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Protection gaps expected to worsen across all lines of insurance business through 2030, finds Bain & Company

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Uncertainty around long-term earnings sustainability, emerging risks, and affordability / access present new challenges for insurersAI-driven industry improvements could allow revenue growth of 10-15%, operating expense savings of up to 30%, and reductions in P&C claims leakage of 30-50%

BOSTON, March 31, 2025 /PRNewswire/ — Protection gaps are expected to worsen across all lines of the insurance business through 2030 as insurers worldwide contend with rate-driven growth that is unsustainable, according to new research released today by Bain & Company.

Bain’s report, Bridging the Protection Gap: Affordability, Access, and Risk Prevention, shows the challenges facing the insurance industry in matching price-to-risk profitably. This is in part due to changing risks such as the rise in natural disasters and cyberattacks, unaffordable property premiums, and the declining relevance of life insurance— especially among younger generations. Only one-quarter to one-third of the damage from natural disasters will be covered by insurance by 2030; for mortality, it could be less than half, Bain found.

“Bolstered by unsustainable tailwinds, insurance companies find themselves at an inflection point,” said Sean O’Neill, head of Bain’s global Insurance practice. “Over the past couple of years, we’ve seen rate increases in the property and casualty sector and interest-rate–driven annuity sales in the life sector. While capital and balance sheets remain reasonably strong, several challenges have emerged, and profitability has come under pressure for many lines of the insurance business. Insurers will need to be proactive and act now if they wish to navigate these impacts.”

Investors are skeptical of many insurers’ future earnings growth potential

Investors are skeptical about US insurers’ prospects for future growth but are more bullish on life insurers in emerging markets, Bain’s report shows. Valuations of US life players include negative “white space” from long-term earnings growth, suggesting either declining profitability or hidden losses yet to emerge from today’s in-force blocks. P&C insurers face the same problem, albeit on a smaller scale, due to concerns around the sustainability of recent price increases alongside potentially increasing claims. 

Threat of emerging cyber risks spur demand for coverage

Another challenge facing insurers worldwide is the threat of rapidly increasing cyber risks in a much more digitally enabled and data-rich world. Costs from global ransomware damage are expected to climb to more than $250 billion within the next six years, and actions by individual carriers will not be sufficient to address future risks, Bain warns.

“Throughout the insurance sector, risk prevention is an increasingly critical component of strategy,” said Andrew Schwedel, partner in Bain’s Insurance practice. “Risks for catastrophic cyber events will need to be shared, and public-private partnerships will need to expand to promote prevention. Risk-sharing will also likely require additional capacity from excess and surplus carriers, reinsurers, and alternative capital providers.”

Rise of AI, rapid proliferation of unstructured data reshaping insurance landscape

Despite several challenges, insurers are also facing a rich set of opportunities, including recent technology advancements. The rapid proliferation of unstructured data and the rise of AI are reshaping the industry landscape, Bain found. Harnessing data presents insurers with a unique opportunity to enhance affordability and access. Bain anticipates that AI-driven industry improvements will allow insurers to realize a 10%–15% revenue uplift, up to 30% operating expense savings, and a 30%–50% reduction in P&C leakage (losses due to errors, inefficiencies, or fraud in claims handling).

Other topics covered in the report include how the growth of the climate solutions market is expected to impact insurance risk models, why the rise of electric and autonomous vehicles will transform the dynamics of risk and liability, and how to deal with the growing retirement income gap.

Media contacts
To arrange an interview or for any questions, please contact:
Dan Pinkney (Boston) — Email: dan.pinkney@bain.com
Gary Duncan (London) — Email: gary.duncan@bain.com
Ann Lee (Singapore) — Email: ann.lee@bain.com

About Bain & Company

Bain & Company is a global consultancy that helps the world’s most ambitious change makers define the future.

Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today’s urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry. 

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Penn Medicine, Children’s Hospital of Philadelphia team awarded Breakthrough Prize for developing gene therapy for inherited blindness

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LOS ANGELES, April 18, 2026 /PRNewswire/ — Their discovery started with a group of blind dogs living at a vet school. Now, the work has been awarded the prestigious Breakthrough Prize at the “Oscars of Science.”

Today, Jean Bennett, MD, PHD, and Albert Maguire, MD, both emeritus professors of Ophthalmology in the Perelman School of Medicine at the University of Pennsylvania, and Katherine High, MD, an emeritus professor of Pediatrics and the founding director of the Raymond G. Perelman Center for Cellular and Molecular Therapeutics at Children’s Hospital of Philadelphia (CHOP), received the Breakthrough Prize in Life Sciences for their work in developing the first FDA-approved gene therapy for an inherited condition, which dramatically improves sight in people with a form of blindness called Leber Congenital Amaurosis (LCA).

Their work blazed a trail for the more than 140 gene therapy trials for retinal conditions, including macular degeneration and diabetic retinopathy, diseases that collectively impact about 30 million people in the US. Eighty more trials are currently underway.

“Even 20 years ago, treating people with gene therapy was seen by some as an impossibility,” said Jonathan Epstein, MD, dean of the Perelman School of Medicine and executive vice president of the University of Pennsylvania for the Health System. “But this group of incredible physician-scientists persisted and created something that is providing sight to people who would have been completely blind as early as kindergarten. Their belief in the power of life-changing science has led to breathtaking results and richly deserved global recognition.”

The Breakthrough Prizes are called the “Oscars of Science” for their high-profile celebration of research and support from celebrities spanning numerous areas of pop culture. Created in 2012 by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Yuri and Julia Milner, and Anne Wojcicki, the prizes are given out in five categories including Life Sciences, Fundamental Physics, and Math, each with an accompanying $3 million award.

This year’s accolade now means that nine Penn-affiliated researchers have received the Breakthrough Prize, tied for the most with Harvard University. The prior Penn Medicine award winners are Carl June, PhD (2024), Drew Weissman, MD, PhD, and Katalin Karikó, PhD (2022), and Virginia M.Y. Lee, PhD (2019). Additionally, Penn faculty members Charles Kane, PhD, and Eugene Mele, PhD, won the prize for Physics in 2019. Mathew Madhavacheril, PhD, an assistant professor of Physics and Astronomy in Penn’s School of Arts & Sciences, also received recognition at this year’s Breakthrough Prize ceremony when he was honored with the New Horizons in Physics award, given to researchers early in their careers.

“Science is rarely a straight path, and those who make the most profound discoveries are resilient and persistent, overcoming obstacles along the way,” said J. Larry Jameson, MD, PhD, president of the University of Pennsylvania. “That is exactly what I see in this year’s awardees, and it has been true of all our remarkable faculty who have been recognized for scientific breakthroughs. Whether they are discovering what lies beneath Alzheimer’s Disease, curing cancer by engineering a patients’ own immune cells, or reversing blindness—they have persisted with imagination and rigor. Their steadfastness has pushed the boundaries of what medicine can achieve.”

“Developing cell and gene therapies has long been a top priority for our organization,” said Madeline Bell, CHOP’s CEO. “This breakthrough is the result of decades of investment and collaboration, and reflects our commitment to translating scientific discoveries into therapies that will transform patients’ lives. It has paved the way for many more cell and gene therapy innovations and has given hope to families around the world.”

“They can see!”

Bennett and Maguire met and married during medical school in the 1980s. It was then that they both became intrigued by the concept of genetic therapy, the practice of replacing a mutated or faulty gene with a functional copy, and started dreaming of treating inherited forms of blindness with the technique, which at that time remained the stuff of science fiction.

It was “like thinking you wanted to go to the moon in 1950,” Maguire said many years later.

Both Bennett and Maguire joined Penn’s Scheie Eye Institute in the 1990s and began working on their ideas with lab mice. They learned that the University of Pennsylvania School of Veterinary Medicine housed a group of blind dogs who had a condition similar to the human disease: Leber congenital amaurosis (LCA). People born with a mutation on the RPE65 gene have poor vision starting at birth and often progress rapidly to complete blindness, usually by their 20s, but sometimes in early childhood.

The pair developed a therapy that used a virus as a transport, carrying a piece of DNA into cells that would then correct the faulty, blindness-causing proteins formed by the bad gene. The idea: Once the proteins were set right, some sight might return. First, they tested the therapy by injecting it into a single eye in each of three dogs.

It wasn’t long until they knew whether it worked. Bennett recalls receiving an excited phone call from a technician at the lab, who exclaimed, “They can see!”

Sure enough, the dogs were twirling around, using their treated eyes to see. Before treatment, the dogs had bumped and tripped through an obstacle course set up to test their sight. After the full treatment, the course was an easy task for the dogs.

A knock on the door

In parallel with Bennett and Maguire’s dreams of gene therapy, High was also working to bring the field forward. Like Bennett and Maguire, she had achieved long-term reversal of a serious genetic disease in a dog model: In her case, for hemophilia, a life-threatening bleeding disorder. High had advanced these studies from success in dogs to initial clinical trials in humans, delivering the donated gene into skeletal muscle and the liver.

The work was promising, but the human immune response to the gene delivery vessel—which was derived from a virus in the same way Bennett and Maguire’s therapy was—prevented sustained benefits from the therapeutic gene. At the same time, companies and investors, discouraged by high profile negative events, began to turn away from gene therapy. Progress stalled. 

But with support from CHOP, High founded the Raymond G. Perelman Center for Cellular and Molecular Therapeutics (CCMT) in 2004. She recruited experts in all aspects of clinical gene therapy, including specialized knowledge in the manufacturing and release of gene therapy vectors, which are the particles that deliver a healthy copy of a defective gene to patients.

After vector production was set up at CHOP, High went to Bennett’s office and knocked on the door with a proposition to start a clinical trial in humans. In 2007, Maguire, who was then a surgeon in Pediatric Ophthalmology at CHOP, administered an injection of the experimental therapy at CHOP into a clinical trial participant – a 26-year-old woman—for the first time. Her twin, with the same condition, received the treatment shortly after.

When the team assessed the treatment of the 37 eligible participants from the original clinical trials, 72 percent reported the maximum possible improvement in a test of low-light conditions, which simulates night vision. Amid these, many reported improved peripheral and central vision, too. One patient, who could only detect changes in light, was suddenly able to navigate walking through Philadelphia at night, unaided, and could make out the clock on City Hall. Another patient was able to see a star for the first time in her life just six days after the procedure.

In 2017, the therapy—by then manufactured by Spark Therapeutics, a spinout from CHOP, and called Luxturna—received approval by the U.S. Food and Drug Administration. It became the first FDA approval of a genetic therapy for an inherited disease. Today, hundreds of people around the world have successfully received the treatment.

A celebration of decades of work

Today’s celebration in Los Angeles marks a celebratory milestone in roughly 40 years of work led by Bennett, Maguire, and High that has inspired others in the now vibrant field of gene therapy. In fact, a treatment stemming from High’s original work with hemophilia received FDA approval in 2024.

“We always just did what we thought you were supposed to do if you were a doctor: Find treatments for diseases,” said Maguire. “Both my father and Jean’s worked in science, and it seemed normal to try to push the envelope.”

“I think the only surprise for us was that things worked out so well,” Bennett said. “For every success, there are usually so many failures. That’s just the nature of science. But our team hit on something that has helped so many people and helped progress the field, and we’re really grateful for our part in that.”

High described the journey between the start of her collaboration with Bennett and Maguire in 2005 and the FDA approval in 2017 as “an arduous one.”

“At times, it seemed that the number of obstacles we needed to overcome to reach regulatory approval was never-ending,” High said. “Working without the benefit of the guidelines and precedents we now have today, we sought to solve each day’s problems so that the program would have a tomorrow. It was a bold and uncertain investment of time, effort, and resources. Few were willing to take on the risks, but it ultimately paid off, and it helped build the foundation of modern gene therapy.”

About Penn Medicine:
Penn Medicine is one of the world’s leading academic medical centers, dedicated to the related missions of medical education, biomedical research, excellence in patient care, and community service.

The organization consists of the University of Pennsylvania Health System and Penn’s Raymond and Ruth Perelman School of Medicine, founded in 1765 as the nation’s first medical school.

The Perelman School of Medicine is consistently among the nation’s top recipients of funding from the National Institutes of Health, with more than $588 million awarded in the 2024 fiscal year. Home to a proud history of “firsts,” Penn Medicine teams have pioneered discoveries that have shaped modern medicine, including CAR T cell therapy for cancer and the Nobel Prize-winning mRNA technology used in COVID-19 vaccines.

The University of Pennsylvania Health System cares for patients in facilities and their homes stretching from the Susquehanna River in Pennsylvania to the New Jersey shore. UPHS facilities include the Hospital of the University of Pennsylvania, Penn Presbyterian Medical Center, Chester County Hospital, Doylestown Health, Lancaster General Health, Princeton Health, and Pennsylvania Hospital—the nation’s first hospital, chartered in 1751. Additional facilities and enterprises include Penn Medicine at Home, GSPP Rehabilitation, Lancaster Behavioral Health Hospital, and Princeton House Behavioral Health, among others.

Penn Medicine is a $13.7 billion enterprise powered by more than 50,000 talented faculty and staff.

About Children’s Hospital of Philadelphia:
A non-profit, charitable organization, Children’s Hospital of Philadelphia was founded in 1855 as the nation’s first pediatric hospital. Through its long-standing commitment to providing exceptional patient care, training new generations of pediatric healthcare professionals, and pioneering major research initiatives, the hospital has fostered many discoveries that have benefited children worldwide. Its pediatric research program is among the largest in the country. The institution has a well-established history of providing advanced pediatric care close to home through its CHOP Care Network, which includes more than 50 primary care practices, specialty care and surgical centers, urgent care centers, and community hospital alliances throughout Pennsylvania and New Jersey. CHOP also operates the Middleman Family Pavilion and its dedicated pediatric emergency department in King of Prussia, the Behavioral Health and Crisis Center (including a 24/7 Crisis Response Center) and the Center for Advanced Behavioral Healthcare, a mental health outpatient facility. Its unique family-centered care and public service programs have brought Children’s Hospital of Philadelphia recognition as a leading advocate for children and adolescents. For more information, visit www.chop.edu. 

Media Contacts:

CHOP PR Contact:
Ashley Moore
Moorea1@chop.edu
267-426-6071

Penn Medicine PR Contact:
Frank Otto
Frank.Otto@pennmedicine.upenn.edu
267-693-2999

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SOURCE Children’s Hospital of Philadelphia

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Haloid Solutions Expands Access to Radio Equipment by Offering Flexible Financing and Leasing Solutions Named HaloidFLEX

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NEW YORK, April 18, 2026 /PRNewswire/ — As part of Haloid Solutions’ long-term commitment to helping businesses and municipalities acquire critical communications equipment despite budgetary constraints, Haloid now offers specialized financing and leasing programs through its HaloidFLEX program.

Designed to ensure that companies and governments have the equipment they need without costly capital expenditures outlays, HaloidFLEX offers financing for equipment purchased directly from manufacturers or local radio dealers. HaloidFLEX financing offers zero percent and low-interest options as well as predictable monthly payments for qualified buyers. HaloidFLEX clients can even opt to incorporate extended support services and protections into their financing to prepare for accidents, theft, or equipment losses. This gives companies peace of mind with one low monthly payment.

For organizations that don’t want or need to own equipment long-term, the HaloidFLEX leasing program offers similar benefits with potential tax advantages. Companies can lease brand new equipment and upgrade or return it at lease-end as needed. For companies seeking flexible options – or those that are interested in upgrading to the latest technology as it becomes available – leasing makes perfect sense.

One of the added benefits of each program is that HaloidFLEX allows clients to bundle services and protections that would normally be billed separately. Accidental damage, theft, and loss protections can be put in place, so that there’s never a lapse in communication if a radio fails. Extended warranties are also available upon request, so companies can customize their financing and protection to fit their budget and safeguard their equipment simultaneously.

According to a Haloid Solutions spokesperson, “Bundling expenses simply makes sense. It reduces the need for multiple policies and flexes with organizations to ensure critical communication equipment is available when needed while guaranteeing that the company’s investment is protected for the life of the equipment.”

HaloidFLEX financing and leasing programs are available to qualified businesses and municipalities nationwide. To learn more or request a customized quote, visit HaloidSolutions.com.

About Haloid Solutions

Haloid Solutions is the go-to resource for U.S. businesses and municipalities in search of financing and leasing for two-way radios, walkie talkies, communications equipment, accessories, and services. Focused on reliability, affordability, and performance, Haloid strives to equip professionals in all communication-based industries with the resources they need most.

For more information about Haloid Solutions, or details about the HaloidFLEX financing or leasing programs, please visit  https://haloidsolutions.com/collections/lmr-radio-financing-and-leasing-and-subscription-low-cost-payment-options-for-2-way-radio-equipment or contact us on our website.

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CAS Holdings Appoints Patrick McDermott as Chief Executive Officer

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Leadership Transition Positions CAS Holdings for Continued Growth and Customer-Focused Innovation

FRANKLIN, Mass., April 18, 2026 /PRNewswire/ — CAS Holdings, a leader in industrial automation distribution, engineering, and integration, is pleased to announce that Patrick McDermott has been named Chief Executive Officer.

McDermott previously served as President and Chief Revenue Officer, where he played a key role in driving growth across the organization, strengthening customer relationships, and leading teams with a clear focus on execution and results.

In his new role as CEO, McDermott will lead CAS Holdings into its next phase of growth, building on the company’s strong foundation and continued commitment to delivering value to customers, partners, and employees.

“I’m honored to step into the role of CEO at CAS Holdings,” said McDermott. “Over the past year, I’ve had the opportunity to work alongside an incredible team, support our customers, and help drive the growth of our organization. I’m excited to build on that momentum as we move into our next chapter.”

CAS Holdings, through its divisions including iAutomation and RND Automation, delivers a full spectrum of industrial automation solutions – from product distribution and technical support to custom machine building and system integration. Serving OEM machine builders and end-users, the company brings deep expertise in motion control, robotics, and vision, along with value-added capabilities such as kitting, sub-assembly, panel building, and turnkey automation systems, acting as an extension of its customers’ engineering and production teams.

McDermott’s leadership will focus on advancing CAS Holdings’ strategic initiatives, strengthening its market position, and continuing to deliver innovative automation solutions that support customers across a wide range of industries.

“We have a strong foundation, a talented team, and a clear direction. I’m looking forward to what we’ll accomplish together,” McDermott said. “Our focus remains on supporting our customers with responsive, local expertise, strong supplier partnerships, and the engineering and production capabilities they rely on to keep their operations running and growing.”

About Complete Automation Solutions Holdings

Complete Automation Solutions Holdings (CAS Holdings) is dedicated to empowering industrial automation companies, including those in the packaging industry, to achieve optimal efficiency and success. With a diverse portfolio encompassing industrial distribution, panel building and assembly, system integration, and robotics, CAS Holdings provides comprehensive packaging machines and solutions tailored to meet industry needs. The company prioritizes strong partnerships, expert engineering, and innovative solutions, ensuring sustainable practices and continuous improvement. CAS Holdings envisions a future where its transformative automation solutions redefine industry standards and drive growth. Committed to transparency and collaboration, CAS Holdings aims to be the most trusted partner in the automation sector.

Press Contact:

Erika Jacques
508-838-8012
http://www.iautomation.com/

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SOURCE CAS Holdings, Inc.

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