Business insurance news
Here are some recent business insurance news articles:
1. Cyber Insurance Market Expected to Grow
A recent report by ResearchAndMarkets.com predicts that the global cyber insurance market will grow from $3.6 billion in 2020 to $14.4 billion by 2027, at a compound annual growth rate (CAGR) of 24.5%. This growth is driven by the increasing number of cyber-attacks and data breaches, as well as the need for businesses to protect themselves against these threats. (Source: Business Insurance)
2. Insurance Industry Adapts to Climate Change
The insurance industry is adapting to the impacts of climate change by developing new products and services to help businesses and individuals prepare for and recover from natural disasters. For example, some insurers are offering flood insurance policies that cover damage caused by rising sea levels and more frequent flooding. (Source: Insurance Business America)
3. Workers' Compensation Insurance Rates to Increase
According to a report by the National Academy of Social Insurance, workers' compensation insurance rates are expected to increase in 2023 due to rising medical costs and increased claims. The report estimates that the average workers' compensation premium will increase by 4.5% in 2023, with some states experiencing even higher increases. (Source: Workers' Compensation Report)
4. Business Interruption Insurance Claims on the Rise
Business interruption insurance claims are on the rise due to the increasing frequency and severity of natural disasters, such as hurricanes and wildfires. According to a report by the Insurance Information Institute, business interruption insurance claims have increased by 25% over the past five years, with the average claim amount increasing by 15%. (Source: Insurance Information Institute)
5. D&O Insurance Premiums to Increase
Directors and officers (D&O) insurance premiums are expected to increase in 2023 due to the increasing risk of lawsuits and regulatory enforcement actions. According to a report by Marsh, D&O insurance premiums are expected to increase by 10% to 15% in 2023, with some industries, such as healthcare and financial services, experiencing even higher increases. (Source: Marsh)
6. Insurance Industry Embraces Digital Transformation
The insurance industry is undergoing a digital transformation, with many insurers investing in new technologies, such as artificial intelligence and blockchain, to improve customer service and reduce costs. According to a report by Accenture, 75% of insurers plan to invest in digital technologies over the next two years. (Source: Accenture)
7. Cyber-Attack Insurance Claims on the Rise
Cyber-attack insurance claims are on the rise due to the increasing frequency and severity of cyber-attacks. According to a report by the Insurance Information Institute, cyber-attack insurance claims have increased by 50% over the past two years, with the average claim amount increasing by 25%. (Source: Insurance Information Institute)
8. Insurance Industry Faces Talent Shortage
The insurance industry is facing a talent shortage, with many insurers struggling to attract and retain top talent. According to a report by Willis Towers Watson, 60% of insurers are experiencing a talent shortage, with the most in-demand skills including data analytics, artificial intelligence, and cybersecurity. (Source: Willis Towers Watson)
9. Business Insurance Premiums to Increase
Business insurance premiums are expected to increase in 2023 due to the increasing cost of claims and the impact of climate change. According to a report by the National Association of Insurance Commissioners, business insurance premiums are expected to increase by 5% to 10% in 2023, with some industries, such as construction and manufacturing, experiencing even higher increases. (Source: National Association of Insurance Commissioners)
10. Insurance Industry Adapts to Changing Regulatory Environment
The insurance industry is adapting to a changing regulatory environment, with many insurers investing in new technologies and processes to comply with emerging regulations, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). According to a report by Deloitte, 75% of insurers plan to invest in new technologies and processes to comply with emerging regulations over the next two years. (Source: Deloitte)