UK insurers gain extension on pricing reforms
29 March 2021
The Financial Conduct Authority will give insurers more time to respond to reforms aimed at cracking down on pricing practices that disadvantage loyal customers...
International
Reinsurance, ILS markets showing ‘resilience’ despite virus, catastrophe losses
29 March 2021
Reinsurers and issuers of insurance-linked securities raised $US485 billion last year, returning global reinsurance capital back to pre-pandemic levels, a new report from AM Best says...
RMS offers new suite of climate change models
29 March 2021
RMS is introducing a range of new climate change models as higher rates of wildfires, floods and hurricanes demand that climate insights are incorporated into financial decisions...
Industrial control systems: the new cyber hacker ‘go to’
22 March 2021
Hacking of a water treatment plant in Florida last month reflects a rise in the ability of sophisticated cyber criminals to breach control systems at industrial sites, and offers a “grave warning,” FM Global says...
Fitch forecasts US P&C improvement
22 March 2021
US property and casualty insurers are poised for improved returns this year as pandemic-related losses subside and many commercial segments are undergoing favourable pricing trends, Fitch says...
Marsh gets a makeover
22 March 2021
Marsh McLennan is the new name replacing Marsh & McLennan Companies, accompanied by a new refreshed logo – an abstract infinity symbol...
Climate change ‘the biggest challenge we face’: Swiss Re
22 March 2021
Swiss Re has committed to new measures across its asset management, underwriting and operations to help transition to a net-zero greenhouse gas emission economy...
Talanx affirms net profit at $1 billion
22 March 2021
Talanx Group has finalised its results for last year, confirming previous figures the business released last month to investors...
Industry faces increased regulatory scrutiny over climate threat
15 March 2021
Regulators have stepped up their scrutiny of how insurers are responding to climate change, pushing the industry to improve its understanding of, and ability to manage, the associated financial risks, according to Moody’s Investors Service...
February brings costliest-ever Polar Vortex for insurers
15 March 2021
Record-breaking cold temperatures in the US last month could rack up costs of more than $US10 billion while in Australia, Tropical Cyclone Niran caused $200 million in crop damage alone when it hit Queensland and NSW, Aon’s latest monthly catastrophe report says...
UK motor claims drop 19% in COVID year
15 March 2021
The number of UK motor insurance claims settled last year fell 19% as vehicle journeys declined due to COVID-19 lockdowns, while the cost of individual claims continued to rise...
Clamp down on cryptocurrency exchange to tackle cyber crime
15 March 2021
More must be done to clamp down on exchanges that allow cyber criminals to launder billions of dollars via cryptocurrencies, an insurance expert says...
Berkshire increases insurance underwriting profit
15 March 2021
Berkshire Hathaway has recorded an increase in earnings from its insurance business, with underwriting profit of $US657 million last year, about twice that of 2019 when it made $325 million...
UK BI test case prompts reinsurance questions
08 March 2021
The UK test case judgment on business interruption has the potential to confuse the conversation around reinsurance responses to COVID losses, Guy Carpenter says...
FCA defends COVID-presence BI guidance
08 March 2021
The UK’s Financial Conduct Authority has defended its guidance on how policyholders may wish to prove the presence of COVID-19 in an area around their premises when making business interruption claims...
China’s foreign ownership changes benefit Chinese insurers: GlobalData
08 March 2021
Rule changes in China around foreign ownership are aimed at fostering “national champions” rather than benefitting international insurance companies, GlobalData says...
January renewals fail to deliver ‘hard’ rates for reinsurers
08 March 2021
Reinsurers’ hopes of securing “hard” rates at the recent January renewals were dashed as reinsurance buyers refused to yield, according to a report from S&P Global Ratings...
Time to end bundled cyber cover as risks rise: S&P
08 March 2021
Insurers should move away from bundling in cyber protection with other lines given the pandemic-driven step-change in the complexity and size of potential risks, S&P Global Ratings says...
Industry unites to address climate change threat
01 March 2021
Industry think-tank The Geneva Association has launched a working group to develop climate risk assessment methodologies and tools for the insurance sector...
Climate change to have little impact on insurer ratings: Fitch
01 March 2021
Climate change is expected to have little impact on insurance ratings despite the serious challenge it represents for the industry and the questions it raises for cover affordability as prices increase, Fitch Ratings says...