This insurance line is set to hit $40.5 billion
The demand for professional liability insurance is set to hit $40.5 billion by 2019 according to new analysis from market consultancy Finaccord.
The report shows that the US was the main driver of professional liability insurance in 2015, accounting for 53.4 per cent of the $36.2 billion global market.
Medical malpractice was the largest single professional category buying the coverage ($17.9 billion).
Finaccord forecasts that the global market’s growth is likely to be higher in less developed markets but there is also growth expected from fast-growing sectors.
“It is generally likely that growth will be more rapid in segments in which the number of insurable entities is rising quickly and for which purchase of insurance for professional risks has historically not been viewed as essential, especially among smaller enterprises and individuals. Examples of such segments are IT, business consulting and healthcare-related services,” commented Claire Michaud, Finaccord consultant.
Sun Life expands in Asia
Sun Life Financial is to expand its operations in Asia with the acquisition of FWD Hong Kong’s pensions business, Reuters reports.
It’s the latest addition in the region to the Toronto-based firm’s business, reflecting the growth possibilities in Asia with its growing middle-class.
No details of the transaction have been revealed.
Canadian insurance wholesaler acquired by Totten
Totten Insurance Group has acquired the shares of Canadian Resources Insurance Solutions for an undisclosed sum.
Totten, a leading national managing general agency, says that the deal is a strategic acquisition which expands the firm’s footprint in Canada and also grows the national coverage for CRIS’ specialty offerings.
“The synergies created by this partnership will add significant value to our broker partners and further enhance Totten’s focus on specialty underwriting across Canada,” said Susan Murphy, President, Totten.
CRIS president Rob Strain will join Totten reporting to Murphy.
2 million US homes at risk from rising oceans
Just under 2 per cent of US housing stock, nearly 2 million homes, could be destroyed by rising sea-levels according to analysis by real estate marketplace Zillow.
Based on new research published in the journal Nature which predicts sea levels rising 6 feet by 2100, Zillow’s report suggests that more than half of the homes lost would be in Florida where 1 in 8 homes would be lost.
Among coastal states, Pennsylvania, Oregon and California have the lowest share of homes at risk of being underwater.
