Insurance News: 2022 in review | Insurance Blog

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As we close to the tip of 2022, the insurance coverage business is responding to disruption throughout all traces of enterprise. From prospects involved about crypto losses to employers nonetheless assessing the dangers of COVID-19, insurers are discovering methods to supply safety.

On this remaining Insurance coverage Information Evaluation of the 12 months, Abbey Compton and I are comfortable to welcome Cindy De Armond and congratulate her on her new position as Accenture’s Insurance coverage Lead for North America. We additionally welcome again Jim Bramblet as he strikes into his new position as Accenture Monetary Companies Lead for the Midwest.

Our dialogue begins with the latest developments in crypto and the growth of cyber insurance policies that shield insurance coverage prospects from dropping their property within the metaverse. Whereas insurance coverage within the metaverse continues to evolve, we contemplate how conventional house insurance coverage can be evolving to incorporate cyber protection of non-public units.

The price of industrial property insurance coverage has elevated to replicate the surging value of building as a consequence of components like rising inflation and provide chain disruption. The affect is now reaching builders. New necessities in hurricane-prone areas like Florida are driving up builder’s risk insurance premiums.

Though the insurance coverage business now has 3 years of COVID-19 knowledge to assist inform underwriting choices, it is probably not sufficient to grasp the chance the virus continues to pose. Nonetheless, as shoppers emerged from lock-down in 2022, we noticed a serious improve in demand for live events and consider what that means for customers and insurers.



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