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Lloyd’s eyes “terrific” growth prospects in India market
25th January 2018
Speaking to the India Economic Times Lloyd's Chief Executive Officer (CEO) Inga Beale called India "a fantastic opportunity" with "terrific" growth prospects, as Lloyd's looks to expand local syndicates and increase its current $220 million annual India market revenue. "Whether the growth in insurance line is driven by government action or ... Read the full article
PCS launches Global Terror loss aggregation service
24th January 2018
In response to significant and growing demand from the global insurance and reinsurance market for a third-party view of industry loss estimates for terror events, Property Claim Services (PCS) has launched its latest solution outside of the property catastrophe space, PCS Global Terror. The new loss aggregation service for worldwide terror events ... Read the full article
Ascent Underwriting launches liability cover for healthcare professionals
24th January 2018
Managing general agent Ascent Underwriting has announced the launch of a professional liability product for allied health practitioners and facilities in the U.S. Ascent’s Allied Health product combines comprehensive cyber cover, Regulatory Billings coverage and medical liability insurance for healthcare professionals under a single policy. Gareth Tungatt, Chief Underwriting officer at Ascent, ... Read the full article
Cloud service provider failure could cost $15bn, says Lloyd’s
23rd January 2018
A new report from the Lloyd's of London insurance and reinsurance market in collaboration with catastrophe risk modeller, AIR Worldwide, reveals that businesses in the U.S. could lose as much as $15 billion were a leading cloud service provider to experience a downtime of at least three days. The new report, ... Read the full article
IRDAI to finalise re/insurance regulatory framework by February
22nd January 2018
The revised Insurance Regulatory and Development Authority of India (IRDAI) re/insurance regulatory framework will be revealed by the end of February 2018, after regulators finalise any adjustments based on stakeholders' feedback. Moneycontrol reported that IRDAI Chairman TS Vijayan said regulators are "looking at the stakeholders’ responses." He added "there could be some ... Read the full article
LMA’s Worldwide Property Panel appoints Markel’s Dean Pitts as Chairman
18th January 2018
The Lloyd's Market Association's (LMA) Worldwide Property Panel has named Dean Pitts, Managing Director - Property Open Market at Markel, as its new Chairman, replacing the outgoing Nick Jones of Apollo. The Worldwide Property Panel leads on numerous issues impacting Lloyd's of London managing agents and syndicates, on behalf of the ... Read the full article
Fourth industrial revolution poised to transform re/insurance: Amit Tiwari, Xceedance
18th January 2018
The fourth industrial revolution (4IR) continues to gain traction, resulting in a wave of smart and connected technologies which look set to transform the global insurance and reinsurance industry, according to Amit Tiwari, Chief Technology Officer, Xceedance. In an interview with Reinsurance News, Tiwari discussed re/insurance operations in the era of ... Read the full article
Collaboration needed to support reinsurance market revolution: Johansmeyer, PCS
17th January 2018
The current dynamics of the global reinsurance market suggests a "revolution is brewing," but in order for the market to take advantage of the opportunities ahead, a collective mentality might be what's needed, according to Tom Johansmeyer, Assistant Vice President (AVP), PCS Strategy and Development. "The global reinsurance market shows all ... Read the full article
Extreme weather seen as top 2018 global risk: WEF
17th January 2018
Environmental risks are at the top of the World Economic Forum's (WEF) Global Risk Perception Survey for the second year running, though the interconnected nature of risks observed in 2018 are believed to threaten the system on which economies and international relations are based. The WEF's Global risks report highlighted the ... Read the full article
Modest market hardening across global specialty lines at 1/1: Willis Re
15th January 2018
Across multiple global specialty lines, a modest hardening of rates is expected in 2018, however, new capacity has entered the market in anticipation of the hardening market and will thus reduce the impact on rate growth, according to Willis Re's viewpoint report on January renewals. In the global specialty markets signs of ... Read the full article
Willis appoints Alex Steele & Russell Nicholson to Guernsey Financial Institutions Practice
15th January 2018
Willis Towers Watson has announced the appointment of Alex Steele and Russell Nicholson to their Guernsey Financial Institutions practice. Steele and Nicholson will assume joint responsibility for Client Relationships in Guernsey, while Anthony Kay will undertake the same role in Jersey. Chris Jackson, Global Head of FINEX FI Middle Market commented on ... Read the full article
IRDAI reinsurance framework to continue protectionist policy but with exemptions
12th January 2018
The Insurance Regulatory and Development Authority of India (IRDAI) said in an exposure draft on reinsurance regulation that Indian reinsurers will continue to get order of preference for placing business, but the legislation will be waived for a number of major insurance lines. First preference is to be given to Indian reinsurers ... Read the full article
AXIS Managing Agency takes oversight of Novae syndicate and SPS
9th January 2018
AXIS Managing Agency Ltd., the managing agent arm of international insurance and reinsurance firm AXIS Capital that oversees the group's Lloyd's of London operations, has now taken over management and oversight of the Novae operations at Lloyd's. AXIS Capital acquired Novae Group in 2017, inheriting new Lloyd's operations to add ... Read the full article
InsurTech to open up opportunities in historically excluded risks
21st December 2017
Epidemic risk modeller Metabiota predicts that in 2018 insurers will focus more on speed with increased appetite for risk to reach the needed returns and innovation in the InsurTech space will make this possible, opening up opportunities in historically excluded risks such as terrorism and pandemics. Metabiota Head of Data Research ... Read the full article
A.M. Best holds negative outlook on global reinsurance market for 2018
19th December 2017
Despite the impacts of third-quarter 2017 catastrophe events expected to improve reinsurance market conditions, uncertainty surrounding the level of price increases and how sustainable any market improvement might be has led A.M. Best to maintain its negative outlook for the sector for 2018. Heading into the January 1st, 2018 renewals season ... Read the full article
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