No end in sight for soft market: Greenberg

No end in sight for soft market: Greenberg

No end in sight for soft market: Greenberg

Evan Greenberg believes there is no end in sight to the current soft global P&C insurance market conditions, but noted that pricing is unsustainable with the insurance industry storing up future problems. Mr Greenberg told Chubb’s shareholders to expect the soft market to persist for a while yet.  “We have a soft and softening market producing headwinds that will likely…

Lloyd’s continues expansion but must watch combined ratios and reserves

Lloyd’s continues expansion but must watch combined ratios and reserves

Lloyd’s continues expansion but must watch combined ratios and reserves

If the Lloyd’s insurance market is a decent yardstick for the state of the international commercial and specialty insurance and reinsurance market, then its recently published annual results suggest that risk and insurance managers worldwide need to brace themselves for tougher renewals in future. The market revealed numbers last week that showed a big jump in gross premiums written, up…

Insurers urged to address emerging fracking risks

Insurers urged to address emerging fracking risks

Insurers urged to address emerging fracking risks

Insurers need to address growing fracking risks and develop policies to specifically cover the emerging threat, according to a new report from the Chartered Insurance Institute (CII). The report, which is focused on UK risks, says the expected increase in onshore fracking following government support for the technique needs to be tackled head-on by insurers through designing specific policy cover.…

Barbican Insurance expands energy team

Barbican Insurance expands energy team

Barbican Insurance expands energy team

Barbican Insurance Group has appointed Marc Sullivan to its energy underwriting team. Mr Sullivan, who joins Barbican from Starr Underwriting Agents, will take on the role of class underwriter for downstream energy risks. He will report to Olivier Decombes, head of energy, power and utilities at Barbican. Mr Sullivan began his insurance career at Hiscox in 2006 and has spent…

London market under pressure to stand firm on rates

London market under pressure to stand firm on rates

London market under pressure to stand firm on rates

Risk managers can expect a less generous underwriting approach to key specialty lines such as casualty, cargo, offshore energy and terrorism from the London market in 2017 according to recent evidence from the corporation of Lloyd’s, the Prudential Regulatory Authority (PRA) and comments made during recent second quarter results by insurers.

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