OnStar Insurance to Rebrand as General Motors Insurance  January 18th 2024

The World Economic Forum at Davos 2024 | McKinsey & Company

McKinsey is a strategic partner to the World Economic Forum (WEF). Read our latest insights around the key topics discussed at the Davos 2024 conference.

Every year, the World Economic Forum Annual Meeting brings together top decision-makers from government, business, and civil society to address major global issues and priorities for the year ahead. At the Annual Meeting 2024, taking place in Davos, Switzerland from January 15 to January 19, more than 300 public figures, including more than 60 heads of state and government, will focus on rebuilding trust amid uncertainty and rapid change, centered around the following areas:

• achieving security and cooperation in a fractured world
• creating growth and jobs for a new era
• artificial intelligence as a driving force for the economy and society
• a long-term strategy for climate, nature and energy

READ COMPLETE OVERVIEW HERE

Secondary Perils Drive Global Insured Losses to Estimated $123B in 2023

Non-peak (secondary) perils and record-setting weather and climate events drove global insured losses from natural catastrophes to an estimated $123 billion in 2023, the fourth consecutive year to exceed $100 billion, according to Gallagher Re’s annual Natural Catastrophe and Climate Report.

The report said that six of the top 10 costliest insured events were severe convective storms (SCS) – or those secondary perils — in the United States.

Of the total estimated insured losses, private insurers covered $110 billion while public insurance entities covered $13 billion.

The global economic cost of all natural perils was estimated at $357 billion – the eighth consecutive year when global losses surpassed $300 billion, Gallagher Re said.

Insured Price Tag for Natural Disasters Was $95B in 2023 With Economic Cost of $250B

When looking solely at climate and weather events, which excludes losses from earthquakes and other non-atmospheric-driven events, insured losses were estimated at $116 billion, while economic costs reached an estimated $301 billion. (Overall economic losses include insured losses).

California Department of Insurance Approves Verisk's ISO Wildfire Mitigation Filings for Homeowners, Dwelling, Commercial Property, Commercial Inland Marine and Businessowners Programs

Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, today announced that the California Department of Insurance (CDI) has approved its ISO wildfire mitigation filings for homeowners, dwelling, commercial property, commercial inland marine and businessowners programs.

This critical filing enables insurers to incorporate and reflect specific wildfire mitigation discounts in their rating plans, as mandated by a CDI regulation implemented last year.

Verisk has been engaging with CDI to assist insurers in responding to the mitigation regulation and navigating the changing environmental landscape. As the climate science progresses and more insurance industry data becomes available, Verisk will continue to assess the impact of mitigation for insurers. This proactive approach has positioned Verisk as an industry leader, being among the first to have its filings approved.

"As the insurance industry evolves and its understanding of the complexities of wildfire exposure grows, Verisk remains committed to supporting insurers in their efforts to provide robust coverage options to policyholders, and our actions to support the ISO filings with the California Department of Insurance demonstrates this dedication," said Ron Beiderman, senior vice president of Core Lines Services Product at Verisk.

"By gaining approval for our ISO wildfire mitigation filings, we are empowering insurers to effectively assess and manage risks associated with wildfires, ultimately benefiting both insurers and policyholders."