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McGill, Miller and Ardonagh join WBN

8th November 2022

McGill and Partners, Miller Insurance and Ardonagh Specialty Holdings (Bermuda) have become members of the Worldwide Broker Network (WBN). With these additions, the Network expands into the reinsurance and wholesale space. WBN also welcomes Unisure Group as an Employee Benefits sponsor, McAfee as an exclusive digital wellbeing partner, and the expansion of ... Read the full article

Munich Re posts rise in Q3 profit despite Hurricane Ian losses of €1.6 billion

8th November 2022

Global reinsurer Munich Re has reported profit of €527 million and €1.9 billion for the third quarter and first nine months of 2022, respectively, despite a rise in major losses within property and casualty (P&C) reinsurance on the back of Hurricane Ian losses of around €1.6 billion. Profit for the quarter ... Read the full article

Generali reaches insurance distribution agreement with CTT Group in Portugal

7th November 2022

Generali’s Portuguese entity Tranquilidade has entered into a long-term agreement with CTT Group, the Portuguese postal services group, for the distribution of Life and P&C policies, with the partnership being reinforced by the acquisition of a stake in ... Read the full article

Positive outlook for the reinsurance industry in Asia: Singapore’s Alvin Tan

3rd November 2022

The outlook for the reinsurance industry remains positive in Asia, says Singapore's Minister of Trade and Industry, Alvin Tan, as Asia continues to urbanise with projections that gross written premiums for life and non-life insurance are expected to grow to S$60bn and S$20bn respectively in by 2025. Tan notes that these ... Read the full article

Risk Strategies warns of capacity shortage at 1/1

2nd November 2022

A new State of the Market Report by specialty insurance brokerage and risk management firm, Risk Strategies, has warned clients to settle their re/insurance negotiations as early as possible, ahead of an anticipated shortage of capacity at the upcoming January renewals. CEO John Mina noted that businesses face an uncertain economic ... Read the full article

Hiscox Re & ILS falls to loss on Ian, but group sees ‘exciting opportunity’ in reinsurance

2nd November 2022

Specialist insurer Hiscox has announced gross premiums written (GPW) growth of 6.3% to $3.68 billion for the first nine months of 2022 supported by impressive growth within its Hiscox Re & ILS division. Although, this part of the business suffered net losses of $90 million in the period as a ... Read the full article

“Many carriers are pulling out of property cat, but we are not afraid”: Ariel Re’s Maccioni

1st November 2022

With a growing number of reinsurers cutting capacity for property catastrophe re/insurance and causing a hard market, Reinsurance News had the chance to speak to Ariel Re’s London-based Property Underwriters Tom Orton and Giovanni Maccioni ahead of the January renewals about the company’s current appetite and future plans for property ... 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

Swiss Re highlights need for solutions to digitalisation risks

31st October 2022

In Swiss Re's 'the perfect remedy for the risks posed by digitalisation' report, Group Chief Digital & Technology Officer, Pravina Ladva, and Antonio Grasso, digital entrepreneur, author, and founder & CEO, discuss how digital solutions can mitigate the risks of digitalisation. Grasso observes that while digitalisation has brought many benefits, it ... Read the full article

Commercial rates moderate further through Q3: Marsh

31st October 2022

Global commercial insurance prices continued to moderate through the third quarter of 2022, according to data from re/insurance broker Marsh, with increases slowing to 6%, down from 9% in the second quarter. Marsh’s Global Insurance Market Index marks Q3 2022 as the 20th consecutive quarter of commercial rate increases, but it ... Read the full article

ID theft coverage becoming essential for insurers: AM Best

28th October 2022

A new report from AM Best highlights that even though ID theft coverage is offered as a standalone policy, but predominantly sold as part of a package, the market has seen a significant increase in standalone policies, to 2.3 million in 2021 from just over 300,000 in 2020. Best notes that ... Read the full article

AXA partners with taxi firms on Internet of Vehicles project

27th October 2022

AXA Hong Kong and Macau have announced a partnership with Chung Shing Taxi and TaxiSafely to launch Hong Kong’s very first Internet of Vehicles (IoV) project collaborated by insurer and taxi company. The collaboration aims to enhance taxi driving safety, and protect taxi drivers, passengers and other road users, through the ... Read the full article

BI issues a near miss for insurers, says APRA Deputy Chair

26th October 2022

The Australian Prudential Regulation Authority (APRA) has released the findings of its review into the robustness of the general insurance industry's approach to risk management following the BI issues during the peak of the pandemic, where restrictions triggered an array of claims on BI policies. The legal uncertainty about whether cover ... Read the full article

Climate change becomes the number one risk around the world: AXA

26th October 2022

Climate change is becoming the number one concern around the world, according to AXA's Future Risks Report 2022, with geopolitical risks coming in second place. The report also found that the feeling of vulnerability to certain risks has been increasing and confidence has waned. Based on responses from a panel of 4,500 ... Read the full article

Brokerslink drives Middle East growth by adding AIC to its network

26th October 2022

Global broking business, Brokerslink, has announced that it has added Associated Insurance Consultants (AIC) from the United Arab Emirates (UAE) to its global network as an affiliate, giving the network local broking expertise in eight Middle Eastern countries. Launched in Beirut, Lebanon in 2001, AIC is headquartered in Abu Dhabi and ... Read the full article