The latest people news in the industry today. The post Toby Smith Joins Mosaic Insurance as Americas CEO appeared first on Risk & Insurance ..read more

The latest people news in the industry today. The post Kevin Bryant Appointed to Lead National Public Entity Industry Practice at Marsh appeared first on Risk & Insurance ..read more

The latest people news in the industry today. The post New Appointments Announced for Tokio Marine HCC – Specialty Group appeared first on Risk & Insurance ..read more

For the first time in nearly seven years, global commercial insurance rates remained flat in Q2 2024, largely due to increased competition among insurers in the global property market, according to the Global Insurance Market Index released by Marsh. While overall global commercial insurance rates remained flat in the quarter — marking the first time since Q3 2017 that the global composite rate has not increased — rate changes varied by region, Marsh reported. On average, rates increased 1% in the U.S. and Europe, while Latin America and the Caribbean, India, the Middle East, and Africa saw a ..read more

After growing up in a town of less than 1,000 people, joining the U.S. Navy was eye-opening for me. It is hard to find a more diverse operation than the U.S. military, where you see so many people with varying ethnicities, socioeconomic backgrounds, and levels of education. To succeed in that colossal, complex organization, you not only need to respect those differences, but to recognize the strength they can provide – and the best-in-class thinking they can inspire. It’s the same in the insurance and risk management industry. When we work together, each person’s unique contribution can spark ..read more

The rise of artificial intelligence (AI) technology is enabling cybercriminals to create sophisticated “deepfake” scams, resulting in significant financial losses for companies, as reported in a piece by HUB International. In one instance, fraudsters used AI to create fake virtual images of finance leaders during a videoconference call, leading an employee to transfer $25 million to the scammers, according to HUB. The rise of such scams is making can make it difficult for individuals to distinguish between authentic and deceptive communication. In 2023, funds transfer fraud (FTF) and business ..read more

With the rapid growth of the renewable energy industry — driven by record-setting investment in new infrastructure projects — insurers are moving to help independent power producers cover their emerging liabilities. But the insurance industry’s inability to gain a clear picture of the sector’s risk landscape as it expends into new technologies and geographies is leading to uneven appetite from underwriters, coverage shortfalls and a need for more specialized insurance products. kWh Analytics, a managing general agent focused on data-driven solutions for the renewables sector, recently released ..read more

Despite recognizing the significance of “megatrends” like trade, technology, weather, and workforce, 72% of business leaders feel they aren’t adapting quickly enough to manage the associated risks, according to Aon’s inaugural Business Decision Maker Survey. The study also revealed a correlation between confidence in risk management and access to essential data and analytics, highlighting a significant gap in preparedness for weather-related risks. A majority, 86%, of business decision makers agree on the importance of properly managing risks stemming from the four megatrends, Aon found. When ..read more

Construction is one of the most hazardous industries in the United States: In 2022, its workers accounted for 19.9% of all on-the-job fatal injuries but only 7.5% of employment, according to a bulletin by The Center for Construction Research and Training (CPWR). Citing data from the Bureau of Labor Statistics, the bulletin examines key trends in fatal occupational injuries and at-work deaths in the construction industry by major subsector, occupation, demographics, primary source, event/exposure, and cause of death. Trends in Fatal Injuries in Construction From 2011 to 2022, the construction i ..read more

Biden Administration Moves to Reschedule Cannabis In May, the Biden administration submitted a proposal to the Federal Register that would see cannabis reclassified from a Schedule I drug to Schedule III. The change would place it in the same category as prescription drugs such as codeine, ketamine and anabolic steroids. Organizations that employ drug testing as a condition of employment should be prepared to make accommodations for the use of medical marijuana and update their testing policies accordingly, including making a distinction, where possible, between long-term use and on-the-job in ..read more