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Some bright spots, but P&C insurers face challenges and uncertainties: WTW

27th November 2023

Insurance broker WTW predicts that catastrophe-exposed property business will see price increases of between +10% to +25% in 2024 and warns that while commercial lines price increases have started to stabilise, it's a challenging and uncertain environment for P&C insurers heading into next year. The inflationary landscape continues to impact commercial ... Read the full article

Consilium sees 35% growth in 2023, expects to reach 1.4bn by 2026

27th November 2023

International re/insurance broker Consilium, part of Aventum Group, has reported a 35% increase in revenue for the year ending June 2023 with Gross Written Premiums (GWP) at $600 million. The broker expects to reach $800 million GWP by June 2024, and $1.4 billion by year end 2026. An entrepreneurial independent broker, Consilium ... Read the full article

Risk exchange start-up CatX raises $2.7mn in seed funding

23rd November 2023

CatX, a digital catastrophe and parametric risk exchange start-up, has successfully raised $2.7 million in seed funding to bring more alternative capital into the insurance sector. This funding round marks a key milestone for the company in its mission to bridge the gap between supply and demand in the reinsurance industry, ... Read the full article

Claims development dynamics a “major concern” for P&C insurance: Swiss Re

22nd November 2023

Despite the fact that there has been solid progress on economic disinflation, claims development dynamics are still said to be a "major concern" for the property & casualty (P&C) insurance sector. In a recent Swiss Re sigma report, analysts highlight how claims have risen significantly across lines of business in virtually ... Read the full article

Generative AI expected to impact many different insurance lines: Aon

22nd November 2023

The insurance market’s overall understanding of generative AI-related risk is still within it's early stages, but this developing form of the technology is expected to impact many different lines within the sector, such as Technology Errors and Omissions / Cyber, Professional Liability, Media Liability, Employment Practices Liability, and more, reports ... Read the full article

Global customers look to insurers for innovative solutions amid escalating risks: Geneva Association

21st November 2023

In the face of escalating global risks, a new survey by The Geneva Association reveals that customers worldwide are increasingly turning to insurers for solutions that go beyond traditional coverage. The report, titled "The Value of Insurance in a Changing Risk Landscape," sheds light on the concerns of customers in the ... Read the full article

Insurers navigate pricing pressures, capacity constraints, and underwriting shifts: Aon

21st November 2023

In the third quarter of 2023, the global insurance market witnessed a dynamic landscape, as outlined in the latest insights provided by Aon. Several key factors shaped the market during this period, influencing pricing, capacity, underwriting practices, limits, deductibles, and coverages across various insurance products. Adverse claims trends exerted upward pressure on ... Read the full article

Property insurance market braces for year-end challenges: Aon

20th November 2023

In a recent report by Aon, the Global Insurance Market Insights for Q3 2023 sheds light on the key challenges facing the Property insurance market as the industry approaches the crucial year-end period. As insurers gear up for the peak reinsurance renewal season and the conclusion of the Atlantic hurricane season, ... Read the full article

AIG appoints Roshan Navagamuwa as its new EVP & CIO

16th November 2023

Global insurer, American International Group, Inc. (AIG) has appointed CVS Health's Roshan Navagamuwa as Executive Vice President (EVP) and Chief Information Officer (CIO), effective January 1st, 2024. Navagamuwa will report to Peter Zaffino, AIG Chairman and Chief Executive Officer (CEO). He will also be a part of AIG’s Executive Leadership Team. Navagamuwa's ... Read the full article

Falcon Risk Services strengthens leadership with two new roles

16th November 2023

Managing general agency, Falcon Risk Services, has welcomed both Ted Stefas and Gopika Shah to the newly create roles of Executive Vice President, General Counsel, and Technology Officer, respectively. Most recently, Stefas served as Chief Underwriting Counsel and Assistant General Counsel at Argo Group. Stefas will report to Chief Executive Officer (CEO) Craig ... Read the full article

UK and Florida sign MOU to expand business cooperation

15th November 2023

Florida Governor Ron DeSantis and UK Secretary of State for Business and Trade Kemi Badenoch have signed a Memorandum of Understanding (MOU) to "increase trade and bilateral investment, strengthen business ties (including reinsurance) and grow academic partnerships between Florida and the UK." According to the news release issued by the Governor's ... Read the full article

CFC unveils new management liability solution for Canadian SMEs

15th November 2023

CFC, a specialist insurance provider, has launched a new management liability solution designed specifically for Canadian small to mid sized businesses. According to the firm, its new solution includes a variety of new coverages, many of which are non-standard within the Canadian market. Brand new coverages provided under CFC’s solution includes executive ... Read the full article

G20 business leaders prioritise economic and societal risks: World Economic Forum

14th November 2023

In a recent survey conducted by the World Economic Forum, economic and societal threats have taken center stage as the primary concerns for business leaders in G20 countries over the next two years. The Executive Opinion Survey gathered insights from more than 11,000 business leaders across 110 countries between April and ... Read the full article

Bermuda market crucial in responding to growing geopolitical risks: PwC

14th November 2023

"For the first time in a very long time, reinsurers are having to deal with geopolitical risks and that adds a whole layer of extra complexity that we haven’t seen before, and needs to be factored into the strategic decision-making of companies," suggests, Arthur Wightman, PwC Bermuda, Territory and Insurance ... Read the full article

Canopius grows cannabis insurance offerings in transportation and distribution

13th November 2023

Canopius Group, a global specialty lines re/insurer, has expanded its cannabis insurance product, now covering transportation of cannabis products from cultivation to distribution. The re/insurer started to underwrite cannabis-exposed risks in April 2023. This offering is for privately owned and not-for-profit organisations in US states where medical and recreational adult-use ... Read the full article