Cyber, climate change and business interruption top key insurance risks
Cyber, climate change and business interruption (BI) have become key risks for various segments of the insurance market
Cyber, climate change and business interruption (BI) have become key risks for various segments of the insurance market
This is more than double the pace of the previous ten years.
Risks in the European insurance sector remain stable at an average level, although there are some "vulnerabilities" due to market volatility and real estate prices
Losses are expected to increase due to increased extreme weather events due to climate change
Participants in the global reinsurance market have different expectations for reinsurance rates in 2025
Since the beginning of the year, insurance companies around the world have suffered losses from natural catastrophic events in the amount of $102 billion. By the end of the year, this figure will exceed the figure of $125 billion in 2023.
The Travelers' annual cyber threat survey found that security breaches and unauthorized access are a concern for 57% of companies, followed by ransomware (54%), unsafe computer practices by employees (53%), and system failures (53%).
At the end of September, the Ministry of Economy and the National Bank presented the preliminary version of the draft law on the introduction of mandatory insurance of mortgaged property and residential construction objects.
This document proposes the introduction of a nationwide system of insurance against war risks to protect the interests of citizens and businesses.
The adopted changes updated the approach to licensing of insurers
The growth of profits of global reinsurers, which will be stable in the short and medium term, was the main reason for AM Best's positive forecast for the global reinsurance market.
103 M&A deals were concluded in the market of insurance services.
The Financial Stability Board (FSB) considered the systemic risks of the financial sector of Ukraine.
The project provides for the introduction of both mandatory insurance of certain objects and voluntary insurance.
The National Bank of Ukraine launched an information campaign to protect the rights of consumers of insurance services "Know your rights: insurance" with the support of an international partner - the USAID Project "Investments for business sustainability".