A workplace injury or illness can be daunting. Life becomes uncertain. Questions arise about having enough money or retaining the same physical abilities after recovery. The mental anguish can make the entire situation worse.

In the world of risk management, we are often like the captain of the Titanic trying to spot menacing icebergs even as we move forward, full speed ahead.
COVID-19 was an iceberg. The visible portion appeared to be a minor risk. Hidden below the surface lay an ominous catastrophe in the making.

If you live in the western United States, the 2020 wildfire season has probably felt even more intense than the previous record-breaking seasons of 2017 or 2018. The sheer scale of the events this year has broken new records.

The insurance industry should not be surprised by the fact there was a global health pandemic, a senior P&C industry exec says, adding that COVID-19 is not likely to change industry fundamentals significantly, since nothing new was brought to the table as a result of it.

Do you remember back in April when the price of a barrel of crude oil went negative for the first time in history? That shocking event was just another chapter in the downward trend in the value of fossil fuel assets the world over.

Cybersecurity threats related to insider actions are now more common than threats from external actors, according to a report by cybersecurity vendor Netwrix.

The coronavirus pandemic and resulting lockdowns have significantly impacted commercial and specialty lines of insurance, both in terms of claims volumes and financial losses. The rapid spread of COVID-19 in the first half of 2020 caused drastic lockdowns, forcing the closure of businesses, cancellation of events and a general curtailment of economic activity around the globe.

Insurers are not big polluters in their own right. Nor do they typically have lots of physical assets at risk, except indirectly through investment portfolios either now or in the future when economic transition raises the possibility of stranded assets. Yet the impacts of climate on insurance operations are only too evident.

U.S. insurers are taking a closer look at the recruiting and succession practices of corporate customers, worried about mounting lawsuits over a lack of diversity among top executives and directors, industry sources said.

The way insurers collect, analyze and use data is impacting every part of the commercial insurance value chain, from businesses to brokers to insurers.

Although the insurance sector has invested nearly $28 billion in customer experience, just 49% of customers feel their insurance provider will be responsive to their basic needs, according to the Customer Compass report, which is a survey by EIS, a core and digital platform provider for insurers.

In a time fraught with world-changing risks, many businesses are naturally looking to upgrade their risk management capabilities. Increasing the budget allocated to risk management is just one step, but business leaders often think this is enough and stop there.

Hurricanes are keeping their staying power longer once they make landfall, spreading more inland destruction, according to a new study. Warmer ocean waters from climate change are likely making hurricanes lose power more slowly after landfall, because they act as a reserve fuel tank for moisture, the study found.

Richie Whitt, Co-CEO of Markel, has warned that the re/insurance industry’s response to the dispute around COVID-19 business interruption (BI) claims may have a long-term negative impact on its reputation.

There are many things that, to borrow a current phrase, I must ‘own’ that have had a detrimental effect to my career in the insurance industry.