News in Focus

The insurance industry must reexamine how it underwrites wildfire risk, Burns & Wilcox’s Bill Gatewood has said, adding that the ongoing California wildfires are already driving a shift in market conditions and the fine arts loss component will be “huge”.

Growth in offshore renewable energy and rising losses are driving rate rises for subsea energy cable cover, according to Michael Buckle, head of natural resources at WTW.

There is no doubt that capacity for fine art and specie will be withdrawn from areas that have high wildfire aggregation risk, according to Courtney Kerr Brooks, a fine art and specie broker at Novatae-owned MarketScout.

As wildfires devastate Los Angeles, Kettle’s CUO, Brian Espie, has identified the Palisades Fire as a critical focal point for the reinsurance industry due to the high concentration of valuable properties in the area.

Insured losses related to winter storms Blair and Cora will likely total around $1bn, according to Karen Clark, CEO and founder of Karen Clark & Company.

As we wrap up 2024, The Insurer TV has provided a comprehensive look at the evolving (re)insurance landscape.

In the second instalment of our 2024 year in review series, we explore natural catastrophe losses with Scott Vincent, the growing role of parametric insurance in addressing coverage gaps with Henry Gale, and the insurance industry’s efforts to facilitate the transition to a net-zero economy with Rebecca Delaney.

This year, The Insurer’s team has worked tirelessly to deliver the industry’s breaking news, so we’ve taken the opportunity to sit with our editorial team and reflect on the stories that have shaped the market in 2024.

The insurance market may not be fully accounting for the potential impact of Donald Trump’s return to the presidency on strikes, riots and civil commotion (SRCC) exposures, according to Babak Tavassolie, head analyst for political and credit risk at Scor.

Bruce Carman, CUO at Hive and aviation war expert, estimates the Russia-Ukraine lessor claims could result in a $5-6bn loss for the aviation market, a striking figure that underscores the magnitude of the ongoing legal battle across multiple jurisdictions over stranded Western aircraft in Russia.

Norma Maldonado stands out in the insurance industry as one of the few who intentionally set out to join it. While studying at Georgia State University, Maldonado majored in actuarial science where she was exposed to the national insurance fraternity, setting her course for a career in the sector.

The London insurance market is abuzz following the launch of a trio of UK government consultations, with the moves heralded as a significant step forward for the industry.

The renewable energy market is suffering from a shortage of “credible” lead capacity due to a lack of experienced underwriters and inadequate modelling, according to Julian Richardson, CUO of green solutions at Munich Re Specialty.

Juniper, the trailblazing insurtech start-up co-founded by Ambra Zhang, is setting out to revolutionise reproductive healthcare with its innovative approach to health insurance.

Canada's natural catastrophe loss bill is projected to exceed C$8bn ($5.7bn) this year, driving adjustments in pricing, attachment points and deductibles, according to Jolee Crosby, CEO of Swiss Re Canada.

Dellwood Insurance Group’s founding CEO Michael Price has said that the success of the start-up will be driven by matching the “expertise and speed” of wholesale trading partners, adding that current P&C market conditions have a “multi-year runway”.

There is no expectation of a widespread shift in business away from the E&S market, with the sector’s freedom of rate and form allowing it to address challenging issues on the admitted side, according to Westfield Specialty’s founding president Jack Kuhn.

Moves by carriers to establish dedicated wholesale operations and a commitment to dual distribution has led to continued growth in submission counts, despite stabilising market conditions, according to Amwins brokerage co-presidents Jeff McNatt and Sam Baig.

Cyber pricing is being driven down by less disciplined market entrants taking a generalist approach to the segment, according to Westfield Specialty’s Jeff Kulikowski, who added that the insurer is willing to walk away from unprofitable business.

The level of threat activity has remained “reasonably consistent” in 2024, according to Coalition’s Chris Hendricks, who said it was “shocking” that threat actors are still finding success with attack methods that aren’t new.

David Vigier, chief commercial officer and head of captives strategy at HDI, told The Insurer TV that France’s regulatory overhaul in 2023, that led to it becoming a captive-friendly domicile, took years of lobbying from the risk management community.

California insurance commissioner Ricardo Lara’s recent moratorium on non-renewals is further tightening the state’s already-strained property insurance market, according to Michael Ray, CEO at Lloyd’s capacity-backed MGA Wildfire Defense Insurance Services.

Risks associated with AI currently face a coverage gap, Armilla AI CEO Karthik Ramakrishnan told The Insurer TV on the sidelines of this year's Ferma Forum.

CFC’s head of innovation George Beattie has described the company’s carbon credit insurance strategy as a “deep bet” on the carbon market’s future shift from voluntary participation to mandatory government schemes.