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Weekly News Roundup, December 1

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In this week's news will talk about Aerospace insurance to reach new heights in next few years, Cyberattack paralyzes Fidelity National Financial and much more...

Sustainable energy firms' urgent call to insurers: Collaborate on decarbonization

The sustainable energy industry has called on insurers and reinsurers to collaborate as the global decarbonization movement accelerates in the coming decades.

At the Geneva Association 50 Summit in Zurich, leaders of sustainable energy development firms highlighted the insurance industry’s role as risk managers and investors in the large-scale deployment of green technology.

“I can’t imagine a global decarbonization effort that succeeds without an immense role and immense function across the insurance space,” said Tyson White, director of Breakthrough Energy.

Founded by Bill Gates in 2015, Breakthrough Energy is a group of organizations aiming to accelerate innovation in sustainable energy and other technologies to reduce greenhouse gas emissions.

Aerospace insurance to reach new heights in next few years

The aerospace insurance market is poised for growth, with an expected increase of US$763.67 million from 2022 to 2027. During this forecast period, the market is projected to advance at a compound annual growth rate (CAGR) of 4.36%.
A new report from Technavio revealed that this market is categorised by end-user segments including service providers, airport operators, and others, and by types such as in-flight insurance, public liability insurance, passenger liability insurance, and more. Geographically, the market spans across regions like Europe, North America, Asia-Pacific, the Middle East and Africa, and South America.

Key players in the market include Ace Aviation, Allianz SE, American Financial Group, AIG, Aon, Arthur J. Gallagher and Co., Avion Insurance Agency, AXA Group, Berkshire Hathaway, BWI Aviation Insurance Agency, Chubb, Global Aerospace Underwriting Managers, Hallmark Financial Services, London Aviation Underwriters, Marsh and McLennan Companies, Munich Reinsurance, Starr International, Tokio Marine Holdings, Wells Fargo and Co., and WTW.

The market is also characterized by its fragmented nature, and it is anticipated to observe a 4.1% year-over-year growth in 2023.

Cyberattack paralyzes Fidelity National Financial

A cyberattack has brought down the systems of Fidelity National Financial (FNF), causing service disruptions since last week.

The company, which is billed as the largest title insurance provider in North America, confirmed in a statement that the attack has “impacted certain FNF systems,” including its title-related services, mortgage transaction services, and the technology it provides to the real estate and mortgage industries.

A report filed with the Securities and Exchange Commission (SEC) also confirmed that FNF has tapped “leading experts” to investigate the incident.

“Based on our investigation to date, FNF has determined that an unauthorized third party accessed certain FNF systems and acquired certain credentials,” the company’s SEC filing stated.

Lemonade announces new board members

Digital insurance company Lemonade has announced the appointment of two new members to its board of directors.

Deb Schwartz and Dr. Samer Haj-Yehia will join the insurtech’s board effective immediately. They will succeed departing directors Irina Movoselsky and Silvija Martincevic, who have both accepted CEO roles at other companies.

Schwartz currently serves as chief financial officer of healthcare data technology firm H1. She previously served as CFO at Cameo and Bustle Digital Group. Prior to these positions, Schwartz spent more than 10 years as an equity analyst at Goldman Sachs and Credit Suisse. She holds an MBA from Harvard University and a bachelor’s degree from the University of Pennsylvania.

7 Insurance Stocks to Buy for Income

Generally, rising interest rates are a burden for consumers and businesses. They raise borrowing costs, making big-ticket purchases more expensive and therefore less attractive. But one interesting characteristic of higher interest rates is that companies with large corporate treasuries can generate decent returns just by having their cash in short-term, low-risk investments.

One industry that typically has a bigger cash hoard than most is the insurance industry. That's because insurance stocks take millions in premiums from customers, then sit on it until the benefits need to be paid. In the interim, they put that money to work in interest-bearing assets – and right now, that is quite lucrative.