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Survey shows confidence in UK financial system remains stable, while concerns shift: BoE
18th October 2023
The latest Systemic Risk Survey conducted by the Bank of England reveals that market participants maintain a high level of confidence in the stability of the UK financial system. The survey, which collected responses from 56 firms, representing a robust 65% response rate, offers a comprehensive overview of market sentiment regarding ... Read the full article
Aon launches FI Protect 360 Insurance Solution for financial institutions
27th September 2023
Aon plc, a leading global professional services firm, has unveiled its groundbreaking insurance solution, FI Protect 360, in collaboration with several prominent London market insurers. This innovative offering is tailored to address the critical operational risks confronting modern financial institutions (FIs) comprehensively, revolutionising risk management decisions in the industry. In today's financial ... Read the full article
83% of US businesses actively looking to seek additional insurance policies: Arthur J. Gallagher
11th August 2023
83% of business owners have expressed worries about specific events or losses that have the potential to affect their business, with another 83% stating that they are either actively looking, or very likely to seek additional insurance policies to provide greater protection. Global brokerage, Arthur J. Gallagher & Co., recently commissioned ... Read the full article
EMEA reinsurance profits under pressure amid “perfect storm”: S&P
16th November 2022
Analysts at S&P Global Ratings note in a new report that EMEA insurers are facing a “perfect storm” of capital market volatility, recessionary risks and heightened inflation, even as rising interest rates support investment income. But Credit Analyst Volker Kudszus notes that these risks are not expected to “fundamentally question business ... Read the full article
Fraudulent instruction claims are on the rise, says Beazley
1st November 2022
According to data released in Beazley’s new Cyber Services Snapshot report, fraudulent instruction as a form of cyber attack is on the rise, despite an overall decline in incidents. The data from the report suggests that professional service firms experienced more fraudulent instruction and almost as many business email compromise incidents ... Read the full article
Bleak outlook for Europe as inflation to remain high in 2023: Munich Re
20th October 2022
According to a report from Munich Re, inflation is set to remain high in 2023, leading to a bleaker economic outlook for Europe as mixed crises are causing unprecedented levels of complexity in the business environment for re/insurers worldwide. Thomas Blunck, a Member of the Board of Management, commented, "The outlook ... Read the full article
Over a quarter of firms have suffered data breaches costings millions: PwC
12th October 2022
A new report from PwC says that 27% of companies have suffered a data breach leading to costs between $1m and $20m in the last three years. The survey, which the financial giant says was conducted amongst 3,500 senior executives in sixty-five countries, found that 34% of North American firms reported ... Read the full article
Lipman outlines opportunities for development in Lloyd’s Canada market update
12th October 2022
Marc Lipman, Attorney in Fact in Canada for Lloyd’s Underwriters and president of Lloyd’s Canada, provides a market update outlining opportunities for growth and development in the region's (re)insurance sector. At the end of 2021, premium income to Lloyd’s from Canada grew by 22%, with Lipman noting that Lloyd's underwrote over ... Read the full article
CFC partners with Farillio on professional liability digital platform
20th July 2022
CFC, the specialist insurance provider, has partnered with Farillio to launch a digital platform for its professional liability and management liability policyholders in the UK. Designed for small business owners, the platform delivers practical tools and resources to help customers grow and scale their businesses – from employment ... Read the full article
Booming tech M&A deals present unique insurance risks, says CFC
29th June 2022
Specialist insurance provider CFC has encouraged brokers to play a greater role in helping their tech clients mitigate the unique risks they face when considering any merger or acquisition deal. The cites the top three risks within tech M&A deals as intellectual property, data protection and cyber security. “The tech sector saw ... Read the full article
US P&C industry’s net incurred losses increases by 12%: AM Best
14th June 2022
According to a new AM Best report, despite witnessing a growth of more than 9% in both direct (DPW) and net premiums (NPW), US property & casualty (P&C) insurers still incurred an $3 billion underwriting loss in 2021. The underwriting loss was largely attributable to a 12.6% increase in net incurred ... Read the full article
“Hard market likely to continue into 2023” – Goldman Sachs
13th June 2022
Goldman Sachs says that the industry is currently in the hardest part of a market cycle that is set to continue into next year. The firm wrote a new note reflecting on the Twenty-Sixth Annual European Financials Conference. In it, it said that claims inflation, geopolitical uncertainty, and natural catastrophe are ... Read the full article
Impact of Russia-Ukraine on British insurers is ‘profound’
27th April 2022
British insurers being profoundly impacted by Western sanctions on Russia has been the message given to UK MPs. On Monday, the Commons Treasury Committee sat with insurers and other financial economic experts to hear about the impact of sanctions on London’s insurance sector. According to reports, Neil Roberts, head of marine and ... Read the full article
Russia-Ukraine conflict driving more exclusions into re/insurance
12th April 2022
The Russia-Ukraine conflict is driving more exclusions into re/insurance, with Munich Re reportedly planning new wordings within its cyber insurance policies to exclude war, to avoid disputes over what is covered, according to Reuters. The war in Ukraine has raised fears of cyber attacks, with the risk that Western businesses or ... Read the full article
S&P sees worst-case Russia insured loss of $35bn+ across aviation, specialty
31st March 2022
Analysts at S&P Global Ratings have looked at a range of potential loss scenarios for re/insurers arising from the conflict between Russia and Ukraine, with its worst case scenario carrying a potential loss of more than $35 billion across aviation, specialty and cyber business. There has been much speculation about how ... Read the full article