Latest news
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NewsCovid-19 and higher reinsurance rates challenging Caribbean insurers: AM Best
The socioeconomic impact of Covid-19 has been a catastrophe for the Caribbean this year, coming on top of Hurricane Dorian pummeling the region in 2019 and reinsurance price firming, AM Best has noted in a new report.
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Progressive claims $80mn from reinsurers for August cats
US insurance giant Progressive released financials for August that revealed a total of $80mn in reinsurance recoverables for August cat losses including hurricanes Isaias and Laura.
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US businesses urge insurers to stop underwriting fossil fuels
Nearly 60 businesses have called on the US insurance industry to stop insuring and investing in the fossil fuels that are driving climate change, with signatories including Patagonia, Ben Jerry’s and Lemonade.
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Commercial rate rises pushing captive formations: Marsh
With commercial insurance rates increasings and capacity tightening in certain business lines, a growing number of organisations are turning to captives for some of their risk transfer needs, a new report from Marsh has found.
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Swiss Re most exposed as US Social Inflation threatens reserves
There were more federal securities class actions filed in the first six months of the year than were seen annually prior to 2015, indicating that 2020 may be another tough year for casualty insurers.
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Teddy becomes Category 4 hurricane on path towards Bermuda
Teddy has become the second major hurricane of the 2020 Atlantic season and could become the second storm in a week to impact Bermuda over the weekend.
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Aon looks to MMC to bolster fac business in Colombia
Aon has added Camilo Ruiz to its Reinsurance Solutions facultative business in Colombia.
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Parliamentary group chair backs call for public-private pandemic solution
The chair of the UK government’s insurance-focused parliamentary group has thrown his support behind the creation of a “resilient” public-private pandemic (re)insurance solution.
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Mishcon looks to expand dental practice BI group action against QBE
Law firm Mishcon de Reya LLP is seeking to expand its group action targeting UK dental practices to include more QBE policyholders.
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Convex lands Theo Butt to lead insurance business; Paskin named Convex Re CEO
Convex has hired former Neon CEO Theo Butt as CEO of London-based Convex Insurance UK Limited with Matt Paskin named CEO of Bermuda-based Convex Re CEO.
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Paris court rules against Axa in restaurant BI case
French insurer Axa said on Thursday it would appeal a Paris commercial court ruling ordering it to pay five restaurant owners who had to shut during France’s coronavirus lockdowns.
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CII urges action to avoid future test cases
The Chartered Insurance Institute (CII) has urged the profession and the government to reduce the need for Financial Conduct Authority (FCA) test cases in the future.
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Hive Aero bolsters new aviation all risks team with Webster and Adcock hires
Hive Aero has made two additional hires to its new aviation all risks team, with MS Amlin’s Andrew Webster joining the company as class underwriter and market veteran David Adcock taking on the role of head of aviation claims.
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Beazley responds to “very dynamic” exec risk market by forming new leadership team
Beazley has created a new executive risk leadership team in the US which will be led by Jeremie Saada.
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Sally draws Ivan comparisons with losses potentially higher than initially expected
Early damage indications suggest insured losses from Hurricane Sally may be higher than initially anticipated with widespread wind damage in and around Pensacola likely to drive up the cost of the event.
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Synthetic data key to new Hurricane Andrew-style modelling revolution
The insurance industry is having “a Hurricane Andrew moment” as carriers look to embrace new modelling tools and techniques to stay on top of emerging perils such as cyber and contingent business interruption, according to QOMPLX’s CEO and co-founder Jason Crabtree.
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NFIP’s cat bonds and reinsurers exposed to Sally losses: AM Best
Hurricane Sally is unlikely to be a major insurance loss for the private market because it is more of a flood event covered by the National Flood Insurance Program (NFIP), but the federal backstop’s cat bonds and reinsurers are potentially exposed, AM Best has commented.
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State Farm to buy non-standard auto specialist Gainsco for $400mn
US insurance giant State Farm has agreed a deal to buy non-standard auto (NSA) insurer Gainsco for around $400mn in cash in what represents its first acquisition of an insurance company in its 98-year history.
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Japanese flooding causes $653mn of insured damage
Flooding in Japan in July has led to insurance payouts of 68.4bn yen ($653.2mn), according to a provisional tally by the General Insurance Association of Japan.
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NFIP extension expected in continuing resolution as expiration looms again
Insurance trade associations are urging Congress to reauthorise the National Flood Insurance Program (NFIP) ahead of its 30 September lapse, with a short-term extension expected to be included in a continuing resolution to keep federal agencies open.
