Substantial increase in credit and political risk capacity, says BPL Global

Substantial increase in credit and political risk capacity, says BPL Global

Substantial increase in credit and political risk capacity, says BPL Global

There is a growing appetite for credit and political risk business among insurers, with a substantial increase in market capacity in the last three years, according to specialist broker BPL Global. BPL said maximum lines for non-payment private obligor risks and public obligor risks rose by 30% to $2.4bn and $3.0bn respectively. It said this comes off the back of…

Growing cyber awareness and mitigation efforts failing to reduce risk, says Marsh CEO

Growing cyber awareness and mitigation efforts failing to reduce risk, says Marsh CEO

Growing cyber awareness and mitigation efforts failing to reduce risk, says Marsh CEO

Cyber risk awareness is growing and more money is being spent on mitigation but this is not yet leading to a reduction in the risk, John Doyle, president and CEO of Marsh, told delegates at an OECD conference in Paris yesterday. Business, the insurance industry and governments need to rethink their approach to cyber risk and work more collaboratively to…

Saudi insurance sector to see ‘tepid’ or negative growth in short to medium term

Saudi insurance sector to see ‘tepid’ or negative growth in short to medium term

Saudi insurance sector to see ‘tepid’ or negative growth in short to medium term

Growth rates in the Saudi insurance sector would be at the best tepid or negative in the short to medium term, according to Al Rajhi Capital, the investment banking subsidiary of Al Rajhi Bank. In a research report on the insurance sector in Saudi Arabia, Al Rajhi Capital states: “The investment case for the insurance sector in the Kingdom hinges…

Gender pay gap – insurers must do better

Gender pay gap – insurers must do better

Gender pay gap – insurers must do better

Lloyd’s’ mean gender pay gap, the difference between the average pay for a male in the corporation compared with the average pay of a woman, is 27.7%. Lloyd’s released its gender balance figures in line with reporting requirements, and it relates to UK employees of the Corporation of Lloyd’s as at 5 April 2017. Lloyd’s market firms that have more…

Cautious welcome for IAIS’s activities-based approach to systemic risk

Cautious welcome for IAIS’s activities-based approach to systemic risk

Cautious welcome for IAIS’s activities-based approach to systemic risk

A proportionate and properly-designed activities-based approach to systemic risk could address ‘domino’, as well as ‘tsunami’ views of risk, given the focus on risk management and preventative actions, according to Insurance Europe. In its response to the International Association of Insurance Supervisors’ (IAIS) pre-consultation on an activities-based approach to systemic risk, Insurance Europe states that the IAIS’s work is at…

African Insurance Awards 2018 launched

African Insurance Awards 2018 launched

African Insurance Awards 2018 launched

The African Reinsurance Corporation (Africa Re) has launched the fourth edition of the prestigious African Insurance Awards, celebrating the performance of CEOs and companies in the insurance sector. The African Insurance Awards aim to reward and celebrate the best performers and achievers in the African insurance industry, to identify and stimulate distinctive innovations, encourage sustainable growth in terms of insurance…

Mayor of Cologne in London to promote city as EU insurance hub

Mayor of Cologne in London to promote city as EU insurance hub

Mayor of Cologne in London to promote city as EU insurance hub

Henriette Reker, the Mayor of Cologne, was in London today to meet leading representatives of the London insurance and reinsurance market and explain why Cologne should be considered as a viable option for UK and international insurers seeking a base for their European Union (EU) operations. The bulk of premium generated by Lloyd’s still comes from the US, with increasing…

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Turbulence in political risk – particularly Brexit negotiations, trade protectionism and the North Korea missile crisis – will continue into 2018 and feature high on the agenda of multinationals, Marsh said on publishing its Political Risk Map 2018 with BMI Research. In Europe, the political risk landscape continues to be dominated by the UK’s exit from the European Union and…

AXA CS sees revenues up 2% to €2.3bn but earnings halved

AXA CS sees revenues up 2% to €2.3bn but earnings halved

AXA CS sees revenues up 2% to €2.3bn but earnings halved

While total revenues were up 2% last year to €2.3bn, AXA Corporate Solutions saw underlying earnings fall by 59% to €50m. The hit to earnings was mainly a result of heavy nat cat losses, which totalled €80m in 2017 as Hurricanes Maria, Irma and Harvey, as well as earthquakes in Mexico and wildfires in California, took their toll. This dented AXA Corporate Solutions’ profits…

Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

The long tail of earthquake-related loss events has been illustrated by news that insurers are still facing claims from historic earthquakes in Canterbury, Christchurch and Kaikoura in New Zealand. Two Australian insurers, IAG and Suncorp, reported that they are still paying out several years after the events. IAG said it was being passed on cap claims from the New Zealand…

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