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Commercial insurance rates increasing due to inflation & legal system abuse: APCIA
17th May 2022
In the American Property Casualty Insurance Associations (APCIA) latest report, “Commercial Insurance Rates Rising: What Business Owners Need to Know”, the company examined the impact of inflationary pressures on commercial lines insurance and business owners. With “skyrocketing” inflation and legal system abuse forcing prices higher across society, along with losses in ... Read the full article
Measured names Nick Little as Head of Insurance
12th May 2022
Measured Analytics and Insurance, a data and analytics-driven cyber insurer, has appointed Nick Little as Head of Insurance. Little will be part of the company’s leadership team, where he will drive innovation, efficiency, and progressive disciplined underwriting as well as expanding the distribution of Measured’s products. He has been serving in various ... Read the full article
Businesses under-insuring intangible assets: Aon
19th April 2022
Aon plc has published a new report in collaboration with independent researcher Ponemon Institute, which found that businesses continue to undervalue and under-insure intangible assets relative to tangible assets. According to the study, since 2009 the implied market value of intangible assets at S&P 500 companies increased 255%, while the book ... Read the full article
Corvus Insurance finds 2021 average ransoms paid by quarter were down 44.2%
19th April 2022
Corvus Insurance has released findings from its second Corvus Risk Insights Index - a compilation of industry trends and data analysis based on the company’s IT security scanning technology, the Corvus Scan. One of the major findings from the report was that ransomware attacks are down from recent peaks, as the ... Read the full article
Ukraine conflict industry loss could exceed $20bn: PCS
18th April 2022
The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS. Property Claim Services (PCS) has analysed data from its three most relevant product offerings, the PCS Global Aviation, PCS Global Marine and Energy, and PCS ... Read the full article
Russia-Ukraine conflict creates new risks for insurers: Moody’s
7th April 2022
According to Moody’s, the economic consequences of Russia’s invasion of Ukraine creates new risks for global insurers and asset managers, with the impact of the crisis depending on its severity. Moody’s has created its own baseline scenario, which resulted in the G20 economies’ GDP growth slowing to 3.6% in 2022, compared ... Read the full article
CFC names Roger Francis as Managing Director, CFC Response
4th April 2022
Specialist insurer CFC has appointed Roger Francis to the newly-created role of Managing Director of CFC Response, bringing with him over 15 years of experience within information security. Francis joined CFC in the summer of 2019 to take up the role of Cyber Claims Director, having previously helped businesses protect their ... Read the full article
Commercial insurer profits to peak in 2023, weaken after: Fitch
29th March 2022
Analysts at Fitch Ratings believe that commercial insurance price momentum peaked last year, meaning insurer profits are likely to reach a high in 2023 and weaken thereafter. In a new report, the rating agency notes that price increases since 2017 helped regain healthy profitability in 2021, but warns that price momentum ... Read the full article
Financial volatility from Russia conflict poses minimal risk to insurers: experts
28th March 2022
During a recent panel hosted by the Insurance Information Institute (IIS), experts agreed that the possibility of a protracted period of high volatility poses only a minimal risk to the global insurance and reinsurance industries. Panellists used the discussion to explore the various potential impacts of Russia’s invasion of Ukraine on ... Read the full article
Favourable pricing driving underwriting profits for commercial P&C insurers
23rd March 2022
Fitch Ratings has said that favourable pricing is driving underwriting profits for US diversified commercial property and casualty insurers. A new note from the agency outlines how the insurers it looked at are able to demonstrate operating scale via large premium bases and substantial levels of equity capital. Diversification, said the ... Read the full article
Market Volatility: Main risk for European re/insurers from Russia – Ukraine
18th March 2022
American credit rating agency Fitch Ratings warns that the war between Ukraine and Russia is more likely to impact the European insurance sector through second-order financial market volatility, instead of through direct effects from sanctions on Russian entities and other measures that are restricting Russian businesses. European re/insurers have little direct ... Read the full article
Pool Re grows terror retro cover to £2.5bn
2nd March 2022
UK government-backed terrorism reinsurer Pool Re has completed the placement of its expanded £2.5 billion retrocession programme, led by Munich Re, and with Hannover Re and Fidelis also among those providing significant capacity. The retro tower was grown from £2.475 billion last year thanks to Pool Re's new Baltic ... Read the full article
Russian invasion of Ukraine likely to have ‘significant fallout’: AM Best
28th February 2022
Russia’s invasion of Ukraine will likely have significant fallout in the capital markets, impacting the entire industry in the short-to-medium term, says AM Best. Citing the potential for cyberattacks, AM Best said that the invasion may have ‘a substantial impact on the world’s insurance industry’. It added: “The economic effects of sanctions ... Read the full article
Important to assess risk exposure as Ukraine tensions rise: McGill’s Greenwood
14th February 2022
As the situation in Ukraine intensifies, with mainstream media in the UK reporting that Russia is making serious preparations for an invasion, it's important that businesses assess their current risk exposures, according to Hamish Greenwood, Partner at global insurance broker, McGill and Partners. Despite situating some 100,000 soldiers on Ukraine's borders, ... Read the full article
Political violence losses can come where re/insurers don’t expect them: Johansmeyer, PCS
14th February 2022
Just weeks after unrest in Kazakhstan that began with peaceful protests before turning violent, claiming the lives of 225 people, our sister site Artemis spoke with Tom Johansmeyer, Head of PCS, about political violence, unrest and what these events mean for the re/insurance market. This is the first ... Read the full article