IUMI highlights another fall in global marine premium income amid continuing uncertainty

IUMI highlights another fall in global marine premium income amid continuing uncertainty

IUMI highlights another fall in global marine premium income amid continuing uncertainty

Global marine underwriting premiums fell by 9% in 2016 to $27.5bn, following a similar fall the previous year, according to the latest annual statistical report on the marine insurance market by the International Union of Marine Insurance (IUMI). The hull sector saw a 10% fall in premium income to $7bn, while the cargo sector fell by 6% to $15bn. The…

Gas development boost in west Africa

Gas development boost in west Africa

Gas development boost in west Africa

Equatorial Guinea’s Ministry of Mines and Hydrocarbons has signed a memorandum of understanding (MoU) with the government of Burkina Faso, to supply the west African country with liquefied natural gas (LNG) and build critical infrastructure to import, store and transport gas. The initial three-year agreement compels both sides to negotiate and sign a LNG sales and purchase agreement and a…

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Irma set to cost insurance industry less than initially feared and unlikely to shift market

Insured loss estimates from Hurricane Irma are lower than initially feared, with the latest placing costs at around $25bn. Experts predict that losses from Hurricanes Irma and Harvey will not shift global insurance market pricing. Yesterday, risk analysis firm Karen Clarke & Co estimated that insured losses from Hurricane Irma will total $25bn, with $18bn of that figure resulting from…

AGCS adds senior underwriter to energy team in London

AGCS adds senior underwriter to energy team in London

AGCS adds senior underwriter to energy team in London

Allianz Global Corporate & Specialty SE (AGCS) has strengthened its energy team, with the appointment of Anthony Vassallo as senior underwriter leading downstream energy for AGCS’s regional unit London, which includes the UK, Ireland, Dubai, Russia, the Nordic region, Australia and New Zealand. AGCS said he brings extensive global downstream expertise to the team. Most recently, he was responsible for…

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Irma and Harvey to hit insurance industry’s earnings but unlikely to shift global market conditions, say experts

Insured US loss estimates from Hurricane Irma have fallen as the storm headed west and reduced to a category 1 storm, but the insurance industry is still expected to face a hefty bill. Industry experts say losses from Hurricanes Irma and Harvey will hit the insurance industry’s profits but are unlikely to cause a market-wide hardening. Air Worldwide said today…

Reinsurance market to soften further despite Harvey and tough underlying conditions

Reinsurance market to soften further despite Harvey and tough underlying conditions

Reinsurance market to soften further despite Harvey and tough underlying conditions

Ratings agencies do not expect soft global reinsurance market conditions to harden because of Hurricane Harvey or continued weak underlying operating conditions at upcoming renewals. In a series of reports published ahead of the Rendez-Vous de Septembre in Monte Carlo next week, Fitch, S&P and AM Best did not change their rating outlook on the reinsurance sector. But negative rating…

Marsh unveils new global management structure and divisions

Marsh unveils new global management structure and divisions

Marsh unveils new global management structure and divisions

Marsh has announced a new global management structure that includes newly-formed Global Placement & Specialties and Global Risk & Digital (GR&D) divisions. The broker has also made new appointments to Marsh International and its executive team. Marsh’s new Global Placement & Specialties division encompasses its insurance placement activities as well as its global industry and practice specialties. Dean Klisura is…

Hurricane Irma puts reinsurers in firing line, says S&P

Hurricane Irma puts reinsurers in firing line, says S&P

Hurricane Irma puts reinsurers in firing line, says S&P

As the annual renewal kicks off in Monte Carlo next week, reinsurers face potential losses from another powerful hurricane, in what is an already weak market. Hurricane Irma, a powerful category 5 storm, could have greater impact on the reinsurance sector than Hurricane Harvey, which deluged Texas and Louisiana last week, according to S&P Global Ratings (S&P). If Irma makes…

Harvey continues to cause havoc as business disruption grows

Harvey continues to cause havoc as business disruption grows

Harvey continues to cause havoc as business disruption grows

Hurricane Harvey, now a tropical storm, continues to bring extensive disruption to industry and infrastructure in Texas and Louisiana, after the storm made its third landfall in a week. Having making landfall twice in Texas, Harvey moved southwest into Louisiana, where it made its third landfall west of Cameron early Wednesday morning – bringing the risk of flooding to the…

Hurricane Harvey hangs on to cause more flooding as loss estimates rise

Hurricane Harvey hangs on to cause more flooding as loss estimates rise

Hurricane Harvey hangs on to cause more flooding as loss estimates rise

Loss estimates from Hurricane Harvey are on the rise as rain and major flooding continues to worsen in Texas, where the city of Houston has been particularly affected. Analysts at Panmure Gordon & Co estimated losses as high as $50m, causing the share price of several Lloyd’s insurers to fall. Panmure Gordon & Co said Lloyd’s insurer Lancashire Holdings could…

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