Tag: regulatory landscape

Addressing the Skills Gap in Cyber Risk: How Insurers & Brokers Can Bridge the Divide

David Derigiotis
Cyber risk

Cyber technology may be soaring, but with innovation comes vulnerability. With threats evolving in tandem with new technology, insurers and brokers increasingly need specialized knowledge in assessing and managing cyber risk. Acquiring this knowledge may sound easier in theory than reality. One of, if not the biggest, hurdle to overcome is bridging the significant skills gap in cybersecurity expertise. Across the insurance industry, this gap has led to challenges in effectively underwriting and communicating cyber risks for insurers. For brokers, this gap is both a challenge and an opportunity. By…

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Singapore’s Bold Move: Blocking Allianz’s $1.7 Billion Insurance Deal

Logan B.
Singapore Blocks Allianz

Singapore Blocks Allianz’s Proposed Acquisition of Income Insurance In a decisive move, the Singapore government has blocked Allianz SE’s proposed acquisition of a majority stake in Income Insurance Ltd., a deal valued at S$2.2 billion ($1.7 billion US). The decision comes after a public backlash and concerns over Income’s ability to continue fulfilling its social mission as a co-operative post-acquisition. Government Concerns Minister of Culture, Community and Youth, Edwin Tong, addressed parliament, stating that the transaction as it stands is not “in the public interest.” The acquisition would shift Income’s…

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Allstate’s National General Accused of Forcing Unnecessary Insurance on 2 Million Cars

Logan B.
auto insurance lawsuit

The U.S. Department of Justice (DOJ) has filed a civil lawsuit against Allstate-owned National General, accusing the auto insurance brand of defrauding customers by force-placing unnecessary Collateral Protection Insurance (CPI) on vehicles financed by Wells Fargo. This lawsuit, filed in the U.S. District Court for the Western District of Pennsylvania, addresses fraudulent activities that allegedly occurred between October 2005 and September 2016. Allstate’s National General and The Forced Placed Insurance Allegations The DOJ claims that National General, which was acquired by Allstate in early 2021, imposed CPI on borrowers who…

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