Marsh News

Marsh: Transactional Risk Insurance ‘Remained Resilient’ in 2023

Despite a drop in the total number of global mergers and acquisitions, demand for transactional risk insurance “remained resilient” in 2023, Marsh announced in its annual transactional risk report. Data from the Institute for Mergers, Acquisitions & Alliances showed 39,603 …

Marsh Specialty: 2024 Elections to Direct Global Course for Next Decade-Plus

More than 60 elections will be held worldwide in 2024, and the outcomes will likely affect international relationships, drive policy uncertainty and disrupt markets, Marsh Specialty leaders said in a new political risk report. “The outcomes of the elections taking …

Marsh: US Commercial Lines Rates Up 3% in Q4 2023

Broker Marsh said the composite rate change at renewal for U.S. commercial lines was up 3% in the fourth quarter 2023, led by an 11% increase in property rates. The Marsh Global Insurance Market Index said it was the 25th …

Ukraine in Talks With Insurers to Start Program to Cover Ships Hauling Grain Exports

Ukraine’s government is in talks with insurers to start a new program to cover ships hauling grain through some of the riskiest parts of the Black Sea. The service could start as soon as early September, though a precise framework …

As Ida-Hit Port Fourchon Rebuilds, Disappearing Wetlands Threaten its Future

PORT FOURCHON, Louisiana — On Louisiana’s south coast, in a key port servicing the U.S. offshore oil industry, a huge shipyard sits idle and in tatters. Where parts of the nine-bay terminal’s roof once hung, only a tangle of twisted …

Material, Labor Price Hikes Driving Increases in Claim Costs

The COVID-19 pandemic is causing a sharp increase in the price of materials and labor and driving increases in property claim costs, experts said during a webinar hosted by ATI Restoration on Tuesday. “We’ve never seen lumber move this drastically …

Insurers Are Rethinking How They Cover Hacks With Cyberattacks on the Rise

The hacks came one right after another, sowing chaos at hospitals, idling America’s biggest gasoline pipeline, crippling a huge meat supplier and devastating hundreds of companies over the July 4 weekend. Now, insurers are reassessing the cyber business. With cyberattacks …

Louisiana Coast Still Hurting From Storms, Bracing for More

CAMERON, La. (AP) — Scores of people in coastal Louisiana are still living in campers on dirt mounds or next to cement slabs where their houses once stood. Unresolved insurance claims and a shortage of supply and labor are stymieing …

Insurers, Drugmakers Sail into Unknown With Covid Vaccine Rollout

LONDON — Speedy global delivery of COVID-19 vaccines by air and sea in ultra cold conditions will lead to a jump in cargo insurance rates and spur demand for new areas of coverage, leaving underwriters on high alert. Pharmaceutical companies …

NCCI Says 2% of COVID-19 Work Comp Claims May Result in Permanent Disability

If COVID-19 behaves like other workers’ compensation lung and disease claims, about two out of 100 cases may result in some degree of permanent partial disability and one out of 2,000 may result in permanent total disability, according to a …