US passes law to drop ‘too big to fail’ designation for insurers
13 June 2017
The US House of Representatives has passed legislation that will remove the “systemically important” designation from insurers and banks…
International
XL Catlin adds to property capacity
13 June 2017
XL Catlin has extended its global property insurance capacity by 25% to $US500 million, to address rising insurable values and demand for higher coverage…
S&P cuts AIG outlook over goal delivery doubts
13 June 2017
S&P Global Ratings has revised its outlook for AIG to negative, citing the company’s “sub-par” track record on delivering strategic goals for its property and casualty commercial insurance division…
Brokers expected to focus on complex risks
05 June 2017
Brokers and agents will become more specialised and focus on high-net-worth customers with complex risks to remain relevant, according to Insurance Governance Leadership Network participants…
Global rates continue to decline
05 June 2017
Global insurance rates have fallen for the 16th straight quarter, driven down by significant capacity and a competitive underwriting environment, global broker Marsh says…
Reinsurance rates ‘still falling’
05 June 2017
Reinsurance rates fell for the sixth consecutive year at June renewals and the pace of reductions is accelerating, according to JLT Re…
Swiss Re joins Trump’s Paris pullout critics
05 June 2017
Swiss Re has reaffirmed the dangers of global warming and expressed regret at President Donald Trump’s decision to pull the US out of the Paris Agreement on climate change…
UK insurance tax rise comes ‘at worst possible time’
05 June 2017
An insurance premium tax increase, introduced this month, could add about 20% to average annual household bills, the Association of British Insurers warns…
Soft market ‘a bigger threat than hurricanes’
05 June 2017
US property and casualty insurers are sufficiently capitalised to absorb costs from hurricanes, according to Fitch Ratings…
Nigeria shapes as piracy hotspot
05 June 2017
Violence off the southern Philippines coast, a rise in kidnappings in the Gulf of Guinea and the first Somali hijacking in five years are among major concerns raised in the latest International Maritime Bureau piracy report…
Terrorism pool to ‘quickly resolve’ Manchester claims
29 May 2017
UK terrorism reinsurer Pool Re says it plans to rapidly respond to any claims from the suicide bombing in Manchester last week…
AM Best removes AIG from ratings watch list
29 May 2017
AM Best has affirmed AIG’s long-term issuer credit rating at bbb and the ratings of its subsidiaries, and they are no longer under review with negative implications…
Forecasters predict lively Atlantic storm season
29 May 2017
An above-normal Atlantic hurricane season is most likely this year, according to the US National Oceanic and Atmospheric Administration…
Insurtech ‘second wave’ promises greater disruption
29 May 2017
Insurers should expect the next wave of insurtech challengers to be “savvier, more creative and more ambitious”, management consultant Oliver Wyman says…
Blockchain to transform marine logistics, Marsh says
29 May 2017
Blockchain technology could save the marine industry trillions of dollars in processing fees and provide new trust in logistics, according to a report from Marsh…
No respite for reinsurance pricing, Fitch says
22 May 2017
Reinsurance pricing will soften for the remainder of this year due to abundant capital and torpid demand, according to Fitch…
Industry trailing on shift to digital interaction
22 May 2017
Consumers increasingly want to interact with insurers via digital tools, but the industry’s investment in this appears to be lagging, according to research and advisory business Celent…
Lloyd’s canvasses staff for voluntary redundancy scheme
22 May 2017
Lloyd’s has confirmed approaching all its 1100 employees about registering for a voluntary redundancy program…
Attacks will increase cyber coverage: Fitch
22 May 2017
Recent ransomware attacks including the WannaCry outbreak that crippled the UK’s public health system are likely to lead to increased demand for cyber insurance, Fitch says…
Prodigal son returns to lead AIG
22 May 2017
Brian Duperreault has been appointed President, CEO and a director of AIG, replacing Peter Hancock…