Reinsurance News
WTW
Demanding and persisting underwriting for marine insurance industry: WTW
27th June 2022
Underwriting discipline persists for marine cargo insurance while underwriting for hull and liability remains demanding, according to the latest market update by WTW. A hard market continues for cargo insurance; however, renewed competition and enhanced growth targets in the marketplace have moderated upward rate movement in 2022. While rate increases are to ... Read the full article
WTW launches price inflation prediction tool for motor insurers
24th June 2022
Re/insurance broker WTW has announced the launch of a new price inflation forecasting technology for motor insurers that leverages advanced machine learning. In collaboration with Solera Audatex, WTW developed this tool to help motor insurers more accurately allow for the future cost of motor repairs in their pricing. The “ground-breaking tool”, as ... Read the full article
Inflation, not rates, driving property premium pain – WTW
23rd June 2022
WTW's Insurance Marketplace Realities Spring Update reports that property insurance premiums will continue to rise throughout 2022, but these increases will mostly be driven by inflation raising insurable values, as opposed to rate increases. Double-digit rate increases are however likely for challenged occupancies such as forest products, metals, waste management, food ... Read the full article
WTW appoints two Global Client Advocates
23rd June 2022
Advisory and broking solutions company, WTW has announced the appointments of Elizabeth Carabas and Jennifer Wheeler as Global Client Advocates. Carabas joins WTW as a Global Client Advocate within the Technology, Media, and Telecommunications practice. She has more than 20 years of brokerage experience in Silicon Valley, and with her deep knowledge ... Read the full article
Hardening of energy market limited by positive factors: WTW
21st June 2022
Positive factors continue to limit the hardening of the market dynamic in upstream and downstream energy insurance, according to a WTW report. According to the broker’s 2022 Spring update, while downstream energy insurance buyers are yet to enjoy a soft market, the very best programs have now ... Read the full article
One Concern partners with WTW on US parametric insurance tool
20th June 2022
Advisory and broking solutions company, WTW and One Concern, a climate analytics company, have teamed up to bring climate resilience scores to the US insurance market. The pair believe their One Concern Resilience Score (1CRX) can “facilitate a better understanding of dependency risk and accelerate the adoption of parametric insurance.” The Score ... Read the full article
Planes stranded in Russia could lead to industry losses topping 9/11
20th June 2022
The aggregate value of planes stuck on Russian territory following the nation’s invasion of Ukraine could even surpass the claims stemming from 9/11, according to a new note from WTW. The firm said that while the impact of the invasion was still unknown on the aviation industry, it said that there ... Read the full article
WTW appoints Victor De Jager as head of property for Europe
20th June 2022
WTW has appointed Victor De Jager as head of property for Europe. In his new role, De Jager will be based in Amsterdam and will report into Garret Gaughan, head of direct and facultative, alongside Anne Pullum, head of Europe and head of commercial risk and broking (CRB) for Europe. Gaughan said ... Read the full article
WTW appoints Martuscelli to lead real estate & hospitality practice
20th June 2022
Re/insurance broker WTW has announced the appointment of James Martuscelli as Head of The Real Estate & Hospitality Industry Practice within Corporate Risk and Broking (CRB), North America. In his position, Martuscelli will oversee client retention and growth strategies across the industry practice. He will focus on the development of commercial insurance ... Read the full article
“Huge work” required before IFRS 17 goes live – WTW
17th June 2022
Insurers have reported that there is still a huge amount of work to complete in order to successfully deliver IFRS 17 ahead of the 2023 deadline, according to a new survey by WTW. The study polled 270 insurers from 45 countries and is believed to be the industry’s most comprehensive ... Read the full article
WTW names two leaders for Natural Resources & Construction lines
16th June 2022
Insurance and reinsurance brokerage, WTW has announced two leadership appoints to its Natural Resources and Construction lines of business within the Asia Corporate Risk & Broking business, effective January 2023. Nicki Tilney will join WTW as Head of Construction, Power & Renewables in Asia, in a new role that has been ... Read the full article
Solid net increase in US captives expected in 2022
15th June 2022
Early new captive formation reports suggest a strong 2022 across all industries and lines of insurance, according to a new report by WTW. There has been a notable expansion of captive formation and use by managed care organisations since 2021 and, compared with recent years, captive ... Read the full article
WTW appoints Simon Lusher to lead food and drink specialism
14th June 2022
Leading global advisory, broking and solutions company, WTW, has appointed Simon Lusher as Client Relationship Director for Large and Complex Risks. Based in London, Lusher joins WTW from JLT Specialty (now Marsh); he will be reporting into Garret Gaughan, Head of Direct & Facultative. He will be responsible for risk solution development ... Read the full article
WTW appoints Timothy Pratt to new role in its ICT business
10th June 2022
WTW has appointed Timothy Pratt as director of actuarial property and casualty in its Insurance Consulting and Technology (ICT) business. According to a statement from the firm, Pratt will be responsible for leading project teams focused on designing and implementing client reserving solutions. He will also play a key role in ... Read the full article
WTW launches healthcare risk and analytics tool
8th June 2022
Leading advisory and broking solutions company, WTW has launched a new risk and analytics tool for clients in the healthcare industry. HPL Quantified will provide clients with a unique set of assessment options to optimise their risk transfer, focused on Hospital Professional Liability (HPL) in the United States. Similar to other proprietary ... Read the full article
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