US April storm season hits new record, exposes protection gap

US April storm season hits new record, exposes protection gap

US April storm season hits new record, exposes protection gap

Storms in the US set a new record for April – one of the busiest storm months of the year – with almost 250 tornadoes touching down in the country last month; the highest number in April since 2011, according to Aon. Publishing its Global Catastrophe Report for April, Aon said the storms added to multibillion-dollar losses in the US.…

Record insurtech investment levels belie lack of obvious value: WTW

Record insurtech investment levels belie lack of obvious value: WTW

Record insurtech investment levels belie lack of obvious value: WTW

Investment in the insurtech sector reached record highs in Q1 2019 yet there is a lack of obvious value in the many of the newest insurtech offerings, according to a recent report. The latest Quarterly Insurtech Briefing from insurance broker Willis Towers Watson (WTW) shows that the highest number of transactions yet (85 with a total value of $1.42bn) were…

Zurich on track to meet P&C targets as rates rise

Zurich on track to meet P&C targets as rates rise

Zurich on track to meet P&C targets as rates rise

Zurich is on track to meet turnaround targets for its P&C business this year, as it delivered a 4% boost to gross written premiums during Q1 to $9.2bn on like-for-like sales, and average rate increases of 2%. Zurich said it is ahead of targets set for the 2017-2019 period as part of a three-year plan to pull the insurer out…

Brit adds physical damage to cyber policy

Brit adds physical damage to cyber policy

Brit adds physical damage to cyber policy

Brit has boosted its cyber insurance product by offering physical damage cover alongside business interruption, data privacy and cyber liability, with limits up to $150m. The update to Brit’s five-year-old Cyber Attack Plus policy also offers $100m limits for standalone, non-physical damage cyber cover, which the company said are the highest offered globally. The policy covers first- and third-party risks.…