21st September 2020
Analysts at Kroll Bond Rating Agency (KBRA) believe this year’s active hurricane season, along with growing costs of the US wildfires and the COVID-19 pandemic, will cause insured catastrophe losses to exceed 2019 levels. The result of this elevated catastrophe bill will be further upward pressure on reinsurance pricing, KBRA said, ... Read the full article
21st September 2020
Mishcon de Reya, the law firm that represented the Hiscox Action Group, could persue legal action against twelve new insurers following its Business Interruption insurance victory in the UK High Court. Based on the sample of policy wordings presented by the FCA, the court decided that most, but not ... Read the full article
21st September 2020
According to insurance broker Marsh, more organizations are turning to captives for insurance protection and financial flexibility in response to an increasingly difficult risk landscape. In its 2020 Captive Landscape Report, Marsh reported that tightening global insurance market conditions throughout 2019 have led to higher captive utilization with steep premium volume ... Read the full article
21st September 2020
Data and analytics company, GlobalData has revised China’s general insurance forecast in the aftermath of COVID-19 outbreak. The industry is forecast to grow by 3.8% in 2020, compared to 5.7% registered in 2019. The latest data shows that China’s general insurance industry is forecast to grow at a compound annual growth ... Read the full article
18th September 2020
By utilising machine learning and numerical text processing techniques, Swiss Re has been able to generate a "predictive view" of motor frequency developments in several markets. In a recent conversation with Nikita Kuksin, Hhead of modelling within Casualty R&D , Miriam Hook, vice president Global clients and Surbhi Gupta, assistant vice ... Read the full article
18th September 2020
Analysts at Deutsche Bank are forecasting a €1 billion capital injection for AXA XL at year-end, in light of losses from an active hurricane season and possible costs from the Beirut explosion. Deutsche Bank recently spoke to AXA’s management team, who reiterated that no capital injection would be necessary for XL ... Read the full article
18th September 2020
Analysts at JMP Securities have underlined how risk-free rates have stabilised following emergency COVID-19 rate cuts by the US Federal Reserve, elongating and worsening an "often-forgotten" casualty lines catastrophe. Analysts believe the Fed's recent emergency rate cuts and ensuing interest rate volatility has investors re-examining their expectations for the future direction ... Read the full article
18th September 2020
London-based managing general agent Hive Aero has added Andrew Webster as Class Underwriter and David Adcock as Head of Aviation Claims. Effective October 1, Webster and Adcock will be based in London and report to Chief Operating Officer, Bruce Carman. Webster will be responsible for the Aviation Hull and Liabilities (All Risks) ... Read the full article
18th September 2020
Specialist independent managing general underwriter Carbon has announced the appointment of Gary Clark as property underwriter. Clark brings over a decade’s experience and most recently served as an underwriter at Antares Managing Agency. Commenting on his appointment, Clark said, “I’m immensely excited to join Carbon’s dynamic and forward-thinking team. "My focus has always been on ... Read the full article
18th September 2020
The U.K. High Court has issued a ruling concerning the UK Financial Conduct Authority’s (FCA) test case on pandemic-related business interruption claims against 21 representative policies issued by 8 insurers. Although the ruling has provided UK insurers and policyholders with more clarity, the FAIR campaign does not believe that the verdict will ... Read the full article
18th September 2020
Fitch Ratings has removed Lloyd's of London's, Lloyd's Insurance Company (China) Ltd.'s, and Lloyd's Insurance Company S.A.'s Insurer Financial Strength (IFS) Ratings from Rating Watch Negative (RWN). At the same time, Fitch has affirmed Lloyd's and its two operating subsidiaries' IFS Ratings at 'AA-' (very strong), while the outlook is stable. At ... Read the full article
18th September 2020
Neptune Flood Incorporated, an insurtech firm focused on the flood market, has announced the expansion of its insurance products to now include all NFIP product types. Neptune President & CEO, Trevor Burgess commented: "Building off of the successful launch of our commercial flood insurance product this summer we are excited to ... Read the full article
18th September 2020
Property and auto-focused insurance group Progressive recovered a total of $80 million from its reinsurance during August. $70 million was recovered after its 2020 cat losses and associated allocated loss adjustment expenses (ALAE) in its property business exceeded the $375 million annual retention threshold. An additional $10 million was recovered because the Property ... Read the full article
18th September 2020
Re/insurance broker Aon has announced that Camilo Ruiz has joined its Reinsurance Solutions Facultative business in Colombia. Ruiz joins Aon from Carpenter Marsh Fac, where he was Fac Senior Vice President since 2018. During his 27-year broking career, he has also held Senior Vice President positions at Willis Re and JLT Re. Based ... Read the full article
18th September 2020
The growing reliance on remote working due to the COVID-19 pandemic has triggered a rise in phishing and social engineering scams over Q2, according to specialist re/insurer Beazley. These kinds of email attacks had been on the decline from Q4 2019 to Q1 2020, but the arrival of the global pandemic ... Read the full article
