All News articles – Page 138
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NewsInsurance lines in UK need to adapt as remote working is here to stay, says GlobalData
More than two thirds of small and mid-size enterprises (SMEs) in the UK expect that remote-working levels will be higher than before the COVID-19 period, which will have lasting consequences on the insurance industry.
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NewsInsurance industry must find ‘right’ capital management strategy to navigate losses
The insurance industry must find the “right” capital management strategy to navigate losses. One driver for this is social inflation, however the change in legal environment, different mindsets in juries, third party claims and medical advancements have all made claims increase.
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NewsHannover Re anticipates significant price increases in property and casualty reinsurance
Hannover Re expects to see significant price increases spanning the various lines of property and casualty reinsurance in the treaty renewals as at 1 January 2021. The key drivers here are the strains incurred by primary insurers and reinsurers in connection with the Covid-19 pandemic, a further drop in interest ...
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NewsFitch: Competition in Sri Lanka Non-Life Sector to Rise as Premiums Fall
Fitch believes that new business premiums from motor insurance - which accounted for around 60% of the non-life insurance industry’s gross premiums - will contract in 2020 with the reduction in new vehicle registrations. We believe the release of the limited new-vehicle stocks into the market will be insufficient to ...
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NewsFitch: New Supervisory Framework to Enhance HK Insurance Groups’ Risk Management
The proposed new group-wide supervisory (GWS) framework in Hong Kong will strengthen the ability of the regulator to oversee Hong Kong-based internationally active insurance groups (IAIGs), which will push insurance groups to strengthen the sophistication of their risk management and improve the management of their group-wide capital adequacy, Fitch Ratings ...
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AnalysisBest’s Market Segment Report: Asia-Pacific Reinsurers Need to Revisit Strategic Approach in Problematic COVID-19 Era
he challenges from COVID-19 continue to evolve for the Asia-Pacific reinsurance sector, with the related macroeconomic and investment impacts pressuring profitability, according to a new report from AM Best.
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People & OpinionLloyd’s Appoints US Market Development Director
Lloyd’s today announced the appointment of Uwe Schoberth as US Market Development Director, a newly created role focused on expanding strategic relationships with retail, wholesale and reinsurance brokers in its largest market.
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People & OpinionFilip Vandeputte Joins AXIS Insurance to Lead Specialty Aviation Business in Continental Europe
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS), today announced the hiring of Filip Vandeputte to lead its AXIS Specialty Europe aviation business in continental Europe.
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People & OpinionHannover Re US and Somerset Re Announce CEO Transition
Somerset Reinsurance Ltd. (Somerset Re) today reports that Patrick Kelleher, the firm’s founding CEO, has announced his retirement, effective December 31, 2020. Jeff Burt, currently President of Hannover Life Reassurance Company of America (Hannover Re US), a member of Hannover Re Group, and Chairman of Somerset Re, will assume the ...
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NewsCatalina appoints new CEOs to Swiss and Bermudian subsidiaries
Catalina Holdings (Bermuda) Ltd announces the appointment of Claudia Ingenhoven as CEO of Glacier Re, Catalina’s Swiss subsidiary, effective from 19th August 2020, and Sarah Ruberry as CEO of Catalina General, Catalina’s flagship Bermuda-based reinsurer, effective from early November. Claudia most recently served as Chief Financial Officer of iptiQ EMEA ...
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NewsBusiness interruption test case judgement will not be the ‘final word’
An appeal on the judgement delivered for the test case on non-damage business interruption (BI) policy wordings and their interpretation for Covid-19-related claims tomorrow is “inevitable” – Plexus Law partner Andrew Crocombe thinks that early 2021 is the more likely deadline for a “final word” on the matter, once the ...
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People & OpinionMonte Carlo RVS Industry Survey 2020: Riding the cycle - Have your say
This study will survey top decision-makers at the world’s leading international commercial re/insurers and brokers, to examine how global reinsurers are riding the cycle, the likely impact of COVID and other losses, how capital may seek to enter the industry and whether automation has been accelerated by lockdown restrictions.
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NewsAmazon prepares to enter motor insurance market
Amazon is preparing to enter the motorcycle and car insurance market. Its entry into the market will help shift consumer expectations about buying insurance products from non-traditional players.
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NewsSlovenian woman cuts off own hand in insurance fraud attempt
A 22-year-old Slovenian woman has been sentenced to two years in prison for cutting off her own hand with a circular saw in order to make fraudulent insurance claims amounting to €380,000, reported the Metro. Julija Adlesic was said to have staged the incident alongside three others – this includes ...
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NewsLloyd’s John Neal reflects on ‘huge impact’ of pandemic but commends market’s achievements
To return Lloyd’s of London to long-term, sustainable profitability, its good progress to date must be maintained. This was the message that Lloyd’s chief executive John Neal delivered during a virtual press briefing yesterday afternoon as he reflected on Lloyd’s progress, despite the “huge impact” that the pandemic has had ...
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NewsHow telematics can serve the boat insurance market
The UK’s lockdown continuing has seen boat sales soar as more and more people decide to take staycations and as a result boat insurance has also risen– the same trend has been seen in the US. A new partnership is bringing telematics to boat insurance which could save underwriters money, ...
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NewsOxford University to research cyber resilience
Willis Towers Watson is partnering with the university to conduct research into the cost of equity arising from severe cyber breaches
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AnalysisEurozone to benefit from reshoring - sigma
Global supply chains are undergoing fundamental and accelerated restructuring, with re-shoring a growing trend in Europe
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NewsSoutheast Asia to benefit from supply chain diversification
Global supply chains are undergoing fundamental and accelerated restructuring, the latest Swiss Re Institute sigma study
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NewsLloyd’s of London expecting to pay out £5bn in claims, despite reporting stronger solvency position
Lloyd’s of London expects to pay out up to £5bn in Covid-19 customer claims on a gross basis, with £2bn of this figure being reinsured. It announced a loss of £0.4bn pre-tax for the first six months of 2020, compared to £2.3bn in 2019.
