Rate rises ‘disappoint’ energy insurers: Willis Towers Watson

Rate rises ‘disappoint’ energy insurers: Willis Towers Watson

Rate rises ‘disappoint’ energy insurers: Willis Towers Watson

The tough stance taken by energy underwriters on terms and rates in the immediate aftermath of the three large Gulf of Mexico hurricanes last year has not been sustained, according to Willis Towers Watson’s 2018 report on the sector. While year-on-year rate decreases in the global energy market ended abruptly following the 2017 hurricane season, buyers have found premium increases…

Aegis bucks 2017 loss trend

Aegis bucks 2017 loss trend

Aegis bucks 2017 loss trend

Lloyd’s insurer Aegis London has squeezed a small but significant profit out of 2017, in a year that saw catastrophes wipe out profits for most of its competitors in the London and international markets. Aegis London recorded a combined ratio of 99% last year, and although that was up from 91% in 2016, Aegis London said remaining in profit sets…

XL Catlin appoints EMEA head of energy

XL Catlin appoints EMEA head of energy

XL Catlin appoints EMEA head of energy

XL Catlin has appointed Nicola Harris as head of energy for the EMEA region. From her base in Dubai, Ms Harris will lead XL Catlin’s energy underwriting teams in Dubai, Paris, Amsterdam and Madrid. She will also develop insurance solutions for the energy sector. Ms Harris joins XL Catlin from Allianz Global Corporate & Specialty, where she was head of…

BI risks rise for energy sector as supply chains intertwine, warns Marsh

BI risks rise for energy sector as supply chains intertwine, warns Marsh

BI risks rise for energy sector as supply chains intertwine, warns Marsh

Global energy firms face growing business interruption (BI) risks during the next ten years following changes to business practices, including supply chain integration and asset consolidation, according to Marsh. At its Energy Industry Conference in Dubai this week, the broker also noted that about three quarters of energy executives view BI as the biggest cyber loss concern. In a report…

Verisk rolls out EPIX platform to help deliver better energy risk transfer options

Verisk rolls out EPIX platform to help deliver better energy risk transfer options

Verisk rolls out EPIX platform to help deliver better energy risk transfer options

Verisk has launched a new platform to help insurers better manage complex energy exposures, with a tool for mapping the sector’s nat cat and supply chain risks to follow shortly. The suite should ultimately help insurance buyers secure better cover for their risks. Verisk’s Energy & Power Intelligence Xchange (EPIX) uses data analytics, including benchmarking and risk-scoring, to deliver research…

Oil price unlikely to be affected by geopolitical risk in 2018, predicts Maplecroft

Oil price unlikely to be affected by geopolitical risk in 2018, predicts Maplecroft

Oil price unlikely to be affected by geopolitical risk in 2018, predicts Maplecroft

Oil prices are unlikely to be impacted by geopolitical risk in 2018, according to risk analysis firm Verisk Maplecroft. It said only a serious escalation of troubles on the Korean Peninsula or between Saudi Arabia and Iran would impact the oil market this year, and both events are considered unlikely. However, in a report on the political risk outlook for…

Risk managers in oil and gas sector face new threats, warns the IRM

Risk managers in oil and gas sector face new threats, warns the IRM

Risk managers in oil and gas sector face new threats, warns the IRM

Risk managers in the oil and gas sector face new risks as the industry meets pressure to limit costs as oil prices fall, according to Mark Boult, director of DNV GL, in an article for the Institute of Risk Management (IRM). Stressing that major accident risk remains a priority for the sector, Mr Boult said risk managers need to build…

AXA pulls insurance and investments from coal producers in climate change pledge

AXA pulls insurance and investments from coal producers in climate change pledge

AXA pulls insurance and investments from coal producers in climate change pledge

AXA has warned world leaders that the effects of global warming are not insurable, as it unveiled a raft of new corporate actions that commit it to the fight against climate change, including calling a halt to insuring or investing in new coal-based projects. The news follows similar moves by other insurers. As world leaders gathered in Paris for a…

Cunningham Lindsey appoints director for Brazil growth

Cunningham Lindsey appoints director for Brazil growth

Cunningham Lindsey appoints director for Brazil growth

Loss adjuster Cunningham Lindsey has appointed Andre Lopes as director in a move to boost its Brazilian operations. Mr Lopes moves to Cunningham Lindsey from Crawford & Company, where he was CEO for Brazil. Cunningham Lindsey said Brazil is one of its key growth markets. It already has offices in Sao Paulo and Rio de Janeiro, and provides adjusting services…

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…

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