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Digital evolution key to German non-life insurers’ success: A.M. Best
22nd May 2018
German non-life insurers that are successful in their digital evolution will likely benefit from higher growth, better policyholder retention, and ultimately long-term success, A.M. Best believes. Despite a stable outlook on the German non-life sector, where Germany’s robust economy continues to drive growth in the non-life insurance market, it is widely ... Read the full article
Jonathan Humm joins AEGIS London from Hiscox
22nd May 2018
AEGIS London has secured Jonathan Humm as new Class Underwriter for their Marine Hull team. He joins from Hiscox, where he was Deputy Hull Underwriter for close to a decade. Jonathan Humm’s career in the marine insurance sector spans 12 years. After leaving university he joined Marsh in 2005 as a ... Read the full article
Property & FinPro lines drive commercial rate increases in Q1: Marsh
18th May 2018
Following over four years of consecutive quarterly declines, global commercial insurance prices increased, on average, during the first-quarter of 2018, according to broker Marsh's Global Insurance Market Index. The majority of regions showed either moderate increase in average prices during Q1, or a slowdown in the pace of declines, driven largely ... Read the full article
Insurability of GDPR risks is limited, report Aon and DLA Piper
16th May 2018
Aon and global law firm DLA Piper have reviewed the insurability of risks related to the European Union’s (EU) General Data Protection Regulation (GDPR), finding that fines would typically not be insurable, although associated legal costs could be covered. The GDPR, which will become effective from 25 May 2018, can fine ... Read the full article
XL Catlin develops new solutions for autonomous technology industry
16th May 2018
XL Catlin has developed a new insurance solution that supports the design, development, testing, and implementation of autonomous technologies, and has established a new Global Autonomy Centre of Excellence. Available globally, the new solution aims to provide cover for all sectors of the autonomous technology industry, and can be tailored to ... Read the full article
Commercial P&C premium prices continue to rise at Q1: CIAB
14th May 2018
The Council of Insurance Agents & Brokers (CIAB) has reported that average premium prices across almost all lines have continued to see improvements in pricing after three years of soft market conditions, with increases of 1.7% recorded across all lines of business, compared to 0.3% in Q4 2017. However, CIAB also ... Read the full article
Berkshire Hathaway underwriting & investment profit both up in Q1
7th May 2018
Warren Buffett's insurance and reinsurance businesses at Berkshire Hathaway recorded positive performance for the first-quarter of 2018, with both underwriting and investment sides of the business delivering higher profits. Berkshire Hathaway reported $407 million of underwriting profit for Q1 2018, up from a loss of -$267 million in the prior year. On ... Read the full article
Hannover Re starts 2018 with solid premium growth
7th May 2018
German reinsurance firm Hannover Re has begun 2018 with solid growth in premiums underwritten, as the firm took advantage of better market conditions to create a much larger portfolio for the year ahead. Across the business, Hannover Re reported a 17.6% increased in premiums underwritten for the quarter, a figure which ... Read the full article
Reinsurance expected to remain key product line for London market: DWF
4th May 2018
In a recent survey, law firm DWF LLP found that UK re/insurers and brokers expect the London Market to retain its status as a global leader in the reinsurance sector over the next five years. DWF reported that 70% of respondents thought that reinsurance would remain a key product line for ... Read the full article
U.S D&O liability underwriting results lowest in seven years: Fitch
4th May 2018
Fitch Ratings has reported that U.S Director and Officers (D&O) liability re/insurance underwriting results for 2017 fell to their worst level since 2011. D&O has historically been a more volatile product line than many other Property and Casualty (P&C) products, and claims risk in private and non-profit organisations has expanded in ... Read the full article
Marsh and Validus collaborate on new U.S fintech policy
3rd May 2018
Re/insurance broker and risk management firm Marsh has collaborated with Validus Specialty, an underwriter of professional liability solutions, to develop FINTECH Protect, a financial and professional re/insurance solution that manages the growing risks of U.S-based fintech companies. Unlike traditional forms of re/insurance for financial and technology industries, FINTECH Protect offers comprehensive ... Read the full article
Zurich strengthens UK underwriting team with hires from Chubb and QBE
3rd May 2018
Zurich has announced that it plans to strengthen its UK underwriting team with a string of new leadership hires, including the appointment of Chubb’s Antony Statham as Head of Regional Financial Lines, and QBE’s Paul Mundy as Regional Underwriter Leader for the North. The new appointments represent part of Zurich’s strategy ... Read the full article
ARPC prepares for fifth triennial Terrorism Insurance Act review
2nd May 2018
The Australian Reinsurance Pool Corporation (ARPC), a government-backed terror risk reinsurance venture, is preparing for any changes that may be proposed by the Australian Treasury’s 2018 Triennial Review of its Terrorism Insurance Act 2003 (TI Act). The TI Act requires that a review be conducted at least once every three years ... Read the full article
Changing terror risk landscape pressures re/insurers to broaden appetites: JLT
2nd May 2018
The emergence of new terror-related risks continues to drive an increasingly complex and diverse terror risk landscape, adding pressure to insurers and reinsurers to develop new solutions and adopt new approaches to tackle the threat, according to insurance and reinsurance broker JLT. JLT has launched a new Viewpoint Report, which explores ... Read the full article
Only 42% of UK business leaders confident in growth prospects: CNA Hardy
27th April 2018
CNA Hardy, a UK specialist commercial re/insurer, has released the Spring 2018 edition of its Risk and Confidence Survey, which reveals that just 42% of executives in UK businesses are confident in the ability of their firm to grow and prosper. This figure shows a cautious increase from the 28% that ... Read the full article
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