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…

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…

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,…

Hong Kong posts big growth in total gross premiums in 2016

Hong Kong posts big growth in total gross premiums in 2016

Hong Kong posts big growth in total gross premiums in 2016

The Hong Kong insurance industry saw total gross premiums increase by 22.7% to $448.8bn in 2016, according to provisional statistics from the Office of the Commissioner of Insurance. This was largely due to a 26.1% growth in revenue premiums of long-term in-force business to $403.2bn in 2016. For general insurance business, gross premiums recorded a decrease of 0.7% to $45.6bn…

Greek authority clarifies IPT exemptions

Greek authority clarifies IPT exemptions

Greek authority clarifies IPT exemptions

The Greek Independent Authority of Public Revenue has provided clarification on Insurance Premium Tax (IPT) exemptions and the treatment of cancelled insurance contracts in Greece, according to TMF Group. According to the provisions of the decision, issued in the circular POL. 1028/22.2.2017, the following insurance premiums are exempted from IPT: – Insurance contracts for ships and aircrafts of Article 3…

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