Insurance Talk Hub

Blockchain technology  is transforming the  Property & Casualty   (P&C)   insurance  industry by improving  efficiency, security, and transparency.  In commercial insurance, blockchain enables  faster claims processing, fraud prevention, and smart contracts  for automated policy management. 1. How Blockchain Benefits Commercial P&C Insurance A. Smart Contracts for Faster Claims & Policy Automation What It Does: Smart contracts are self-executing contracts that automate policy issuance, premium payments, and claims settlements when predefined conditions are met. Impact : Reduces administrative costs, speeds up claims payments, and minimizes human error. Example : A commercial flood insurance policy can trigger automatic payouts when government flood data reaches a certain threshold. B. Fraud Prevention & Risk Management What It Does: Blockchain provides an immutable ledger that prevents data manipulation and duplicate clai...

  Cyber is one of the fastest-growing areas in insurance, across global, especially with large enterprise organizations. Estimates see the global cyber insurance market rising to US$33.3 billion in 2027 from US$11.9 billion in 2022. Cyber insurance (also called cyber liability insurance) is a type of policy that helps businesses protect against financial losses caused by cyber-attacks, data breaches, and other technology-related risks. It covers expenses related to hacking, ransomware, data loss, and regulatory fines. 1. Key Coverages in Cyber Insurance: 1.1 First-Party Coverage (Direct Losses to the Business) Data Breach Response  – Covers the cost of investigating and managing a data breach. Ransomware & Cyber Extortion  – Pays for ransom demands and expenses related to negotiating with cyber criminals. Business Interruption  – Covers lost income if a cyber-attack disrupts business operations. Digital Asset Restoration  – Helps recover or restore lost or c...

Let's start with basics, need to understand, what is IFRS 17 ? Here is a simple definition of this: IFRS 17 (International Financial Reporting Standard 17) is the new global accounting standard for insurance contracts , issued by the International Accounting Standards Board (IASB) .  It replaces IFRS 4 and aims to improve transparency, comparability, and consistency in the financial reporting of insurance and reinsurance contracts. Effective Date : IFRS 17 officially came into effect on January 1, 2023 . Scope : Applies to all entities issuing insurance and reinsurance contracts , including life, health, property, casualty, and annuity providers. The International Accounting Standards Board (IASB) is an independent, private-sector body that develops and approves International Financial Reporting Standards (IFRSs) under the oversight of the IFRS Foundation , aiming to foster transparency and accountability in global financial markets. Why Was IFRS 17 Introduced? Under...

If you're looking to build or advance a career in the insurance domain, earning professional certifications can enhance your expertise and credibility . Here are some of the top insurance certifications across different specializations: 1. General Insurance Certifications   1.1 Chartered Property Casualty Underwriter (CPCU) Offered by: The Institutes Ideal for: Property & casualty (P&C) insurance professionals Covers: Risk management, underwriting, claims handling, and insurance law Recognized as one of the most prestigious certifications in the P&C industry 1.2 Associate in Risk Management (ARM) Offered by: The Institutes Ideal for: Risk managers, underwriters, and loss control specialists Covers: Risk assessment, financial management, and loss prevention 1.3 Certified Insurance Counselor (CIC) Offered by: The National Alliance for Insurance Education & Research Ideal for: Agents, brokers, and underwriters Focuses on: Personal and commercial insurance, life ...

Parametric insurance  is a type of insurance that pays out based on the occurrence of a  predefined event rather than covering actual losses incurred . Instead of assessing damage after an incident, this model uses measurable parameters—such as  wind speed, rainfall levels, or earthquake magnitude —to trigger an automatic payout when thresholds are met. For example , if a hurricane with wind speeds above  150  mph strikes a certain location, a parametric insurance policy would pay out  automatically , regardless of actual damages incurred. Why is Parametric Insurance Trending Now? Faster Payouts Traditional insurance requires  time - consuming  claims assessments, but parametric insurance provides  near - instant payments , improving financial resilience after disasters. Climate Change & Natural Disasters With the increasing frequency of  extreme weather events  (hurricanes, floods, droughts), businesses and governments seek...

As of March, 2025, the commercial property and casualty (P&C) insurance sector is experiencing several noteworthy developments: Leadership Changes: Beazley , a London-listed insurance firm, has appointed Lindsay Shipper as the new head of commercial property for North America , effective April 1. Shipper, formerly with Marsh, will be based in Atlanta and report to Richard Montminy, the group's head of property risks Financial Impacts from Natural Disasters: Lloyd's of London anticipates $2.3 billion in losses stemming from the January wildfires in Los Angeles. These events resulted in 29 fatalities and the destruction of over 16,000 buildings. The increasing frequency of such natural disasters is expected to keep insurance costs elevated. In Australia, insurers are managing a surge in claims following recent cyclones in northern New South Wales and southeast Queensland.  The Insurance Council of Australia reported a 50% increase in claims , totaling 34,000. Major ins...

In 2025, the commercial property and casualty (P&C) insurance industry is expected to undergo significant changes due to economic, technological, and regulatory shifts. Here are the key trends: 1. Elevated Insurance Premiums The industry continues to experience heightened insurance premiums, a trend driven by increased loss costs from natural disasters and other catastrophes. For instance, the annual property insurance premium for single-family homes rose by a record $ 276 in 2024. Insurers like Geico reported significant increases in pretax underwriting profits, reflecting this upward shift in premiums. 2. Impact of Climate Change Climate change remains a critical factor influencing the P&C insurance sector. The frequency and severity of natural disasters, such as wildfires and hurricanes, have led to substantial losses. Lloyd's of London , for example, anticipates losses of $2.3 billion from recent California wildfires. This escalation in natural catastrophes con...

The insurance industry faces major changes in 2025. Demographics, climate impacts and geopolitical change are shifting the landscape—literally and figuratively—and will push insurers to adapt. Faced with new opportunities and risks we expect the industry to challenge orthodoxies and spark reinvention. 1. The aging population becomes the dominant industry force. Longer life spans and lower fertility rates are projected to push the global median age to 32 in 2025—up from 30.9 in 2020. But what constitutes “retirement age” is shifting with other traditional milestones, such as marriage and home-ownership. There is greater diversity in lifestyles and aspirations. As people age, insurers will find new opportunities to innovate and tailor health, life and hybrid retirement offerings that address the longevity risk and complex needs of older adults. This innovation will become a matter of urgency for Gen X with its oldest members turning 60 in 2025 and many unprepared for it compared to other...

Generative AI (GenAI) has the potential to transform the insurance industry by providing underwriters with valuable insights in the areas of risk controls,  building & location details and  insured operations.  This technology can help underwriters identify more value in the submission process and make better quality, more profitable underwriting decisions.  Increased rating accuracy from CAT modeling means better, more accurate pricing and reduced premium leakage.  In this post, we will explore the opportunity areas, GenAI capability, and potential impact of using GenAI in the insurance industry. Risk control insights zone in on material data Generative AI allows risk control analysis insights to be highlighted to show loss prevention measures in place as well as the effectiveness of those controls for reducing loss potential. These are critical to informed underwriting decisions and can address areas that are consistently missed or pain points for underwr...

Have you ever wondered what would happen to your home or belongings if something terrible were to happen? Have you ever gotten in a car accident and not had the coverage you needed? These scenarios are prime examples of why property and casualty insurance are essential. What exactly the P&C Insurance: P&C (Property and Casualty) insurance is a broad category of insurance that protects individuals, businesses, and organizations from financial losses related to property damage and liability risks. P&C insurance covers physical assets (property) and liability risks (casualty) for individuals and businesses.  Common Types of P&C Insurance: A. Property Insurance – Covers physical assets against risks such as Fire, theft, vandalism, and natural disasters. Common types include: Homeowners Insurance - Protects homes and personal belongings, often including liability coverage. ...