Lloyd’s upbeat despite profit decline
02 October 2017
Lloyd’s earned a pre-tax profit of £1.22 billion for the half-year to June 30, down from £1.46 billion in the corresponding period last year amid challenging marketing conditions…
International
Puerto Rico bears brunt of losses from Maria
02 October 2017
Hurricane Maria will cost insurers up to $US85 billion, with Puerto Rico bearing the bulk of the losses, according to catastrophe modellers.
UK comparator faces pricing probe
02 October 2017
Insurance comparator Compare The Market is facing an investigation by the UK’s Competition and Markets Authority over its deals with insurers…
Pool Re seeks to extend terrorism cover as threat evolves
02 October 2017
UK terrorism reinsurer Pool Re says intensive talks have been held at ministerial level to extend its cover as attacks aimed at causing mass civilian casualties mark a fundamental shift in Islamist extremist tactics…
AIG creates general insurance unit in overhaul
02 October 2017
AIG plans to create a separate general insurance division as part of a reorganisation of the company into three business units in an overhaul announced by new CEO Brian Duperreault…
AIG removed from ‘too big to fail’ list
02 October 2017
AIG has welcomed a decision by the US Financial Stability Oversight Council to remove its designation as a Systemically Important Financial Institution…
S&P changes Berkshire insurance units’ outlook to negative
02 October 2017
S&P Global Ratings has revised its outlook on Berkshire Hathaway’s operating insurance subsidiaries to negative from stable and affirmed the AA+ financial strength and long-term counterparty credit ratings…
European insurers’ premiums flat but ratings stable
02 October 2017
Premiums for the 30 largest European insurers remained virtually flat last year, increasing by just 0.3% to €378.3 billion, according to AM Best special report…
Mexico quake claims may hit $2.6 billion
25 September 2017
Insured losses from last week’s 7.1-magnitude earthquake in Mexico could range from less than $1 billion to $2.6 billion, according to various estimates by catastrophe modellers…
US mainland faces ‘direct hits’ from downgraded Maria
25 September 2017
North Carolina is bracing for tropical storm-force winds and rain as Hurricane Maria moves north, according to the US National Hurricane Centre…
Liberty, Munich Re back emerging markets lending platform
25 September 2017
Munich Re and Liberty Specialty Markets have contributed $US1 billion ($1.2 billion) in unfunded credit insurance to support a lending platform aimed at fighting poverty…
XL business leaves UK as Brexit looms
25 September 2017
XL Group has announced plans to relocate XL Insurance Company SE from the UK to Dublin next year in response to Brexit, but its Catlin subsidiary will remain in London…
Competition grows as M&A market takes off
25 September 2017
JLT Specialty says there was a 76% increase in the number of merger and acquisition (M&A) insurance policies placed worldwide in the first half, amid increased competition…
Reinsurers looking for diversity, Willis Re says
18 September 2017
Reinsurers are continuing to diversify their portfolios as they look to improve underwriting performances, according to a half-year market report from Willis Re…
Modeller scales down Irma’s upper loss estimate
18 September 2017
Insured losses from Hurricane Irma will probably range from $US32-$US50 billion, changed from an earlier $US20-$US65 billion estimate, according to catastrophe modeller AIR Worldwide…
Hurricanes may knock Munich Re off profit target
18 September 2017
Munich Re faces a third-quarter loss and may not achieve its €2-€2.4 billion profit target this year because of hurricanes Harvey and Irma…
Hurricanes show need for US flood cover reform: Lloyd’s
18 September 2017
The US must reform its flood insurance market, including allowing the private sector to play a bigger role, according to Lloyd’s CEO Inga Beale…
Capacity, lack of modelling ‘hold back terror market’
18 September 2017
Restricted capacity, limited modelling and lack of demand from smaller organisations is hampering development of a substantial terrorism market as the focus of attacks shifts, according to Guy Carpenter executives…
Insurtech ‘enables’ traditional insurers, Aon says
18 September 2017
Insurtech could be an enabler rather than a disruptor of the traditional insurance model, according to a new report from Aon…
Reinsurance blockchain project set for market tests
18 September 2017
A reinsurance initiative using blockchain technology will undergo “beta testing” next month before a planned wider introduction to the market…