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…

Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses 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. The increase was driven largely by natural catastrophe losses from earthquakes, storms, floods and wildfires, many of which took place in Asia. Total…

Singapore insurance sector posts lower profits as competition intensifies

Singapore insurance sector posts lower profits as competition intensifies

Singapore insurance sector posts lower profits as competition intensifies

Intense competition in a mature and competitive economy meant that Singapore’s non-life insurance sector posted premiums slightly up but reduced profits for 2016, according to the General Insurance Association of Singapore (GIA). The outlook is slower economic growth and even higher competition, so the industry must focus on raising standards and improving operational efficiency, said the association. “On the industry…

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

A category four cyclone that hit the northeastern coast of Australia on Tuesday 28 March has led to mass evacuations and the closing of goldmines and coalmines, reported Bloomberg. It has also caused insurers to declare a catastrophe in the expectation of thousands of claims. Cyclone Debbie made landfall near Airlie Beach in Queensland, a tourist resort also known as…

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…

Ogden rate change could triple personal injury claims: Marsh

Ogden rate change could triple personal injury claims: Marsh

Ogden rate change could triple personal injury claims: Marsh

Companies that face increased costs following the new discount rate for personal injury claims introduced by the UK government last week must take steps to quantify and mitigate their risks with claims potentially set to triple, according to a new client guide from Marsh. The new Ogden rate of 0.75%, down from 2.5%, is likely to raise lump-sum compensation for…

Chubb launches online broker platform for SME clients

Chubb launches online broker platform for SME clients

Chubb launches online broker platform for SME clients

Chubb Ignite is a new online platform for brokers and their small and medium-sized (SME) and middle market clients in the UK and Ireland. The platform allows brokers to quote and bind within minutes, with documentation available instantly online or via email, the insurer says. Backed up by underwriters who are available to answer queries and with marketing support available…

CEO outlines Kenya banking challenges

CEO outlines Kenya banking challenges

CEO outlines Kenya banking challenges

Kenya’s banking industry is still paying the price resulting from the receivership of three banks in late 2015 and early 2016, as panic withdrawals and negative reputation resulted in lower liquidity in the industry, the chief executive of Kenya’s largest bank by customer base, Equity Bank’s James Mwangi, has said. Chase Bank, Dubai Bank and Imperial Bank were placed under…

Japan insurers’ global expansion justified by operating results: AM Best

Japan insurers’ global expansion justified by operating results: AM Best

Japan insurers’ global expansion justified by operating results: AM Best

The decision by Japan’s leading non-life insurers to significantly expand their international operations through high profile acquisitions in the past couple of years, has helped them to offset higher levels of financial leverage and manage their interest rate exposures. The deals were not cheap but made economic sense, according to AM Best. The expansion of the Japanese insurers in recent…

Insurers start raising rates after Ogden change

Insurers start raising rates after Ogden change

Insurers start raising rates after Ogden change

Insurers have started the first of several expected rate increases for UK liability insurance after changes to the Ogden rate took effect on Monday, according to the Association of British Insurers (ABI). On the same day, Travelers became the latest insurer to book reserve increases in the first quarter to account for the change. The US-based firm said its first…

1 2 3 17