Additionally, Davies launched two Employee Resource Groups (ERGs) in 2024: the Women’s Network, which supports women across the company, and Eco Davies, where employees can promote sustainable practices. Each ERG has a dedicated budget and an online platform for collaboration and updates.
The coverage, often referred to as “organized crime cover”, is being purchased for assets such as factories, industrial sites, warehouses, and toll roads. This type of insurance provides protection against property damage and business interruption caused by cartel-related violence, risks that are typically excluded under standard Property Damage and Business Interruption (PDBI) policies.
Insurance firms around the world are grappling with how to best implement artificial intelligence (AI) in their business operations. Neil Morgan (pictured above), Insurance Australia Group’s (IAG’s) chief operating officer, told Insurance Business that his giant insurance firm is deploying 150 specially trained staff, called activators. Their role, he said, is to implement Generative AI (Gen AI) tools across the entire company.
Similarly, the Swedish Club has set a 5% general rate increase for the 2025-2026 policy year, which it described as a proactive measure to address rising claims costs and maintain financial resilience. The club reported a stable mutual P&I portfolio despite a slight overall tonnage decline, with net positive tonnage inflow in the first half of the year.
“Supply chains, globally, have become increasingly complex and their fragility has been underscored by a series of geopolitical shocks in recent years,” Parker said. “AI offers the potential for us to better understand our clients, to track the movement of goods and the aggregation of exposures in real time.”
Short-tail pricing, which peaked in early 2024, began to decline mid-year. However, Hurricane Milton, a Category 3 storm that made landfall in Florida in October 2024, along with flooding in Eastern Europe, could stabilize or reverse this trend in 2025, S&P said.
The findings emphasize the need for proactive infrastructure planning, particularly in flood-resistant construction, as climate change leads to more unpredictable weather patterns. The rising risks of drought, localized flooding, and water stress further emphasize the importance of strategic risk management to safeguard both people and property, the report noted.
The report, “Outlook on AI-Driven Systemic Risks and Opportunities,” examines how AI could transform both offensive and defensive capabilities in cybersecurity. Of particular concern is AI’s potential to create more sophisticated polymorphic malware that can continuously evolve to evade detection, potentially leading to longer-lasting and more damaging attacks.
“The general optimism among insurers and reinsurers about DUAEs persists, with more strategic partnerships being formed between carriers and DUAEs,” said Yizhou Hong, senior financial analyst at AM Best. “These partnerships are generally longer-term and allow capacity support across lines of business, industries, and geographies, instead of simply by program.”
Tasked with navigating an ever-evolving risk environment, the cyber insurance market has distinguished itself by its ability to pivot at speed, alongside its early adoption of proactive products and solutions. So, with 2025 in the near distance, what are some of the top trends shaping the sector – and what is the next year likely to hold for the market?
© 2024 Next Employment. All Rights Reserved. Privacy Policy | Website Terms | Sitemap
