South African Catastrophes, Power Woes Signal End of Cheap Insurance

Three major jolts in as many years coupled with the once unthinkable possibility of a power grid collapse have spooked reinsurers in South Africa, spelling an end to cheap coverage in the continent’s most developed insurance market. Insurance premiums are climbing worldwide on the back of rising inflation and interest rate hikes. But reinsurance rates […]

Insurance and AI Technology Trends: How AI Is Impacting the Insurance Sector and Industry

The insurance industry is undergoing a transformative shift driven by the rapid adoption of artificial intelligence (AI) technologies. The integration of AI into insurance processes is revolutionizing traditional methods, leading to more efficient, accurate, and customer-centric services. Traditionally, the insurance sector relied heavily on human expertise, manual underwriting, and time-consuming claims processing. However, the advent […]

Let Me Stop Insuring Carbon Projects 'immediately', NGOs Tell CEOs

A group of climate activists has called on 30 insurance company CEOs to “immediately” stop underwriting new fossil fuel projects in the wake of a stark climate warning from U.N. scientists, a letter, seen by Reuters, showed. Insure our Future, a global consortium of activists, said it sent the letter dated March 21 to companies […]

Scratched EV Battery? Your Insurer May Have to Junk the Whole Car

For many electric vehicles, there is no way to repair or assess even slightly damaged battery packs after accidents, forcing insurance companies to write off cars with few miles – leading to higher premiums and undercutting gains from going electric. And now those battery packs are piling up in scrapyards in some countries, a previously […]

China to Set up New Financial Regulator in Sweeping Reform

China will form a new national financial regulatory body, consolidating oversight and replacing its banking and insurance watchdog as part of a wider government overhaul announced on Tuesday that includes plans for a national data bureau. The financial regulation proposal, presented to China’s parliament during its annual meeting, would bring supervision of the industry, excluding […]