FCA

BI test case: Implications for the insurance market

2021-01-26T08:23:00+00:00

Now that the dust has settled from the Financial Conduct Authority’s test case over disputed business interruption claims, the (re)insurance sector – and its lawyers – can now assess the long-term implications of the Supreme Court ruling.

US perils montage

Can parametric insurance help build disaster resilience in the US?

2021-01-25T12:00:00+00:00

New approaches to risk transfer need to be explored and developed to fill coverage gaps in the face of increasing climate-related risks, argue MMC’s Alex Bernhardt and Carolyn Kousky of UPenn’s Wharton Risk Management and Decision Processes Center

Symons Taylor Saunders DLA

Supreme Court judgment fires starting pistol for Covid-19 reinsurance battle

2021-01-18T16:15:00+00:00

The 15 January Supreme Court judgment will have a significant impact on property insurers, having effectively broadened the cover available to policyholders under non-damage business interruption extensions of cover.

Martin Bertogg Swiss Re

Why hurricane risk modelling has to change

2021-01-15T14:57:00+00:00

Following another active season, Martin Bertogg, head of cat perils and cyber at Swiss Re Institute, questions whether the way the industry models hurricane risk needs to evolve.

FCA

Judgment Day II: What to expect from the appeal of the FCA test case…

2021-01-13T16:27:00+00:00

As The Insurer revealed yesterday, on Friday the Supreme Court will hand down its judgment on the Financial Conduct Authority’s appealed landmark test case on disputed Covid-19 business interruption claims in a verdict expected to have far-reaching consequences for both UK carriers and policyholders.

Alastair Speare-Cole – QOMPLX

SolarWinds exposes cyber risk assessment gap

2021-01-13T13:25:00+00:00

QOMPLX president and general manager of insurance Alastair Speare-Cole says that regardless of the size of insured losses, the hack of US network management software firm SolarWinds is a wake-up call to the industry and insureds.

Mory Katz – bms

The $350bn US legacy opportunity

2021-01-11T14:42:00+00:00

BMS’ Mory Katz tells The Insurer that all existing long-tail reserves are potential opportunities to utilise a growing range of run-off products, as insurers look to legacy solutions as part of their overall capital management strategy.

David Flandro – HX

Shift in “risk perception” to sustain pricing momentum in 2021

2021-01-06T09:16:00+00:00

A clear adjustment in risk perception among (re)insurers is set to drive continued pricing momentum at other significant renewals in 2021, said David Flandro, managing director of HX Analytics and Howden Capital Markets.

Jeff Irvan – BMS

A eulogy for concurrency

2020-12-23T02:32:00+00:00

Jeff Irvan, chief property officer at BMS, says non-concurrent reinsurance placements are becoming increasingly commonplace as quoting ranges widen…

Prime Insurance Rick Lindsey

Good fundamentals

2020-12-08T16:21:00+00:00

Prime Holdings Insurance Services chairman and CEO Rick Lindsey says proper claims handling, not hard market price increases, is the route to underwriting profitability for insurers.

Hervé Nessi – CCR Re

Deadbeat insurer!

2020-12-03T18:51:00+00:00

The world is going through an extraordinary moment due to the Covid-19 crisis, and while all sectors have been hit, the (re)insurance sector has been particularly affected for two main reasons, writes Hervé Nessi, chief underwriting officer at CCR Re.

Daniel Kaniewski

Building financial resilience for pandemics

2020-11-25T15:24:00+00:00

Widespread availability of pandemic insurance, through the industry’s private sector incentives and the federal government’s access to capital, would provide policyholders with long-term incentives to reduce their risks from contagious diseases, argues Daniel Kaniewski, managing director at Marsh & McLennan Companies.

Damian Cleary DCThree

Cleary: Reinsurers must brace for mounting Covid-19 disputes

2020-11-23T08:40:00+00:00

As Covid-19-related losses creep their way up through reinsurance layers, “a number of issues” are beginning to arise and a new litigious battleground is forming.

FCA

Appeal: What to expect as the FCA test case heads to the Supreme Court

2020-11-16T08:04:00+00:00

The September ruling in the Financial Conduct Authority (FCA)’s landmark test case will be examined in the UK’s highest court this week in a hearing set to have far-reaching consequences for both carriers and policyholders.

Jonathan Sacher and Richard Jennings BCLP

Can cedants aggregate their Covid-19 losses arising from the first and second lockdowns?

2020-11-13T08:27:00+00:00

Jonathan Sacher and Richard Jennings of Bryan Cave Leighton Paisner analyse some of the reinsurance implications of the second lockdown.

Stephen Card – Carbon Underwriting

Carbon’s Card: 35% SIAB expense ratio a “challenge”

2020-11-13T08:04:00+00:00

While significant strides have been made to encourage the reduction of soaring and unsustainable expense ratios at Lloyd’s for the market’s greater good, Stephen Card, CEO of Carbon Underwriting, admits that parts of this effort are a “challenge”.

Jameson index

Efficient and innovative MGA model drives strong growth in US program sector: Jameson

2020-11-12T00:10:00+00:00

The efficiency of the MGA model, the product innovation it brings and the influx of new program carriers fuelled by reinsurer appetite are all factors in the strong rate of growth seen in the US programs sector, according to Michael Jameson, head of Guy Carpenter’s new GC Access unit.

Lou Iglesias – Allied World

E&S barriers to entry will limit impact from start-up capital: Iglesias

2020-11-09T13:43:00+00:00

New capital formation targeting hard market opportunities in the P&C industry will face significant barriers to entry in the E&S sector and will not have a meaningful impact on dynamics, according to Allied World president and CEO Lou Iglesias.

Kaspar Mueller - Swiss Re

Caribbean reinsurance-buying habits evolve in light of losses: Swiss Re’s Müller

2020-11-05T09:54:00+00:00

The reinsurance-purchasing habits of some Caribbean insurers have evolved since the region was impacted by the devastating windstorms of 2017 and 2019, although disparities remain between those companies that were hit and those that were not, according to Swiss Re’s Kaspar Müller.

Mohit Pande - Swiss Re

Industry is underestimating hurricane risk: Swiss Re’s Pande

2020-10-29T12:17:00+00:00

The (re)insurance industry is not taking full account of the Atlantic Multidecadal Oscillation (AMO) in its underwriting of hurricane risk, despite no sign of a change from the warm phase of the cycle that tends to drive increased activity, according to Swiss Re’s Mohit Pande.