A storm with similar characteristics to Hurricane Andrew would cost insurers in the region of $70bn if it were to occur today, according to Karen Clark.
A lack of collaboration between the (re)insurance sector and the academic world is slowing progress in the development of catastrophe modelling tools, according to University of Arizona professor Xubin Zeng.
The marine cargo market must come up with a “standardised and predictable” approach when writing war covers and issuing notices of cancellation (NOCs) in both ongoing and new conflicts, Ascot Group’s head of marine cargo Chris McGill has said.
Ascot’s new marine cargo facility providing all-risks coverage for food and grain exports from Ukraine demonstrates how Lloyd’s syndicates are “stepping up” to deliver innovative solutions to global issues, the carrier’s head of cargo Chris McGill has said.
The aviation hull war market continues to respond “vigorously” to the fallout to the Russia-Ukraine conflict with 100 percent rate increases witnessed at airline renewals this year expected to continue into the busy fourth quarter for the sector.
Fidelis CEO Richard Brindle has earned a reputation as an underwriting innovator during his near four decades in the (re)insurance space, from his tenure with Lloyd’s insurer Tarquin Underwriting in the 1990s, through the formation of Lancashire in the 2000s and the subsequent launch of Fidelis in 2015.
Allied World’s Wes Dupont and Swiss Re’s Dana Franzetti have told The Insurer TV that the industry needs to change its approach to combat social inflation, with pointers including having a knowledge of plaintiffs’ attorney strategies and telling juries a better story.
One of the major challenges for insureds in the aftermath of a major loss event can be the delay in claims settlement as the adjustment process takes place.