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Hard market conditions in US commercial to continue across 2021: WTW

20th November 2020

A report from re/insurance broker Willis Towers Watson has underlined an expectation for US commercial insurance prices to increase in every line except one throughout 2021. The insurance industry is expected to adapt to the continuing hard market by leveraging analytics and data-driven tools in order to change the way buyers ... Read the full article

COVID-19 disrupting US professional liability market: AM Best

20th November 2020

Rating agency AM Best has released a new report showing how the COVID-19 pandemic has created disruption for underwriters in each of the US professional liability insurance market lines. Earlier this year, after the initial pandemic surge in the US, AM Best had placed a negative rating against the professional liability ... Read the full article

COVID-19 leads PCS’ Johansmeyer’s ‘Four Horsemen of 2021’

18th November 2020

With one of the year's biggest and busiest holiday's approaching, and the likelihood of any possible COVID-19 vaccine easing the pressure in the near-future low, the next six-to-eight weeks are going to be vital in more accurately gauging what PCS' Tom Johansmeyer expects to be a tough year for reinsurers. Read the full article

Insured cat losses in 2020 close to $100bn: AIR

16th November 2020

AIR Worldwide's 2020 Global Modelled Catastrophe Losses report estimates that the modelled insured average annual loss from catastrophes worldwide is nearly $100 billion. The 1% percent aggregate exceedance probability insured loss is nearly $301 billion. The new report acquires its loss metrics from the most current suite of global property and crop models ... Read the full article

Richard Lance joins Charles Taylor Adjusting as Client Director for Australia

12th November 2020

Technology solutions provider Charles Taylor has today announced the appointment of Richard Lance as Client Director to its Adjusting business in Australia. Lance has over 30 years of insurance industry experience working for adjusters, underwriters and most recently brokers. He was previously the Pacific Claims Manager of a major global broker, managing ... Read the full article

Beazley expands insurance products in Latin America

11th November 2020

Specialist insurer Beazley has announced that it has expanded its insurance products in Latin America with a suite of commercial reinsurance solutions. Beazley’s healthcare liability offering is available in Chile and Colombia with products designed specifically for these markets by a global team of underwriters. Included is Beazley Virtual Care, a policy ... Read the full article

Direct Insurance launches PI division and makes senior hire

10th November 2020

Lloyd's Broker, Direct Insurance London Market has announced the launch of its new PI & Financial Lines Division along with the appointment of Mike Newson to lead the team as PI and Financial Lines Manager. Mike Newson has over 30 years of experience in broking and handling all aspects of binders ... Read the full article

Brown & Brown acquires InsurTech CoverHound

10th November 2020

A subsidiary of Brown & Brown, Inc. has acquired substantially all of the assets of InsurTech firm CoverHound, a digital insurance marketplace for both individuals and small businesses. The deal has been announced by J. Scott Penny, Brown & Brown's Chief Acquisitions Officer and Keith Moore, Chief Executive Officer (CEO) of ... Read the full article

Energy and power insurance market has continued to harden: Marsh JLT

2nd November 2020

According to reinsurance broker Marsh JLT Specialty's fourth Energy Insurance Quarterly Newsletter of 2020, the various component parts of the energy and power insurance market have all continued to harden throughout this year. Even where the loss environment has improved, such as downstream or upstream, there is still momentum from insurers ... Read the full article

Rate improvements help Hiscox to grow top line

2nd November 2020

Specialist re/insurer Hiscox has reported a 2% increase in gross written premiums over the first nine months of 2020, helped by strong rate improvements across both its primary and reinsurance business. GWP stood at $3,262.4 million for 9M 2020, compared with $3,212.6 million for the same period last year. This included 7% ... Read the full article

Slice Labs partners with AXIS Insurance on Home Based Business cover

30th October 2020

Technology startup Slice Labs has partnered with AXIS Insurance, a division of re/insurer AXIS Capital Holdings, to distribute the AXIS Home Based Business insurance product in a bid to help protect small businesses. The product is designed to fill the gap between by covering common small-business risks like general liability, professional ... Read the full article

Just paying for a claim is not enough: AXA CEO, Thomas Buberl

28th October 2020

The events of 2020, notably the ongoing COVID-19 pandemic, are set to fundamentally alter the way insurance will be viewed and as sentiment shifts, just paying claims is not enough, according to Thomas Buberl, Chief Executive Officer (CEO) of global insurer AXA. Aon's latest fireside chat with industry leaders saw the ... Read the full article

Hannover Re’s Jean-Jacques Henchoz appointed chairman of GRF

27th October 2020

Global Reinsurance Forum (GRF) has announced that Jean-Jacques Henchoz, CEO Hannover Re, has recently assumed the role of GRF Chairman for a two-year term. The Chairman of General Re, Charles Shamieh, has also been elected Vice Chairman. Jean-Jacques Henchoz said: “It is a privilege to serve as the GRF’s Chair. Global collaboration ... Read the full article

Gallagher report highlights hard market drivers

26th October 2020

A new report from re/insurance broker Gallagher has highlighted the key drivers of hardening market conditions that have developed over the course of 2020. Gallagher noted that, in a traditional hard market, capital and have been capacity reduced, limiting the availability of insurance. However, in the current marketplace, hard conditions are being ... Read the full article

Carnegie-Brown calls for government intervention on COVID cover

26th October 2020

Bruce Carnegie-Brown, Chairman of insurance and re/insurance marketplace Lloyd’s of London, has voiced his support for a government initiative that would provide a backstop for pandemics, as well as other forms of systemic risks. Speaking in an interview with the Telegraph, Carnegie-Brown explained how COVID-19 has shown that pandemic risk is ... Read the full article