P&C reinsurance rates expected, but may be limited to US cat

P&C reinsurance rates expected, but may be limited to US cat

P&C reinsurance rates expected, but may be limited to US cat

P&C reinsurance rates are expected to increase, particularly on US catastrophe-exposed lines, as a result of the significant catastrophe events in the third quarter of 2017, according to Fitch Ratings. However, the ratings agency said there is less certainty over more widespread rate rises outside of these lines, given the excess capital and the potential for new capital to enter…

FSB reconsidering GSII ‘too big to fail’ criteria – report

FSB reconsidering GSII ‘too big to fail’ criteria – report

FSB reconsidering GSII ‘too big to fail’ criteria – report

Global financial regulators have decided to throw out the ‘too big to fail’ gauge for assessing the riskiness of insurers, according to a report from Reuters that cites a source briefed on the matter. If true, the decision would be a big win for companies such as American International Group (AIG), which face more intense scrutiny under the regulation and…

New project finance offering from Liberty Specialty Markets

New project finance offering from Liberty Specialty Markets

New project finance offering from Liberty Specialty Markets

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, has launched a new project finance offering for large-scale energy and infrastructure projects. The new offering is part of LSM’s Global Financial Risks (GFR) product range. Liberty’s GFR team has expanded its coverage to include credit insurance for large-scale energy and infrastructure projects and has now bound its first project finance…

More insurers take action on coal and climate change

More insurers take action on coal and climate change

More insurers take action on coal and climate change

Insurance companies have pulled $20bn out of investments in coal and a growing number are refusing to underwrite new coal projects, according to a scorecard on the industry from the Unfriend Coal campaign. Zurich announced this week that it will divest from and cease offering insurance to companies that depend on coal for more than 50% of their business. The…

ENISA calls for standardisation of cyber insurance

ENISA calls for standardisation of cyber insurance

ENISA calls for standardisation of cyber insurance

The European Union Agency for Network and Information Security (ENISA) has called on the insurance industry and policymakers to standardise cyber insurance coverage, language and risk assessments, in a major new report. In its report published on Wednesday (15 Nov), the EU’s cybersecurity agency makes several recommendations for policymakers and insurers, aimed at harmonising cyber insurance in a bid to…

NFIP reauthorisation to 2022 passed by House of Representatives

NFIP reauthorisation to 2022 passed by House of Representatives

NFIP reauthorisation to 2022 passed by House of Representatives

Risk management society RIMS has called on the US Senate to follow the lead of the House of Representatives this week and reauthorise the National Flood Insurance Program (NFIP) before it expires on 8 December. Reauthorisation under the proposed House bill would extend the NFIP until 2022. Welcoming the decision by the House of Representatives on Tuesday, RIMS vice-president Robert…

Axa announces shakeup to simplify company and target preferred segments

Axa announces shakeup to simplify company and target preferred segments

Axa announces shakeup to simplify company and target preferred segments

Axa has simplified its operating model to focus on five key geographies and target preferred segments, including commercial P&C business. As the shakeup was announced, the insurer explained that growth activity, including mergers and acquisitions (M&A), will focus on 16 core countries, with potential sales in 26 countries where it lacks scale. Axa also said it will press ahead with…

Non-life insurers in South Korea see weakening top-line growth

Non-life insurers in South Korea see weakening top-line growth

Non-life insurers in South Korea see weakening top-line growth

Non-life insurers in South Korea are increasingly challenged by weakening top-line growth, according to Korean Re’s latest insurance bulletin. It states that South Korea’s non-life insurers are projected to see just a 2.6% increase in premium income for 2017. The general property and casualty insurance sector is expected to grow by 3.5%, backed mostly by casualty lines, notes the bulletin.…

Cat-hit lines to see up to 25% rate increases: Talanx

Cat-hit lines to see up to 25% rate increases: Talanx

Cat-hit lines to see up to 25% rate increases: Talanx

Natural catastrophes cost Talanx Group €1bn in the first nine months of this year, mainly affecting its industrial lines business written through HDI Global and P&C reinsurance under Hannover Re, as it reported net income of €444m for the period, from a €636m nine-month figure in 2016. Talanx said it expects to close the year with a revised net income…

Value of global insurance M&A deals jumps in 2017

Value of global insurance M&A deals jumps in 2017

Value of global insurance M&A deals jumps in 2017

The value of completed M&A deals in the global insurance market has rocketed, although fewer deals are being completed. Global deal value across all sectors increased by 8.4% in H1 2017, while volume sunk by 12.3%. In the insurance sector, deal volume fell by 17.7% during the same period, while value increased by 170%. The majority of respondents (78%) expect…

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