Startup insurtech companies already have access to capital and now need strong partnerships with insurers in order to prosper, XL Innovate says. Experts recommend looking at data needs as a starting point to come up with terms for a partnership.
In the future, insurers will need to rely on geospatial data, such as real-time conditions for the car to provide greater context on the vehicles they insure, writes Mark Breading of Strategy Meets Action. This will help them improve their understanding of risks, offer proactive advice, provide new location-based services and respond more quickly to accidents.
Global catastrophe costs were lower in 2017's first half than during the same period last year, reports Swiss Re. Smaller storms helped drive $16 billion in insured losses in the US and $23 billion globally, according to the report.
Homes and farm buildings in southern and central Minnesota were severely damaged by seven confirmed tornadoes and more than 9 inches of rain Wednesday, the National Weather Service reports. The unusual weather system also damaged crops and caused flooding that affected roads and breached basements.
The National Weather Service is investigating damage caused by an unconfirmed number of tornadoes in Michigan Thursday. Early reports suggest that a trailer home overturned and multiple trees were knocked down.
The National Hurricane Center is monitoring three weather systems and a possible fourth as hurricane activity starts to increase across the Atlantic. Current activity suggests a busier hurricane season than usual.
Many companies have had difficulties with cybersecurity because they have under-resourced it and aren't sure where to start, says Centurylink Chief Security Officer David Mahon. Companies must map IT assets against corporate strategies as a first step to protecting against cyberthreats, Mahon says.
Employers in Pennsylvania could see a 6% hike on workers' compensation costs if the Pennsylvania Department of Insurance approves a "loss cost" increase. This would be the largest increase in rates for 25 years and would affect policies from November onward.