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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
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
Firms’ intangible assets still vastly unprotected: Aon & Ponemon Institute
26th October 2017
Many enterprises lag behind the protocols for doing business in the tech-era; firms recognise the growing value of intangible assets but continue to disproportionately spend four times more budget on insurance for Property, Plant and Equipment (PP&E) risks, according to a report by Aon and the Ponemon Institute. As historical tangible ... Read the full article
Total WannaCry losses pegged at $4 billion
25th September 2017
Ransomware attacks have reached a new peak this year, with WannaCry causing estimated global financial and economic losses of up to $4 billion and infecting 300,00 machines around the world, according to Trend Micro's security and threats report. 2017s WannaCry and Petya attacks show that cybercriminals are upping their game ... Read the full article
Allianz warns against complacency despite 50% decline in global shipping losses
15th June 2017
Analysis by Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, reveals that worldwide shipping losses declined by 50% in 2016 over the last ten years. However, with areas of concern appearing to be on the rise and budgets coming under increasing strain, the insurer warns against ... Read the full article
Large UK companies concerned over crisis resilience, finds AJG report
14th June 2017
Research by YouGov that was commissioned by Arthur J. Gallagher reveals that a quarter of large UK companies are concerned about their crisis resilience in response to rising threats, such as cyber attacks and terror events, further highlighting the need for important and adequate risk transfer solutions. According to the research ... Read the full article
Growing loss complexity driving loss adjusting innovation: Cunningham Lindsey
6th June 2017
The evolution of the risk transfer landscape, underlined by increasingly complex insured losses, is driving greater innovation in loss adjusting, according to recent analysis from Cunningham Lindsey. Loss adjusting, claims management, and risk solutions firm, Cunningham Lindsey, has produced its 2017 Major and Complex Loss Review, which reveals increased innovation in loss adjusting ... Read the full article
Terms & conditions show signs of weakening in 2017: Fitch
18th May 2017
The persistent soft reinsurance market environment is again resulting in the weakening of terms and conditions (T&Cs), as market participants increasingly utilise multiyear protection, extended hours clause, and the inclusion of risks that aren't fully understood by the industry, according to Fitch Ratings. Throughout the softening reinsurance market cycle there have ... Read the full article
Reinsurance News – Friday 7th April 2017
7th April 2017
Here’s your daily Reinsurance News for Friday 7th April 2017: Favourable terms seen at April reinsurance renewal: Aon Buyers of reinsurance protection witnessed favourable terms at the 1st April 2017 renewals with record levels of capacity maintaining pressure on pricing, according to Aon Benfield. U.S. severe weather losses $2bn+ in ... Read the full article
Reinsurance News – Monday 3rd April 2017
3rd April 2017
Here’s your daily Reinsurance News for Monday 3rd April 2017: Reinsurers to pick up Cyclone Debbie bill Reinsurance capacity is likely to cover the majority of the cyclone Debbie claims, which are thought to be at around the same level as 2011’s Yasi. Discipline sees Munich Re’s dividend payouts outpace ... Read the full article
Reinsurance News – Wednesday 15th March 2017
15th March 2017
Here’s your daily Reinsurance News for Wednesday 15th March 2017: Conservative guidance given as Munich Re sets itself up for ongoing softness Reinsurance giant Munich Re has announced a conservative profit guidance for 2017, targeting a range of between €2 billion to €2.4 billion, in response to the softening marketplace. ... Read the full article
Reinsurance News – Monday 13th March 2017
13th March 2017
Here’s your daily Reinsurance News for Monday 13th March 2017: FEMA to build on “cornerstone” NFIP flood reinsurance placement The Federal Emergency Management Agency (FEMA) will reportedly look to build on its “cornerstone” flood reinsurance placement, in an effort to better protect the NFIP. Ogden rate cut could raise ... Read the full article
Reinsurance News – Friday 3rd March 2017
3rd March 2017
Here’s your daily Reinsurance News for Friday 3rd March 2017: Pool Re ups retro reinsurance protection to almost £2 billion UK government and industry backed terrorism reinsurance scheme, Pool Re, has grown the size of its retrocessional reinsurance program to nearly £2 billion. U.S. hurricane tail risk could be ... Read the full article
Reinsurance News – Thursday 2nd March 2017
2nd March 2017
Here’s your daily Reinsurance News for Thursday 2nd March 2017: 2016 U.S. catastrophe frequency the highest since 1980: PCS Catastrophe frequency in the U.S. in 2016 was the highest since 1980 according to PCS, with 43 events incurring insured losses of around $21 billion. Higher reinsurance costs expected after ... Read the full article
Reinsurance News – Wednesday 1st March 2017
1st March 2017
Here’s your daily Reinsurance News for Wednesday 1st March 2017: SCOR expects to save up to EUR 200m from consolidation of legal entities Global insurer and reinsurer has said that it expects to save up to €200 million from the consolidation and reorganisation of its various legal entities. China Re ... Read the full article