Brexit should have minimal impact on insurance buyers says Airmic

Brexit should have minimal impact on insurance buyers says Airmic

Brexit should have minimal impact on insurance buyers says Airmic

As the UK triggers the process of leaving the EU, its insurance and risk management association Airmic has said there should be only a minimal impact on insurance buyers. The UK fired the starting gun on the Brexit process this week, triggering Article 50 of the Lisbon Treaty by notifying the EU of its intent to leave. While not catastrophic,…

BIBA calls for barrier-free, tariff-free access to the EU market

BIBA calls for barrier-free, tariff-free access to the EU market

BIBA calls for barrier-free, tariff-free access to the EU market

The British Insurance Brokers’ Association (BIBA) has warned that the UK’s leading position in the European insurance market is under serious threat if there is no clear agreement in place for the right to carry out cross-border trade with the EU. With Article 50 having now been invoked, BIBA chief executive Steve White called on Theresa May “to deliver what…

Chaucer appoints Murphy to senior class underwriter role

Chaucer appoints Murphy to senior class underwriter role

Chaucer appoints Murphy to senior class underwriter role

Chaucer, the specialist Lloyd’s insurance group, has appointed Joe Murphy as senior class underwriter in the casualty division. He will write primarily US general liability business through Chaucer Syndicate 1084, with a focus on larger wholesale facultative accounts, and will report to David Barber, head of specialist lines at Chaucer Syndicates. Mr Murphy joins from HDI Global SE, where he…

AM Best upgrades credit ratings of Endurance Specialty Holdings and subsidiaries

AM Best upgrades credit ratings of Endurance Specialty Holdings and subsidiaries

AM Best upgrades credit ratings of Endurance Specialty Holdings and subsidiaries

Following the completed acquisition of Endurance Specialty Holdings by Sompo Holdings, AM Best has removed Endurance Specialty Insurance Ltd. (Bermuda) and its subsidiaries from under review with positive implications and upgraded the financial strength rating to A+ (Superior) from A (Excellent), and the long-term issuer credit ratings (ICR) to aa- from a. AM Best has also upgraded the long-term ICR…

BIBA and Mactavish partner to launch claims resolution scheme

BIBA and Mactavish partner to launch claims resolution scheme

BIBA and Mactavish partner to launch claims resolution scheme

The British Insurance Brokers’ Association (BIBA) has teamed up with insurance governance company Mactavish to launch a resolution scheme for large and complex claims. BIBA said the scheme could reduce the need to resort to lengthy and expensive legal cases. Mactavish Claims Guidance & Resolution is a service aimed at both brokers and policyholders. Both parties will have access to…

New challenges emerge for European insurers in 2017

New challenges emerge for European insurers in 2017

New challenges emerge for European insurers in 2017

European insurers will face a greater set of challenges in 2017 than last year, according to credit rating firm Dagong Europe, with new risks emerging alongside new opportunities. Growing competition in the non-life market is expected to reduce the cost of insurance further, it added. “We consider 2017 for the European insurance industry to be more challenging than 2016, underpinned…

Lloyd’s set to announce Brussels or Luxembourg as new EU subsidiary Wednesday

Lloyd’s set to announce Brussels or Luxembourg as new EU subsidiary Wednesday

Lloyd’s set to announce Brussels or Luxembourg as new EU subsidiary Wednesday

Lloyd’s is set to choose between Brussels and Luxembourg for its new EU subsidiary and will announce its decision tomorrow, according to Reuters. A Lloyd’s spokesperson told Reuters that the market will make its decision public on Wednesday, after its council meets. This is the same day that the UK will trigger Article 50 of the Lisbon Treaty, which will…

Insured global disaster losses rise 42% in 2016

Insured global disaster losses rise 42% in 2016

Insured global disaster losses rise 42% in 2016

Insured losses from global disasters increased by 42% in 2016 to $54bn from $38bn, according to Swiss Re Institute’s sigma report. Although in line with the ten-year average, the bill was the highest annual total since 2012, driven largely by natural catastrophe losses from earthquakes, storms, floods and wildfires. Total economic losses from natural catastrophes and man-made events in 2016…

Data analytics promises tighter risk management: Insurance Europe

Data analytics promises tighter risk management: Insurance Europe

Data analytics promises tighter risk management: Insurance Europe

Wider use of big data analytics offers clear benefits to risk management and ultimately insurance buyers, according to Insurance Europe. In response to a consultation from the European Supervisory Authority (ESA), Insurance Europe said big data analytics in insurance could drive new products and improve affordability and insurability for consumers, while enhancing internal models. Insurance Europe also assured ESA that…

Stable German reinsurance buying trends underpinned by natural catastrophe exposures

Stable German reinsurance buying trends underpinned by natural catastrophe exposures

Stable German reinsurance buying trends underpinned by natural catastrophe exposures

Germany’s largest cedants are buying more reinsurance, partly to cover their exposures to natural catastrophes, but continue to maintain high retention ratios, according to AM Best. According to the last full-year data available, Germany’s 20 largest cedants collectively posted a 13.1% increase in non-life reinsurance ceded while at the same time gross premiums written rose by 6.7%. As a result,…

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