In a bid to protect the thriving oil and gas industry in Texas, Republican lawmakers are expanding their fight against Environmental, Social, and Governance (ESG) policies beyond financial firms, targeting insurance companies as well.

The insurance industry dates back to ancient Babylon and China, where merchants would pool their resources to protect themselves against losses from piracy and theft. The concept landed on the U.S. shores in 1752, when Benjamin Franklin co-founded the first insurance company in Philadelphia.

The Gulf Coast insurance crisis has hit a new low as two state-chartered insurance associations are being forced to borrow hundreds of millions of dollars for the first time in three decades to pay the hurricane claims of insolvent insurers.

Global climate risk coverage platform Arbol, and The Institutes RiskStream Collaborative, the insurance industry's largest blockchain consortium, have announced a strategic partnership to transform parametric insurance.

Generative AI is an artificial intelligence (AI) technique that involves creating new content or data using machine learning models.

The recent launch of ChatGPT has underscored artificial intelligence's newfound scale, speed and mass accessibility, as well as its long-term potential to complete complex tasks currently performed by humans. Suddenly, AI is in the headlines everywhere, drawing the attention of commentators, business executives and even policymakers.

Mentoring up, or what's also known as "reverse mentorship", is gaining popularity in the insurance industry. With significant gaps in age and professional experience, older workers with years of industry experience are taking on the mentor role but are also learning from younger employees who have a diverse skill set.

Homeowners in Florida should prepare for yet another increase in their insurance premiums as more insurers are leaving or failing in the state.

The length of time it takes to settle an auto claim is key to customer satisfaction -- one of many reasons touchless claims are finding a stronghold.

Netflix recently aired a limited series about Bernard Madoff who fashioned the largest Ponzi scheme to date. Some estimate that the fraud amounted to approximately USD 65 billion of investor monies while others quote a much lower figure of USD 10 -- 17 billion. It is very difficult to arrive at the correct figure as records were fabricated and some investors were too embarrassed to admit that they had been swindled.

Florida came first. Then Louisiana. Now an insurance crisis that has swept across the Gulf Coast is spilling into Texas, where increasingly scarce property coverage has forced tens of thousands of coastal homeowners to buy policies from a state-chartered insurance program.

Canadian P&C carriers appear to be taking claims adjusting expenses in-house more often than several years ago, a trend of concern to the independent adjusting community.

As you can see throughout the March/April special issue of Risk & Insurance, as well as here on the risk website, there is growing momentum to find a better way to help individuals, businesses and society manage the severe risks they are facing: Predict & Prevent.

While the news media often treats artificial intelligence (AI) as an emerging development, it has been around for more than 50 years and is more integrated into modern life than many people realize.

According to BMS Re, a specialised reinsurance broker, and available industry data, it is estimated that the insured losses caused by severe weather events such as hail, tornadoes, and thunderstorm wind gusts in the US during the first-quarter amount to a range of $7 billion to $9.5 billion.