With both public and private sector organizations reeling in the wake of the hacking of VeriSign and other security companies, risk managers are more aware than ever of cyber risk and the need for best practices in managing it, according to the Risk and Insurance Management Society.

Catastrophe losses in 2011 led to the U.S. property and casualty industrys largest underwriting loss since 2002, and while 2012 should see a modest improvement in pricing, a true hard market is likely at least a year or two away, according to A.M. Best.

Over $3 billion in losses for the mining-insurance industry has resulted in the loss of 30 percent of insurance capacity, says a report from Willis Group Holdings plc.

The property and casualty insurance industry is supporting legislation that would alter patent law to allow for use of parts not made by the manufacturer in repairing damaged vehicles.