in September. From an Italian regulatory perspective, the Competition Authority reviewed the transaction and approved it in July 2025, while Consob and the ECB were kept fully informed by Milan prosecutors, according to the reports.While Mps and its executives face potential liability, Generali’s strategic positioning in the share swap safeguarded its stake and illustrated the broader influence insurers can have in market control events, the reports said.Related StoriesTariff-linked class action suits to boost D&O insurance demandGenerali adjusted net income climbs to €2.24bn in H1
Insurance NewsLPGA, FM ink multi-year deal to revamp golf tour broadcasts
Partnership will bring cutting-edge coverage and bigger purses to North American eventsInsurance NewsBy Kenneth AraulloNov 20, 2025ShareThe LPGA and commercial property insurer FM have announced a multi-year partnership to transform the broadcast coverage of the LPGA Tour’s North American events.The agreement will introduce new technology, equipment, and content enhancements, with support from Golf Channel and Trackman, beginning in the 2026 season.FM will become an Official Partner of the LPGA under this arrangement. The insurer has served as the title sponsor of the FM Championship since 2024, with the event’s $4.1 million purse standing as the largest on the LPGA Tour outside of the majors and the tour championship.Are you an insurance innovator? Tell us — we want to hear your story“We are proud to take our partnership with the LPGA to an even higher level by supporting the transformation of the LPGA Tour’s broadcast, athlete and fan experience for the 2026 season and beyond,” said Malcolm Roberts, chairman and CEO of FM.Read more:2025 Travelers Championship sets record nonprofit donationsFM’s presence in professional golf has grown significantly in recent years. Earlier this year, FM entered a multi-year partnership with Rory McIlroy, one of the sport’s most recognized figures. As part of this agreement, McIlroy will host and participate in client engagement events for FM, and the insurer’s logo will appear on his golf bag during select tournaments.The partnership also extends FM’s relationship with Boston Common Golf, a TGL league team co-founded by McIlroy, and is part of FM’s broader strategy to leverage golf’s global reach for brand expansion and client engagement.Insurers and golfingFM’s commitment to the women’s game is also extends to its sponsorship of LPGA golfer Megan Khang. Khang, who wears FM’s logo and participates in company events, has become a key figure in FM’s efforts to support women’s professional golf and community engagement.Meanwhile, the insurance industry’s involvement in golf extends beyond FM. Burns & Wilcox, for example, has previously sponsored PGA Tour golfers Webb Simpson and Jimmy Walker, gaining significant exposure through logo placements during major tournaments.Read more:Apollo Global Management partners with PGA Tour golfer Patrick CantlayInsurers are also active in tournament sponsorship and philanthropy. The 2025 Travelers Championship, sponsored by Travelers, set a record for nonprofit donations, distributing $3 million to more than 180 charities. This underscores the sector’s role in supporting both golf and community initiatives.Additionally, Apollo Global Management, a global asset manager and insurer, last year partnered with PGA Tour golfer Patrick Cantlay. The partnership includes branding opportunities and client engagement events, reflecting a growing trend of insurers aligning with high-profile athletes to expand their presence in sports.Related StoriesFM partners with LPGA star Lottie Woad as brand ambassadorFM doubles resilience credit, expands focus to operational risk
Insurance NewsCowbell rolls out self-service cyber resiliency tools for SME policyholders
New dashboard-accessed services aim to embed managed detection, ID monitoring and trainingCyberBy Kenneth AraulloDec 03, 2025ShareCowbell has introduced self-service capabilities for its Cowbell Resiliency Services platform, giving policyholders direct access to a range of cyber risk management tools through its policy dashboards.The move targets small and mid-market organizations that want to manage digital risks more directly within their existing insurance relationships.Through the new interface, insureds can browse, request and activate services such as managed detection and response, identity monitoring and cybersecurity awareness training. Cowbell said the goal is to simplify how policyholders engage with cyber risk controls and to reduce friction in accessing support.The launch comes against a backdrop of rising claims activity in the broader cyber market, where frequency continues to climb despite improvements in controls and awareness.Industry-wide data from the 2024 NAIC Cyber Insurance Report, cited inCowbell’s Cyber Roundup: Claims Report 2025,showed a record 33,561 reported cyber insurance claims, underscoring the pressure on carriers and insureds to embed more structured risk-management support.All services available through the self-service platform are pre-vetted and tested by Cowbell’s cybersecurity team and offered with pre-negotiated, discounted pricing. The company said each option is selected to help organizations strengthen their defenses in a more structured and efficient way.Read more:'Cops and robbers' – Top 5 ransomware groups behind nearly half of all attacks“Small and mid-market businesses have told us they want faster, more direct access to cybersecurity services, and this self-service capability addresses that need by putting enterprise-grade security tools within easy reach,” said Matthieu Chan Tsin (pictured above), SVP/GM of Cowbell Resiliency Services.Cowbell’s Cyber Roundup also points to a shifting threat environment, with attacks “both in volume and sophistication” continuing to rise and increasingly driven by AI-enhanced techniques.The company has argued that this trend supports treating cyber insurance as a real-time risk-management tool, pairing coverage with monitoring and resiliency services such as CRS rather than relying solely on post-loss indemnification.Related StoriesCyber market stabilizes, but risk and exposure still escalating'Cops and robbers': Top 5 ransomware groups behind nearly half of all attacks
Insurance NewsManulife Canada CEO warns culture, not tech, is holding insurers back
Insurers fear tech disruption, but Naveed Irshad says the real threat is staff 'resistant' to AITransformationBy Branislav UrosevicDec 03, 2025ShareThe insurance industry’s biggest AI problem isn’t algorithms – it’s the people who refuse to use them, according to Manulife Canada’s top executive.At a recent industry event, Naveed Irshad (pictured), president and CEO of Manulife Canada, said that while “some… 75% of [the company’s] employees are using some of these tools regularly,” a significant minority is still not following suit. He described roughly a quarter of staff as “resistant” and “complacent.”“I do worry about those individuals,” he said.For Irshad, that reluctance is more dangerous than any external disruptor. “The biggest risk, from my perspective, is not external. It’s internal. It’s our own resistance to change,” he said.Culture vs. technologyThe insurance industry likes to talk about disruption and emerging technology, but Manulife Canada’s top executive argues the real danger is closer to home. In his view, insurers risk being left behind not because of Silicon Valley, but because they are too slow to change.Irshad described a sector that has spent years discussing transformation while clinging to aging systems, legacy processes and distribution models designed for a different era. Customer expectations, he warned, are not standing still.He noted that across demographics and markets, people now expect personalized, seamless, proactive experiences from every service provider – and insurance is no exception. Technologies like AI may help deliver those expectations, but, he argued, the real test isn’t the tech at all – it’s whether leaders are willing to change how they run their organizations.Read more: Manulife and Sun Life expand health and wellness offerings through new prevention programs“The question isn’t whether our industry will be disrupted,” he said. “It’s how we will lead through that disruption with clarity, speed and purpose.”Irshad insists that, at Manulife, technology is secondary to what he calls a “change ready culture.” The company’s focus, he said, has been on building a workforce that is prepared to adopt new tools and “lead through change,” rather than simply have AI imposed from above.Wrestling with legacy systemsThat rhetoric is ambitious, but Irshad also acknowledged how far the industry has to go. Behind the scenes, Manulife still grapples with the same legacy baggage as its peers – including systems old enough that the company is “still servicing policies [it] sold pre World War Two.”Extracting, cleaning and organizing that data before AI can be deployed has required heavy upfront investment in data lakes and quality controls, he said.Read more: Manulife, Mahindra strike US$400M joint venture to push into India's booming insurance marketNone of this is easy, but Irshad argues the alternative is worse. In his telling, culture is the only way to keep pace with a technology cycle that has already left parts of financial services “stuck in the mud.”“In a world where technology evolves rapidly, that mindset is our competitive edge,” he said.‘AI for all’ – but a quarter lag behindTo that end, Manulife has pushed AI access far more widely than many incumbents. Irshad said the company’s internal approach is “AI for all,” with every employee able to use certain tools and most already doing so. He credits leadership buy-in and a change‑ready mindset for enabling Manulife to become the first insurer in Canada to use AI in underwriting and to scale other use cases globally.According to Irshad, “100% of [the company’s] workforce has access to AI tools, and 75% of them use these tools regularly.” Tools range from an internal chat assistant to tools for developers and intelligent document processing systems that extract and validate data from receipts and claims.He even uses AI personally to cope with the sheer volume of information. Rather than wading through a clogged inbox after a vacation, he lets an AI copilot summarize messages and flag the ones that need urgent responses. Another internal system summarizes customer calls from the contact centre by issue and theme so senior leaders can see what is actually driving complaints and queries, he told the audience.Read more: Manulife Q3 profit holds steady as core earnings climb on record Asia and Canada results“These are just small examples, but meaningful ones, of how AI is quietly boosting productivity day to day,” he said.For employees, he argued, the story is similar: when people actually embrace the tools, “productivity [goes] way up.” But for the 25% he describes as resistant and complacent, the risk is being left behind as the organization moves ahead. Manulife can provide access and training, he said, but “we’re putting [it] in employees’ hands. They have the choice… [to] get on the bus or not.”“AI is an enabler. It’s not a silver bullet,” he said. “The real transformation comes from how we lead with clarity, with purpose and with a deep investment in our people.”
Insurance NewsHoliday flight delays highlight growing need for travel insurance protection
Travel insurance claims spike during holiday periods with flight delays and severe weatherTravelBy Josh RecamaraNov 25, 2025ShareAs holiday travel ramps up, InsureMyTrip's analysis of Department of Transportation data for November and December 2024 highlights the financial risks travelers face from flight delays, reinforcing the importance of travel insurance. Delays and disruptionsThe findings showed that passengers flying through Newark Liberty International (EWR), San Francisco International (SFO), Palm Beach International (PBI), Luis Muñoz Marín International (SJU), San Diego International (SAN), Southwest Florida International (RSW), Dallas/Fort Worth International (DFW), Buffalo Niagara International (BUF), Richmond International (RIC), and Fort Lauderdale-Hollywood International (FLL) were most likely to experience delays.Are you an insurance innovator? Tell us — we want to hear your storyMeanwhile, airlines with the highest frequency of disruptions included JetBlue Airways, Frontier Airlines and Allegiant Air, with major carriers such as American Airlines, Alaska Airlines, Spirit Airlines, United Airlines, Southwest Airlines, Delta Air Lines and Hawaiian Airlines also reporting above-average delays. According to the study, these disruptions are more than inconvenient because they can result in substantial financial losses for travelers.Mitigation through travel insuranceTravel insurance mitigates these risks by covering costs that airlines rarely reimburse. For instance, policies reimburse meals, lodging, and transportation during travel delays, as well as prepaid tours, accommodations, or alternative flights missed due to cancellations.Coverage for lost, stolen, or delayed baggage helps offset additional out-of-pocket expenses, while medical and evacuation benefits protect travelers against unforeseen health emergencies. Optional Cancel for Any Reason (CFAR) upgrades offer added flexibility, allowing travelers to adjust plans without bearing the full financial burden of cancellations.Typical claims during the holiday season can range from $200 to $500 for short delays requiring overnight lodging, to $1,500 to $3,000 for major disruptions affecting multi-leg trips or international travel.InsureMyTrip noted that travel insurance claims spike during periods of high congestion and severe weather, demonstrating how timely coverage can prevent minor inconveniences from becoming costly setbacks.Broader trends in the industryThe growing reliance on travel insurance reflects broader trends in the industry, as carriers expand coverage to address increasingly complex risks. Modern policies now account for issues such as weather delays, airline staffing shortages, and flight rerouting, giving travelers a financial safety net that supports both routine travel and high-stakes holiday trips.Experts advised that purchasing travel insurance in advance, particularly for peak travel periods, ensures maximum protection.According to InsureMyTrip CEO Suzanne Morrow (pictured), planning ahead, staying flexible, and securing comprehensive coverage allows travelers to focus on their journey rather than the financial uncertainty of delays or disruptions. Related StoriesSVP promoted to top post at InsureMyTripInsureMyTrip launches coronavirus resources
Insurance NewsAmerican Integrity share sale targets $69 million
Filing details policy takeouts and the company’s recent profitability trendsInsurance NewsBy Jonalyn CuetoNov 21, 2025ShareShareholders of American Integrity Insurance Group Inc. launched a secondary public offering Wednesday that could generate $69 million, the insurer announced.The offering is priced at $20 per share, with sellers offering 3 million shares and a 30-day option to purchase an additional 450,000 shares. The company expects the offering to close Nov. 21, though American Integrity will not receive any proceeds from the sale.The secondary offering follows an initial public offering in early May, when American Integrity priced shares at $16 each. The company offered 6.25 million shares, while selling shareholders offered 625,000 shares in that transaction.Are you an insurance innovator? Tell us — we want to hear your storyFounded in 2006, American Integrity has concentrated on Florida’s residential property insurance market. The carrier wrote 94.5% of its policies in force in Florida at the close of the third quarter, according to a Nov. 19 filing with the US Securities and Exchange Commission.The company recently expanded into commercial residential property, providing coverage for condominiums, townhomes, and residential homeowners associations in Florida, BestWire reported.In mid-November, American Integrity reported taking out 7,087 policies from Citizens Property Insurance Corp., Florida’s insurer of last resort. The move added approximately $25.8 million in annualized written premium. The company assumed 68,844 policies from Citizens in 2024 and 25,895 over the first three quarters of 2025, according to the SEC filing.“We believe we identified and addressed Florida-wide residential insurance litigation trends earlier than many of our competitors, which has contributed to multiple years of strong underwriting outperformance compared to the broader Florida residential property insurance industry,” American Integrity stated in the filing.The company noted that while the industry experienced more than $6.9 billion in underwriting losses between 2017 and 2024, American Integrity remained profitable in all but two years during that period and generated cumulative net income of $121.2 million.“Florida’s reforms restored clarity, predictability and fairness to a market that had been destabilized by litigation abuse,” chief executive officer Bob Ritchie said. “As conditions improve, American Integrity is leaning into opportunities where we can grow responsibly.”Shares traded at $19.27 on the afternoon of Nov. 20, down 7.18% from the previous closeRelated StoriesAmerican Integrity takes over 7,000 Citizens policies as private market gains groundAmerican Integrity Q2 premiums surge as policy growth outpaces forecasts
Insurance NewsInsurance Business names 2025 Hall of Fame inductees
Industry veterans honored for decades of service and leadershipInsurance NewsBy Roxanne LibatiqueNov 20, 2025ShareInsurance Business America(IBA) has announced the 2025 class of its Hall of Fame, recognizing insurance professionals across the US for their enduring contributions and leadership within the sector.Nomination and selection processEach year,IBAinvites nominations from insurance professionals nationwide to identify industry veterans who have demonstrated significant commitment and influence. The selection process is overseen by an independent advisory board, which this year included:Kathy Quintana, HUB InternationalCaryn Siebert, Gallagher BassettGregory Kelder, Great American Insurance GroupTo qualify for consideration, nominees must have worked in the insurance industry for a minimum of 35 years. The advisory panel evaluates candidates based on their professional service, leadership, mentorship of colleagues, involvement with industry organizations, and the lasting impact of their initiatives and strategies.2025 Hall of Fame inducteesThe latest group of inductees features individuals from a range of organizations, including:Brenda (Ballard) Austenfeld, RT SpecialtyLarry Thomas, Crawford & CompanyJeffrey Lattmann, Brown & BrownLori Goltermann, AonHoward Siegel, Irwin Siegel AgencyReina Gregorio, Great American Insurance GroupA comprehensive list of this year’s honorees is available in theIBAHall of Fame special report.
Insurance NewsMajor insurers seek approval to limit liability for AI-related claims - report
The move comes as AI tools increasingly enter business operationsTransformationBy Josh RecamaraNov 24, 2025ShareThree prominent insurance companies have submitted requests for regulatory approval to limit their liability for claims arising from artificial intelligence systems, including chatbots and other automated services. According to AIG, Great American and WR Berkley, the move reflects growing concern over the potential for multibillion-dollar claims tied to AI-related errors or harm. The proposal comes as AI tools increasingly enter business operations, from automated customer service agents to advanced decision-making systems. While these technologies can improve efficiency and reduce costs, they also introduce new and complex risks, theFinancial Timesreported.Are you an insurance innovator? Tell us — we want to hear your storyInsurers are proactively addressing these emerging exposures to ensure their policies remain viable in the face of potentially catastrophic AI-related losses. Limiting liability would allow these carriers to continue offering coverage while managing the uncertainty inherent in AI systems.AIG, Great American and WR Berkley are established leaders in the insurance market, and their coordinated approach signals a broader industry trend - traditional insurers are adjusting their underwriting practices to keep pace with rapidly evolving technology. For policyholders, this development may influence the types of coverage available, the terms of policies, and the premiums charged for AI-exposed risks. Businesses relying on AI may need to reassess their risk management strategies, considering both potential gaps in coverage and the need for specialized policies to address new liabilities, according to the report.The initiative also highlighted critical questions about accountability and risk allocation in the AI space.If insurers impose liability caps, responsibility for losses may shift more heavily on to businesses that deploy AI systems. This underscores the importance of governance, monitoring, and testing of AI tools to minimize potential errors and litigation exposure.While regulatory approval is still pending, the proposal marks a significant step in the insurance industry’s adaptation of digital innovation.Companies operating with AI must remain vigilant, keeping abreast of evolving insurance practices and potential changes to coverage options. Clear communication with insurers and proactive risk management will be essential as AI technologies continue to expand across sectors, the report said.Related StoriesAI sees the hazard, humans seal the deal: Inside ICW Group's safety strategyTech firm calls for insurance consortium to tackle AI ethics
Insurance NewsCrossfire in insurtech: Comulate strikes back at Applied System’s trade secrets suit
“Sham lawsuit” was allegedly deployed to scare off shared customersTransformationBy Kenneth AraulloDec 04, 2025ShareApplied Systems and Comulate are now locked in cross litigation in Delaware, with Comulate filing a verified complaint in the Court of Chancery seeking immediate relief to halt what it describes as Applied’s campaign to eliminate competition in the insurance technology market.The move follows Applied’s November lawsuit accusing Comulate of misusing trade secrets and intellectual property tied to the Applied Epic agency management system.Comulate’s complaint frames the new action as a direct response to Applied’s suit, which the startup contends is “frivolous litigation” and part of a broader scheme to remove a rival from the market. The company says it is asking the court for relief to protect its customers, its own operations, its employees and what it calls the broader insurance technology ecosystem.The San Francisco-based firm says it was founded to build “visionary and transformative software,” not to focus on courtroom disputes. Comulate maintains that it sought other ways to resolve the conflict but that those efforts were unsuccessful, prompting its decision to pursue relief in Chancery Court.Read more:Applied Systems sues Comulate for alleged IP theft via fake agency frontAccording to the complaint, Comulate alleges that Applied and its representatives engaged in a series of anticompetitive acts as Comulate expanded its technology for insurance brokers.Those alleged acts include spreading false statements that Comulate was “going out of business”, fabricating months-long software development kit delays, pressing for contracts with intellectual property clauses that Comulate says were designed to seize its technology, asserting improper control of a nonprofit trade group, and filing a “frivolous” lawsuit that was then used to pressure customers into cancelling.From the complaint, Comulate asserts: “Applied does not compete - it destroys. When a startup builds technology that Applied cannot match, Applied’s playbook is simple: acquire or annihilate.”The filing states that Comulate refused an acquisition and now alleges that Applied “is trying to annihilate it.”Comulate also claims that Applied has “weaponized a sham lawsuit,” told customers Comulate is about to “go out of business,” and threatened to cut off clients that continue working with Comulate, describing these steps as efforts “to eliminate the competitor that Applied and its private equity owner, Hellman & Friedman LLC, are ‘very scared of’ and track as ‘#1 on their list of competition.’”Battle over “trade secrets” and “open platform”In Applied’s earlier complaint, the company alleged that Comulate “leveraged its trade secrets” and reverse engineered critical components within Applied Epic to accelerate its own product development and support new offerings not otherwise available without access to Applied intellectual property.Applied is seeking injunctive relief, monetary damages and other remedies in that case.In a previous statement toInsurance Business, Comulate had already disputed those allegations, calling them false and saying the action was intended to undermine a competitor rather than resolve a legitimate legal issue.The company also contends that Applied is using the litigation “to pressure shared customers, deter new deployments and restrict competition,” and says it is open to de-escalation if Applied withdraws what Comulate characterizes as customer threats.Comulate’s new filing further claims that Applied has cemented its position in the market through conduct that, in Comulate’s view, violates the letter and spirit of antitrust law. The complaint cites Applied’s Epic agency management system as having more than 80% market share among enterprise insurance brokers and points to Applied’s ownership of Ivans, described as essential data infrastructure for both Epic competitors and customers.According to the complaint, Applied acquired Ivans in 2013 after promising to keep it an “open platform,” but Comulate alleges that Applied “broke that promise” and now controls “who gets access to Ivans, on what terms, and for how long.”The filing asserts that competitors in the agency management and connectivity space “survive at Applied’s pleasure” due to this control.Applied confident "empty allegations will fail"Update: Applied has issued a response to Comulate's filing. In its latest emailed statement toInsurance Business, a spokesperson called the lawsuit "predictable" and "retaliatory," noting that it serves as nothing more than a strategy "intended to deflect from its own corporate theft scheme.""Applied welcomes fair competition but will not tolerate outright theft. We will hold Comulate accountable for stealing our trade secrets and are confident Comulate’s empty allegations will fail," the spokesperson said.Related StoriesAI and human-in-the-loop: Applied Systems' smarter model for insurance data accuracyApplied Systems sues Comulate for alleged IP theft via fake agency front
Insurance NewsCyber insurance gaps exposed as SMBs remain largely unprotected
The sector's fast growth masks deep coverage gaps and weak SMB penetrationCyberBy Chris DavisNov 24, 2025ShareCyber insurance may be gaining traction fast, but its infrastructure remains underdeveloped - and in many cases, dangerously incomplete. “The cyber insurance sector is still in its relative infancy - experiencing rapid growth but also facing notable challenges and gaps in coverage,” said Matthew Belkin (pictured), head of cyber services at Acrisure Cyber Services. Though cyber coverage has been around since AIG issued the first policy in 1997, Belkin pointed out the industry’s age pales in comparison to traditional lines. “Compared to other insurance verticals, it is quite new,” he said, recalling early incidents like the 1983 breach by the “414” gang that targeted Los Alamos National Laboratory. Are you an insurance innovator? Tell us — we want to hear your storyThat relative newness is playing out most visibly in coverage shortfalls. A significant portion of the market remains either uninsured or underinsured - particularly among small and mid-sized businesses (SMBs). “A recent Acrisure survey of US businesses with 500 or fewer employees revealed that 82% do not have a dedicated cyber insurance policy,” Belkin said. For carriers and brokers, that’s a double-edged sword: a massive exposure problem on one side, and a growth opportunity on the other. Post-CrowdStrike: policy shortcomings go mainstream The global 2024 CrowdStrike outage delivered a jarring wake-up call. A software update - not a cyberattack - brought operations to a halt across industries, grounding flights and triggering system crashes worldwide. “System crashes impacted millions of Windows machines, with estimated global damages around $5.4 billion,” Belkin said. “However, insurer losses are projected at less than a quarter of that.” Why the gap? Many policies excluded this kind of event altogether. Even those with business interruption coverage often had waiting periods of 6 to 24 hours - rendering them effectively useless since CrowdStrike was able to deploy a fix within about 90 minutes “Businesses had little control - the outage resolution depended entirely on CrowdStrike,” he said. Now, lawsuits are stacking up. Companies like Delta Airlines have launched legal action, alleging gross negligence as they try to recover losses. At the same time, demand is shifting. Clients want policies that don’t just cover malicious acts, but also operational disruptions from third-party dependencies - whether caused by attacks or internal errors. Underwriting moves beyond static models While client expectations evolve, underwriting is starting to catch up. “We’re seeing a move away from static, annual questionnaires toward continuous, API-driven data collection,” Belkin said. The shift allows insurers to tap real-time insights from endpoint detection and cloud security tools, aligning premiums with a company’s current risk posture. “It marks a step change in how cyber risk is evaluated and managed,” he added. That evolution is critical as exposures diversify. Static assessments can’t keep pace with today’s fluid threat environment. Continuous monitoring offers a more responsive model - one that may become the new baseline in the years ahead. The SMB market: big risks, bigger opportunity The most glaring gap - and most significant opportunity - lies in the underserved SMB market. “While 82% of businesses with 500 or fewer employees reported not having cyber liability coverage, more than half of those (53%) indicated they are ‘very likely’ to purchase a policy within the next year,” Belkin said. But even among those ready to buy, too many don’t understand the product - or haven’t even been offered one. “A 2024 Munich Re survey found that 28% of companies had never even been offered cyber insurance,” Belkin said. “Furthermore, 26% of businesses without coverage said they did not know cyber insurance existed, and 23% cited confusion over what is covered.” The lack of awareness points to a broader education gap. Belkin argued that brokers need more support, not just in understanding the product, but in how to communicate its relevance to clients. To bridge that divide, Acrisure rolled out Simple Cyber℠, a bundled solution that combines managed detection and response (MDR), email security, and optional cyber coverage into one package. “It reflects a shift toward holistic protection - delivering both proactive defenses and financial risk transfer in one solution,” he said. Modeling for systemic risk still lags Despite improvements in underwriting and innovation, one key area remains behind: systemic risk modeling. “The industry needs to advance how it models systemic risks - in much the same way natural catastrophe models have evolved in property insurance,” Belkin said. That means better frameworks for evaluating digital supply chain risk, vendor exposures, and aggregated vulnerabilities across sectors. The current approach lacks the granularity and predictive strength to handle wide-scale digital failure. Staying relevant means moving beyond resale Looking ahead, Belkin said managed service providers (MSPs) like Acrisure Cyber Services will need to rethink their role entirely. “The biggest challenge over the next two to three years will be evolving from traditional perimeter-focused models to proactive, AI-driven security services,” he said. Reselling products isn’t enough. With cyber threats escalating and skilled talent in short supply, MSPs will need to offer automation, proprietary tools, and expert guidance to stay competitive. “Simply reselling products will no longer be sufficient,” Belkin said. “To remain relevant and sustainable, MSPs must focus on service innovation, proprietary expertise, and automation.” Related StoriesSelling cyber coverage to SMBs: What agents may missCYE warns of wide cyber insurance coverage gap
Insurance NewsMoody's identifies 10 emerging risks set to reshape global insurance market in 2026
Insurers are navigating a complex risk landscapeInsurance NewsBy Josh RecamaraNov 25, 2025ShareMoody’s has highlighted 10 emerging risks expected to significantly impact insurers and businesses in 2026, accompanied by an interactive data visualisation that emphasizes the need for early preparation and risk mitigation.Robert Muir-Woods, chief research officer at Moody’s, said insurers are on the front line in navigating a complex risk landscape, where both emerging and evolving threats are reshaping underwriting, claims management, and business continuity strategies. From environmental hazards to new exposures in high-value “paradise” locations, these risks demand careful attention from insurers and corporate risk managers alike.Top concernsNatural catastrophes remain a primary concern. Hurricanes, wildfires, and fast-moving floods are affecting wider geographic areas and lasting longer than in previous years, driving higher exposure levels and increasing recovery costs. Man-made catastrophe defenses are also under scrutiny. Earthquake-resilient infrastructure failures and questions over the efficacy of natural defenses, such as mangroves, reefs, and salt marshes, highlight gaps in mitigation planning and the potential for large-scale losses, Moody's said.Systemic disruptions, including cyberattacks and global supply chain breakdowns, have already demonstrated their capacity to create cascading losses across industries. Recent outages at AWS and CrowdStrike illustrate the potential scale and interconnectedness of these risks, underscoring the importance of cyber and operational risk coverage.Meanwhile, emerging liability exposures, including PFAS chemicals and microplastics, are increasingly entering insurers’ portfolios. These environmental and health hazards carry regulatory, litigation, and mitigation implications, particularly for manufacturers, property owners, and commercial insurers.Infectious diseases also remain a concern. While the COVID-19 pandemic has receded, H5N1 bird flu poses potential pandemic threats as public vigilance and preparedness diminish. Insurers may need to consider pandemic-linked coverage and business interruption implications in their product design and underwriting practices, according to the report.Getting ahead of the risksFor the insurance industry, these risks underscore the need for proactive risk assessment, scenario planning, and adaptation of underwriting models.Pricing, coverage terms, and claims management strategies may require adjustment to account for intensifying natural hazards, operational vulnerabilities, and emerging liability exposures. Collaboration with clients to implement risk mitigation and resilience measures will be critical, the report said.The Moody’s report signals that insurers who integrate emerging risk monitoring, robust scenario planning, and innovative risk transfer solutions are likely to be better positioned to manage losses, maintain profitability, and respond effectively to 2026’s evolving threat landscape.Related StoriesUS severe storm losses set new benchmark as insurers turn to advanced modelingSevere convective storms top concern for US insurers, survey shows
Insurance NewsInsurance fraud adds $900 to average policy – here’s how to avoid it
Experts share strategies to spot and stop fraud before it hits clientsInsurance NewsBy Kenneth AraulloNov 20, 2025ShareTravelers is marking International Fraud Awareness Week by outlining strategies to help businesses and consumers guard against insurance fraud.The company cites data from the Coalition Against Insurance Fraud, which estimates that insurance fraud costs Americans $308.6 billion each year.A recent Travelers survey found that businesses are most concerned about medical provider schemes involving coordinated networks of health care professionals, digital scams targeting business systems and data, and employee fraud within organizations.Are you an insurance innovator? Tell us — we want to hear your storyConsumers, on the other hand, reported concerns about contractor fraud and staged car accidents that target individuals.Pranay Mittal (pictured above), vice president of Travelers Investigative Services, said, “Insurance fraud drives up the overall cost for everyone and undermines consumer trust and the integrity of the insurance process.”Raising awareness about the various forms of fraud and providing tools to recognize and prevent it can help create a more secure marketplace, Mittal said.Read more:NICB urges consumers to take action against rising insurance fraud lossesThe National Insurance Crime Bureau (NICB) has echoed these concerns, launching a national campaign in partnership with the Anti-Fraud Alliance to encourage consumers to learn about insurance fraud and share prevention tips.The NICB estimates that insurance fraud adds about $900 to the average policyholder’s annual insurance costs. The campaign highlights that fraud can range from exaggerated claims by individuals to complex operations involving staged accidents, false billing, and property damage scams.Strategies against insurance fraudTravelers advises the public to remain vigilant about new fraud schemes and to report any suspicious activity to their insurer and law enforcement. The company recommends that businesses provide ongoing employee training to recognize and report suspicious behavior, enhance security monitoring in key areas, and share intelligence with insurance carriers to identify patterns and prevent repeat offenses.For consumers, Travelers suggests verifying the credentials of contractors, medical providers, and repair shops before engaging in transactions and urges policyholders to maintain honesty and transparency in their claims.According to the NICB, fraudsters often target policyholders during periods of confusion or vulnerability, such as after storms or accidents. These individuals may pose as legitimate contractors, medical professionals, or tow operators to exploit insurance benefits.This tactic is designed to pressure people into quick decisions, which can result in fraudulent claims and increased costs for all insured parties.In light of these developments, the NICB and Anti-Fraud Alliance have expanded public education efforts, focusing on helping consumers recognize warning signs and encouraging the reporting of suspicious activity to insurers or law enforcement. These initiatives are intended to reduce fraudulent activity and its financial impact by increasing public awareness and cooperation.Related StoriesNICB study fuels calls for disclosure of third-party litigation fundingHackers and crime rings are teaming up to steal cargo, cyber firm says
Insurance News"Now is the time": How brokers can capture soft-market savings for CRE clients
With capacity returning, brokers have a short window to maximize competition and secure better pricing, says CEOInsurance NewsBy Gia SnapeNov 26, 2025ShareCommercial real estate insurance rates are in soft-market territory, and brokers have a critical window to help clients secure meaningful savings.After several years of tightening conditions, carriers are posting double-digit decreases for high-quality commercial real estate (CRE) portfolios, according to Dan Garzella (pictured), founder and CEO of The Garzella Group.In an interview with Insurance Business, the brokerage leader stressed that early engagement, comprehensive documentation, strategic portfolio structuring, and specialized expertise can shift the market into clients’ favor.Are you an insurance innovator? Tell us — we want to hear your story“Now is the time,” Garzella said. “The opportunities are there. (CRE) owners just need the right broker strategy to capture them.”Why rates are falling, and for whomDuring the hard property market, admitted carriers struggled to implement the steep rate increases needed to maintain profitability. Regulatory approval delays effectively pushed much of the business into the excess and surplus lines market.But now that carriers are closer to rate adequacy, Garzella noted, capacity is returning to the market. “Both admitted and non-admitted markets are dropping rates, which is why you’re seeing 10% to 20% decreases,” he said.Not all commercial real estate assets benefit equally. Newer, well-maintained properties, particularly those built after 1990, are seeing the steepest reductions, according to Garzella. Portfolios with strong documentation, updated roofs, and minimal deferred maintenance also rise to the top of an underwriter’s stack. By contrast, older buildings, roofs older than 15 years, and distressed assets are still experiencing flat renewals.A relatively quiet hurricane season has reinforced positive underwriting results, but Garzella acknowledged that the tide could turn quickly.“We’re early in this soft-market cycle. Could a major disaster pause things? Possibly,” he said. For brokers and their CRE clients, this means the next six to 12 months represent prime time to renegotiate policies.Brokers’ playbook: Start early, be transparent, and strategizeAcross all property types, Garzella said one broker tactic is non-negotiable: start the renewal process early. Sending submissions 120 days out is ideal, especially for portfolios that require pre-inspection or granular site-level underwriting.“Underwriters need time, and brokers need time to negotiate,” Garzella stressed. “When clients wait until 30 days out, outcomes are consistently worse.”Transparency is equally critical. Ownership groups that provide full documentation, clear explanations of past losses, operational details, and maintenance histories give underwriters what they need to justify preferential pricing.Proper portfolio structuring is another strategic lever. Combining high-quality, non-CAT assets with properties in Florida, Houston, or other tier-one wind zones can backfire.“Carriers may love 80% of the portfolio and refuse to quote because of the 20% they can’t touch,” Garzella explained. “A smart broker separates cat(astrophe) exposure from preferred assets to maximize competition.”Additionally, claims history is no longer the primary gatekeeper, but credible data – including insured-to-value accuracy, roof age, and third-party analytics – now weigh heavily in underwriting decisions.Beyond delayed submissions and poor transparency, Gazella sees two recurring mistakes:Relying on seller’s insurance pricing during acquisitions – In cat-prone markets, seller rates can be far below market, leading to underwriting miscalculations and deal disruptions. Owners should always secure independent quotes.Not shopping around – Long-standing relationships could be holding brokers and their clients back. “Right now, there are deals out there,” Garzella said. “Owners should ask their broker for a full market shop, especially if they haven’t done one in years.”And while multi-year agreements remain rare, Garzella sees the soft market creating room for innovative program structures designed to reduce costs without sacrificing protection. He emphasized that brokers specializing in commercial real estate are best positioned to access these programs and negotiate aggressively.“The broker is telling a story,” he said. “The better the ownership group arms them with documentation and narrative, the better the outcome.”Related StoriesInsurance buyers see double-digit rate cutsCaptives 101 – how brokers can leverage this powerful alternative for insureds
Insurance NewsFreight crime rise puts forwarders under greater credit risk
Criminals increasingly use cyber-enabled methods to compromise freight dataMarineBy Rod BolivarNov 21, 2025ShareA rise in freight crime and cargo abandonment is putting the spotlight on the growing credit risk exposure facing freight forwarders, TT Club reported in new guidance urging logistics firms to tighten financial safeguards. TT Club linked these incidents to ongoing market instability and to financial strain on small and medium-sized enterprises (SMEs), noting that abandoned cargo, delayed payments and insolvency can leave forwarders with unpaid obligations. It said such cases add to the pressures already facing logistics firms that sit between global trade flows and local commercial operations. Are you an insurance innovator? Tell us — we want to hear your storyRead more: Freight crime in focus as industry calls for greater supportMike Yarwood, TT Club’s managing director of loss prevention, said freight forwarders operate at a point where shipment coordination, customs management and delivery scheduling intersect with SME activity. “However, this proximity also makes them vulnerable when clients default,” Yarwood added. Recent industry data reinforces the scale of the threat environment. According to the Cargo Theft Tactics and Trends Report 2025 published by Munich Re Specialty – Global Markets, UK, criminal groups continued to target essential goods throughout 2024, with food and beverage products accounting for 22% of all recorded theft incidents, followed by agricultural goods (10%), electronics (9%) and fuel (7%). The report noted that hijackings made up 21% of incidents, theft of entire vehicles accounted for 20%, and thefts from facilities represented 16% of losses. The Munich Re report also recorded widespread use of sophisticated tactics - including fraudulent carriers, falsified documentation, AI-assisted impersonation and remote system access - which enabled criminals to bypass authentication and security processes. These methods were observed in multiple regions, including the United States, the United Kingdom and Germany, with strategic cargo theft accounting for about 18% of all incidents in the US in 2024. The report stated that criminals increasingly use cyber-enabled methods to compromise freight data stored in cloud-based systems and to facilitate fictitious pickups and identity deception. Yarwood said financial pressures on SMEs, including increased tariff activity across multiple jurisdictions, may result in payment delays or insolvency. “The result is a heightened exposure to credit risk – an area traditionally under-appreciated in logistics operations,” said Yarwood. TT Club recommends that forwarders review contractual terms, conduct more deliberate credit assessments and monitor developments affecting customer performance. It said legal liability insurance can serve as a financial buffer when a customer fails to meet obligations. Yarwood added that the economic environment is unlikely to settle in the near term. He said forwarders have available measures to manage credit exposure, but these need to be applied without delay. The combination of financial stress on SMEs, higher cargo crime rates and more complex criminal techniques continues to create operational and credit exposures for forwarders, TT Club said.
Insurance NewsCyber insurance looks for stability as AI heightens risks
Market seeks balance amid soft pricing, rising claims, and evolving exposuresCyberBy Chris DavisNov 21, 2025Share.main_content .h1,.main_content h1{font-size:32px}.main_content .h2,.main_content h2{font-size:24px}.main_content .h3,.main_content h3{font-size:18px}.main_content .h4,.main_content h4{font-size:16px}The cyber insurance market is still struggling to strike a balance between affordability and sustainability, said Megan North (pictured), executive vice president and branch leader at Amwins Insurance Brokerage.“The cyber market currently is sort of looking to find its balance,” North said. “In particular, how do we provide commercially viable products, useful products at competitive rates, but also maintain sustainability? I don't know that, as a marketplace, we've figured out how to do that perfectly.”While the line has matured since its early days, North pointed out that it remained volatile by nature. Cyber is “still evolving just due to the inherent evolving nature of the risk,” she said. With soft market conditions persisting, pricing has reached pre-pandemic lows. “Rates [are] kind of nearing 2019 lows, yet the claims and losses haven't necessarily abated,” she said. “It does seem like a shift could be on the horizon - hopefully not as drastic as we had during 2020–2021.”Are you an insurance innovator? Tell us — we want to hear your storyStrong demand, smarter buyersDespite pricing pressure, demand for cyber coverage has remained strong. “We've had a couple of recent high-profile breaches that have shown the devastating effects that a large breach can cause,” said North. Not only did breaches hit primary targets, but the fallout often extended across third-party networks, increasing the sense of urgency for robust coverage.At the same time, cheaper pricing has opened the door for buyers to expand coverage or purchase higher limits. “That’s a ripe environment for not only new buyers, but also those looking to beef up their cyber insurance programs,” North said.Client expectations have also been shifting. North observed that policyholders - traditionally slow to adopt cyber insurers’ supplemental services - were beginning to show more interest in tools like vendor discounts, assessments, and breach support. “We're seeing more openness to the idea and more curiosity around these offerings from carriers,” she said. These services could help strengthen insureds’ security postures, which, in turn, might reduce losses and benefit the broader market.Targeted underwriting, sector pressureWhile rates overall have remained soft, underwriters have become more selective. “Underwriters are becoming more conservative in their rating,” North said. “I'm not saying that rates are going up necessarily - they're largely not - but for certain sectors, we seem to be experiencing what I would call a changing tide.”The shift has been especially visible in sectors with adverse loss experience. Healthcare, manufacturing, and financial and professional services are all under tighter scrutiny. “A lot of that is driven by loss experience,” she said.Opportunities in SMEs and integrationNorth sees potential for growth on two fronts: small to midsize enterprises (SMEs) and larger organizations with complex coverage needs. SMEs represent a volume opportunity, but they are also increasingly vulnerable. “Each year, there's thousands of small businesses that open their stores. And it's almost an endless pipeline of potential cyber buyers,” she said.“Recent claims trends are showing that incident costs are rising for SMEs, too,” she added. “These are entities that can benefit massively from a competitive cyber insurance program.”At the larger end of the market, North pointed to what she called “blended programs” - insurance products that integrate cyber into the broader risk portfolio. “We've traditionally looked at cyber risk insurance in a silo. It's been a standalone product for many years,” she said.That model may no longer be sufficient. “There's a need for evolution and the ability of cyber to work together cohesively with other lines within an insurance program,” she said. For companies that treat cyber as an enterprise-wide risk, cyber coverage needs to align more closely with general liability, property, and professional lines.Chasing a moving targetNorth acknowledged that the industry is still responding reactively to threats, a position largely dictated by the nature of the risk. “Threat actors are constantly developing new schemes, new methods of attack. And the reality is they only have to get it right once,” she said. “Meanwhile, the good guys, or security controls, have to be 100% perfectly secure, otherwise, they're vulnerable. And that's a big ask.”The market’s synthetic nature - cyber is not a natural catastrophe, but a manmade and constantly shifting risk – has, at least, allowed for unique mitigation strategies. “As an incident is in progress, there's a chance to potentially diminish the effects of certain attacks,” she said.Related StoriesWhy this soft market could be the most dangerous yet for cyber insuranceCyber insurance at a crossroads as rates fall and growth slows
Insurance NewsG20 executives see downturn risk rising as social, tech threats close in
New WEF data shows recession fears still dominate boardrooms even as pressure grows from AI-fueled misinformationInsurance NewsBy Kenneth AraulloDec 03, 2025ShareGlobal business leaders in G20 economies continue to view an economic downturn as their most immediate threat, but are increasingly concerned about social and technological risks, according to new research from the World Economic Forum (WEF).The findings come from the Executive Opinion Survey 2025, conducted with more than 11,000 executives in 116 countries and released with strategic partners Marsh McLennan and Zurich Insurance Group.Alongside fears over recession and stagnation, respondents pointed to insufficient public services and social protections, a lack of economic opportunity, and the spread of misinformation and disinformation as key risks. These issues are seen as pressures on political stability, labor markets and long-term investment planning.Andrew George (pictured above, left), president of Marsh Specialty, said “the proliferation of misinformation and disinformation is enabling bad actors to operate more broadly” amid the rapid adoption of AI.Read more:Insurers confront growing climate losses as capital pressures mountHe noted that AI-related cyber threats are now at the top of many board agendas and that businesses still need to focus on environmental objectives to mitigate longer-term climate risks, even as economic and geopolitical factors compete for attention.Alison Martin (pictured above, right), CEO, EMEA & Bank Distribution at Zurich, said the survey shows that areas such as pensions and public health “are no longer just government issues – they’re boardroom priorities.”She highlighted that in Europe there are fewer than three working-age adults for every pensioner and that more than a third of EU citizens are not saving enough for retirement, warning that these gaps threaten workforce wellbeing and social stability.Dominant risks in a shifting landscapeThe latest survey sits alongside the WEF’s Global Risks Report 2025, which flags state-based armed conflict, misinformation and environmental disasters as the dominant threats over the coming decade.Taken together, the two publications suggest that while corporate leaders are focused on near-term economic, social and AI-driven information risks, these concerns are unfolding against a backdrop of rising geopolitical tension and strained international cooperation.The survey found that fears over an economic downturn remain the top near-term risk for G20 business leaders for the third consecutive year, and the leading concern in both the UK and the US.Read more:World Economic Forum reveals 2025's biggest risksSocial risks linked to insufficient public services and social protections ranked second, while lack of economic opportunity or unemployment took third place, with inflation dropping to fourth and misinformation and disinformation entering the G20 top five in fifth position.Although extreme weather fell out of this year’s top five near-term risks for G20 executives, insurers remain exposed to escalating catastrophe losses, with first-half 2025 estimates pointing to about $162 billion in global economic losses from natural disasters and roughly $100 billion in insured losses.For carriers and risk managers, those figures reinforce that physical climate risk continues to influence capital allocation, pricing and resilience strategies, even if it ranks behind economic and social pressures in boardroom risk surveys.Related StoriesGlobal trade fragmentation set to affect insurance costs and coverage, report findsCyber market stabilizes, but risk and exposure still escalating
Insurance NewsLloyd's of London under scrutiny as governance issues highlight market risks
Controversy surrounding former CEO John Neal continues to have a ripple effect on the marketInsurance NewsBy Josh RecamaraNov 30, 2025ShareLloyd's of London is facing renewed scrutiny after allegations of executive misconduct have emerged, raising questions about governance, culture and operational oversight in a market responsible for insuring risks in over 200 countries.The spotlight has fallen amid the controversy surrounding John Neal, former CEO, and the promotion of Rebekah Clement to director of corporate affairs.While an earlier internal review cleared the appointments, Lloyd’s leadership commissioned a fresh investigation after concerns persisted that the previous inquiry did not fully address the issues, according toThe Wall Street Journal. The investigation has already affected Neal’s career -- American International Group withdrew a planned executive appointment, paying him $2.7 million under a mutual agreement in lieu of the role.Former Lloyd’s CEO Inga Beale once described the market as historically protective and male-dominated, with a culture that tolerated misconduct and made it difficult for women to advance. Efforts to introduce reform, such as banning daytime drinking and updating dress codes, faced resistance. These cultural issues have implications for underwriting and market performance, as inclusivity and strong governance are increasingly linked to reputational and operational risk in insurance.The Lloyd’s market connects thousands of buyers and sellers of risk protection daily, from syndicates underwriting large-scale property and casualty exposures to bespoke policies for specialized assets such as aircraft, satellites, or celebrity body parts. Enduring cultural and governance weaknesses can undermine trust among clients and brokers, disrupt market operations, and complicate regulatory compliance.Under Neal, reforms included updated codes of conduct, fines for managers who overlooked misconduct, and diversity initiatives.Workforce composition has shifted, with over 40% women and 14% ethnically diverse staff, according to the report. Yet the current investigation highlights that operational and reputational risks linked to culture remain relevant, particularly as Lloyd’s engages with institutional and multinational clients globally.Sheila Cameron, CEO of the Lloyd’s Market Association, called for transparency and public disclosure of the probe’s findings to ensure accountability and maintain confidence among insurers, brokers, and policyholders.Lloyd’s long-standing reputation for product innovation and market leadership relies on its ability to uphold governance standards, manage reputational risk, and maintain trust in its underwriting operations.The ongoing probe serves as a reminder that even historic market leaders must align cultural and governance practices with the operational expectations of modern insurance markets.Related StoriesAIG's incoming president John Neal withdrawsLloyd's leader John Neal on putting culture at the heart of insurance