UK reverses policy on injury comp formula
11 September 2017
The UK will introduce a new system for calculating serious personal injury compensation payouts, less than a year after changing the formula amid much criticism from the industry…
International
Cat bond record drives alternative capital market
11 September 2017
The alternative capital market grew to a record $US88.8 billion in the year to June 30, driven by all-time high issuance of catastrophe bonds, according to Aon Securities…
AM Best weighs up insurers’ Brexit strategies
11 September 2017
UK-based insurers that access European Union business are opening subsidiaries in other nations as part of their Brexit contingency plans, according to AM Best…
Marine insurance blockchain platform set to launch
11 September 2017
A marine insurance blockchain platform will run from next year following a 20-week proof of concept, EY and technology company Guardtime say…
Service expansion hits Charles Taylor earnings
11 September 2017
Professional services group Charles Taylor says investments in its insurance technology business caused an earnings slide in the insurance support services division…
Damage bill may pass $200 billion as US counts cost of Harvey
04 September 2017
Hurricane Harvey is likely to be one of the costliest US natural disasters, according to Impact Forecasting…
Insurers want flood scheme renewal following Harvey
04 September 2017
The financially troubled US National Flood Insurance Program is due to expire at the end of this month, but insurers say it should be extended for at least six months to handle the aftermath of Hurricane Harvey…
US P&C underwriting slumps to five-year low
04 September 2017
The US property and casualty industry has recorded its worst first-half loss for five years, suffering $US5.1 billion in net underwriting losses, AM Best says…
Novae shareholders clear Axis takeover
04 September 2017
Specialty lines insurer Axis Capital will proceed with its all-cash £477.6 million acquisition of Novae Group, after the target’s shareholders voted in favour…
AM Best upgrades Scor
04 September 2017
AM Best has lifted Scor’s financial strength ratings to A+ from A, and its long-term issuer credit ratings to aa- from a+…
Harvey brings catastrophic flooding to Texas
28 August 2017
Heavy rain and winds are lashing parts of Texas, which has taken a pounding from Category 4 Hurricane Harvey…
Fintech failing in struggle to topple established insurers
28 August 2017
Fintechs have so far failed to overtake traditional incumbents and establish themselves as dominant financial services players, according to a new report…
Cyber coverage grows further, RIMS finds
28 August 2017
About 83% of risk professionals now have standalone cyber insurance, up 3% on last year, according to the latest Risk and Insurance Management Society Cyber Survey…
Andrew repeat would cost $70 billion: AIR
28 August 2017
Hurricane Andrew, which devastated Florida’s Dade County 25 years ago, would cause insured losses of about $US56 billion if it hit the same location today, AIR Worldwide estimates…
Munich Re, JLT unveil parametric typhoon cover
28 August 2017
JLT and Munich Re have joined forces to offer a unique parametric insurance solution for typhoons in the Philippines…
UK to test automated truck convoys
28 August 2017
The UK Government has committed £8.1 million to test three automated trucks travelling in convoy, with acceleration and braking controlled by the lead truck…
Axis raises offer for Novae
28 August 2017
Bermuda-based specialty lines insurer Axis Capital has improved its all-cash offer for London-based underwriter Novae Group to £477.6 million, up from £467.6 million…
Cloud workplace addresses legacy IT limitations
28 August 2017
Willis Towers Watson has introduced a “virtual actuarial workplace” for insurers in the Asia-Pacific region…
Global cat bill tumbles
21 August 2017
Economic losses from disasters fell to an estimated $US44 billion in the first half from $US117 billion in the corresponding period last year, according to a preliminary Sigma report from Swiss Re…
Worldwide rates maintain losing streak
21 August 2017
Global insurance renewal pricing fell for the 17th straight quarter as significant capacity and a competitive underwriting landscape combined to suppress the market, broker Marsh says…