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Munich Re “poised” for growth as it targets reduced complexity
25th April 2018
At Munich Re’s 2018 Annual General Meeting (AGM,) Joachim Wenning, Chair of the Board of Management, revealed that the company expects to increase its profits as it braces for growth by reducing operational complexity and embracing digital transformation. Wenning confirmed a profit guidance of €2.1–2.5 billion for 2018, which is higher ... Read the full article
Indian regulator reminds re/insurers on ‘order of preference’
25th April 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a reminder to all re/insurance companies stating that they must comply with established guidelines regarding ‘order of preference’ while placing reinsurance deals. “We are informed that some of the insurers are not complying with the order of preference. Insurers are ... Read the full article
Hannover Re’s Ari Chatterjee named CUO of Envelop Risk
19th April 2018
Envelop Risk, a recently launched global specialty cyber insurance analytics and underwriting firm, has appointed cyber risk expert Aritra (Ari) Chatterjee from Hannover Re as its Chief Underwriting Officer (CUO). Launched on Monday, Envelop Risk provides cyber risk underwriting to insurers and reinsurers, and partners with cyber security companies to deliver ... Read the full article
Marsh names Paul Denny as UK FINPRO Leader
18th April 2018
Marsh, a global re/insurance broker and risk management firm, has appointed Paul Denny as UK Financial and Professional Practice (FINPRO) Leader. Denny will be responsible for managing Marsh’s UK management liability, financial services, professional liability and specie risk teams, and will report to Paul Moody, Chief Executive Officer (CEO) of Marsh’s ... Read the full article
Marsh launches digital labs to develop new tech strategies
18th April 2018
Re/insurance broker Marsh has announced the launch of Marsh Digital Labs, an incubator focused on experimenting with emerging technologies, developing new products and business models, and engaging with clients, carriers, and InsurTech companies. Part of Marsh’s broader Digital, Data, and Analytics organisation, Marsh Digital Labs is based in San Francisco, California, ... Read the full article
Reinsurance demand will rise as terror risk landscape shifts: A.M. Best
16th April 2018
In a recent special report, A.M. Best has predicted that insurers will increasingly rely on reinsurance as the nature of terrorism changes and expands, and as the future of federal backstops become uncertain. In recent years, the nature of high-profile attacks has shifted from property damage to ‘lone wolf’ attacks designed ... Read the full article
Commercial property rate increases ease following sharp rises: Willis
16th April 2018
Insurance and reinsurance broker Willis Towers Watson has reported that rate increases for commercial property re/insurance are easing after sharp rises in response to 2017’s record-breaking natural catastrophe losses, although it predicts that buyers will continue to face upward pricing pressure over 2018. In its 2018 Insurance Marketplace Realities report, the ... Read the full article
Technology is redefining value chain roles, says Aon Benfield CEO Andersen
13th April 2018
Eric Andersen, Chief Executive Officer (CEO) of reinsurance broker Aon Benfield, has asserted that the integration of increasingly advanced InsurTech and data analytics is reshaping the re/insurance industry value chain and redefining the roles of brokers, insurers, and reinsurers within it. In an interview with A.M. BestTV at the Dubai ... Read the full article
Lucien Mounier to head Beazley’s Asia Pacific operations
11th April 2018
Beazley has announced the appointment of Lucien Mounier as Head of its Asia Pacific operations, a region the specialist insurer has identified significant growth opportunities for its products. The appointment sees Mounier move from Paris to be based in the firm's Asia Pacific hub in Singapore, and he will have responsibility for ... Read the full article
Technology will transform re/insurance value chain, says Swiss Re’s Mumenthaler
6th April 2018
Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re, has asserted that “Technology will fundamentally change the insurance value chain over the coming years” in a statement that comes alongside Swiss Re’s plans for technological adaptation and integration. Swiss Re maintains that it has prepared for technological market disruption by firmly ... Read the full article
Japanese P&C outlook remains stable: Moody’s
3rd April 2018
Moody’s considers the outlook for the Japanese property and casualty (P&C) industry to be stable, citing strong domestic profitability and capitalisation, but predicts that further improvement is unlikely. Japan’s P&C sector has maintained a stable outlook since July 2012, largely owing to the profitability of its auto insurance, which constitutes its ... Read the full article
Artificial Intelligence risks may outweigh benefits, reports Allianz
29th March 2018
In a new report, Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, has claimed that the advantages offered by increasingly integrated Artificial Intelligence (AI) applications in the re/insurance industry may be outweighed by the potential threats they bring. AGCS claims that increased vulnerability to malicious cyber-attacks and ... Read the full article
Beazley’s Dirk Froese elected to LMA Aviation Committee
29th March 2018
A recent Lloyd’s ballot has elected Dirk Froese, Head of Aviation at Beazley, to the Lloyd’s Market Association’s (LMA) Aviation Committee for a term of four years. Froese will join re-elected committee members Peter Wakefield, Head of Aviation at Chaucer, and Christopher Collins, Head of Aviation at Talbot, in providing a ... Read the full article
85% of re/insurance CEOs concerned about pace of tech change: PwC
28th March 2018
PwC has reported that 85% of Chief Executive Officers (CEO) in the re/insurance industry have expressed concern over the pace of technological change, a higher proportion than leaders in almost any other industry. 100 re/insurance CEOs participated in PwC’s 21st Global CEO Survey, which revealed a generally positive outlook among industry ... Read the full article
InsurTech may carry consumer protection risks for re/insurance industry
28th March 2018
Emerging technologies and innovative business models are already disrupting the re/insurance industry and bringing many advantages in terms of product design, risk assessment, cost, and efficiency, but InsurTech may also be increasing the risk of cyber-attacks and excluding lower income and higher risk consumers. InsurTech is generally considered to provide greater ... Read the full article
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