Beacon Intl Group

❗️Nominations Open❗️ The Business Insurance Break Out Awards program recognizes outstanding professionals positioned to become future leaders in the #riskmanagement and property/casualty #insurance sectors. While there is no age limit, nominees must have worked in the industry for no more than 15 years. Nominees will have already established themselves in their careers and will be on a leadership trajectory. Nominate someone today at: https://bit.ly/3ZGOBuy #BI_BreakOut

❗Take advantage of an exclusive print and digital opportunity❗ Promote Your Business on WorkCompCentral's 2025 California Workers’ Compensation Flowchart Learn more on how to contact here: https://lnkd.in/gmzftzt8

❗ Pool Re to put systemic cyber pool proposal to UK government ❗ 💬 “We need to ask why are we waiting for market failure to happen before we try to do something about it. Why are these pools plan B? We need to start saying they should be plan A.” — Chris Yeates , senior strategy advisor at Pool Re. 📰 "Pool Re is to present proposals for a systemic #cyberinsurance pool to the new UK government in the next few months, according to Chris Yeates, senior strategy advisor at the UK terrorism reinsurer. The update on plans for a UK #cyber backstop was part of a panel debate at the Ferma Forum, in which participants discussed the wider need for government intervention in the cyber insurance market to cover systemic risks and boost penetration levels, which are particularly low among small companies. According to Yeates, Pool Re started covering limited #cyberterrorism risk in 2018 and has since been in discussions with the market on potential public private partnership (PPP) solutions to cover systemic risks. Last year, Pool Re published a study to understand the drivers of cyber under-insurance among both large corporates and SMEs in the UK. Large corporates face challenges buying adequate limits and exclusions for some of the risks they are most concerned about, such as state-sponsored activity and critical infrastructure, said Yeates." ❓ How can the #insurance industry proactively implement cyber risk solutions without waiting for a large-scale market failure? Read the full article at Commercial Risk: https://lnkd.in/gQ95CUrJ

❗ Less than one month away❗ ♦️ The Business Insurance Women to Watch Awards & Leadership Conference is right around the corner, and it's the only program that celebrates outstanding women across all areas of the commercial insurance industry. From #commercialinsurance and #riskmanagement to consulting and law, this recognition program has been growing since its start in 2006, transforming into an educational initiative focused on the advancement of women in this field. This year's event includes a professional development #conference and the awards ceremony, with guidance from an Advisory Board of past honorees, diversity experts, and insurance industry leaders. ⭐ Register and learn more today: https://bit.ly/4dbG1rD #BI_WomentoWatch

🚗 The #automotive and #insurance sectors are transforming at lightning speed, with innovation driven by operational efficiency, advanced technologies, customer profiling, and partnerships. Key challenges remain, from regulatory demands to balancing competition and customer protection. This upcoming conference by Insurance Connect s.r.l. will dive into: • Market and premium trends • Competitive strategies • Insurance reform opportunities • The role of #data, #riskmanagement, and customer experience • Anti-fraud initiatives and #claimsmanagement Book your spot to explore how these factors are shaping the future of #autoinsurance 👉 https://lnkd.in/gk54Up9X

♦️The Business Insurance Interview ♦️ Fred Karlinsky, shareholder at Greenberg Traurig, LLP, notes that #Florida's insurance market was stable before #HurricaneHelene and #HurricaneMilton, urging policyholders to review their coverage for future protection. Watch the full interview today: https://lnkd.in/giUkg728

❗ Hurricane Milton losses in upper half of $30bn-$60bn estimate❗ 💬 “Primary insurers should be prepared for the potential movement in reinsurance prices, especially in the market for US property catastrophe reinsurance, and be prudent in managing their capital, especially if they decide to retain more risk as a response to the higher costs of reinsurance,” Morningstar DBRS said. 📰 "Insured losses from Hurricane Milton are expected to fall in the upper half of Morningstar DBRS’s estimated range of $30bn-$60bn, the analyst said, sending reinsurance prices upwards again and adding to already-high primary rates. Steve Liu, assistant vice-president of global insurance & pension ratings at Morningstar DBRS, said: 'After two back-to-back hurricanes that occurred in Florida within two weeks of each other, stabilisation in reinsurance prices during the mid-year renewals is likely to reverse, with reinsurance prices expected to continue their upward trajectory.' The analyst said a loss in the upper half of its range would be “bad news for households and businesses relying on property insurance for protection from severe weather as those prices have nowhere to go but up”. Morningstar DBRS said although the worst-case scenario for a direct hit on Tampa Bay was avoided, Hurricane Milton is still expected to be among the top five costliest natural catastrophes in the US, comparable with losses from Hurricane Ian in 2022 at $56bn. Based on expectations that insured losses will approach $60bn, Morningstar DBRS said $10bn of the loss is anticipated to be flood related, with the estimate including losses covered by the National Flooding Insurance Program. It further estimated that economic damage from the storm could near $100bn, with the hurricane affecting areas with high reconstruction costs..." ❓ How can insurers handle rising reinsurance costs while keeping coverage affordable for people in high-risk areas? Read the full article here: https://lnkd.in/g4njeiSF

♦️ Join Commercial Risk's first-ever Global Programmes #Asia conference! This event provides a comprehensive platform to enhance the knowledge and effectiveness of #risk and #insurance managers in the evolving global landscape, with a focus on the Asian market. Key features include: - Keynote address: Lessons learned on supply chain risks, flexible work, digitalisation, and more. - Asia tax update: Stay informed on tax changes and compliance. - Value for money: Strategies to secure the best insurance deals. - Networking: 4+ hours to connect with peers and industry experts. Equip yourself with essential tools to optimize #globalinsurance programmes during challenging times and register today: https://lnkd.in/dzsNzxEs

❗ Milton could cost insurers $60 billion, raise reinsurance rates: RBC❗ 💬 "Better reinsurance contract terms, broader earnings diversification and bigger reserve buffers should put the sector in better stead than before." — RBC Analysts 📰 "(Reuters) — #HurricaneMilton could result in a $60 billion loss for the global #insurance industry, creating a surge in 2025 #reinsurance prices which could boost some insurance companies’ shares, analysts at RBC Capital said. The Category 5 #hurricane is due to make landfall on the Gulf Coast of #Florida late Wednesday or early Thursday and is potentially one of the most destructive ever to hit the region, which is still recovering from devastation caused by #HurricaneHelene less than two weeks ago. More than 1 million people in coastal areas are under evacuation orders. A $60 billion loss would be similar to losses from Hurricane Ian, which hit Florida in 2022, the RBC analysts said Wednesday, adding that this estimate for Milton should be 'very manageable' for the insurance sector. kIan resulted in the second largest insured loss from a hurricane, following #HurricaneKatrina in 2005, according to the Swiss Re Institute, which provides research on insurance. Insurers and reinsurers have responded to rising losses from natural catastrophes in the past few years by raising rates and excluding higher-risk business..." ❓ How can the insurance industry strengthen its resilience to withstand increasingly frequent high-loss events like Hurricane Milton? Read the full article at Business Insurance : https://lnkd.in/gyvUwF76

🏆 These #awards, founded by FERMA | Federation of European Risk Management Associations & Commercial Risk honor individuals & organizations who raise awareness and elevate the role of #risk managers. ⭐Categories include: - Excellence in #RiskManagement - Training & Education Excellence - Industry Excellence Join them November 19th in London to celebrate the journey of these leaders as they continue to shape the future of this vital field: https://lnkd.in/g74S447A