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…

Munich Re eyes growth – and threats – in cyber space

Munich Re eyes growth – and threats – in cyber space

Munich Re eyes growth – and threats – in cyber space

Munich Re backpedalled a little on its corporate specialty business last year, but still wants to grow its portfolio in the longer term, especially in cyber space, according to comments made in the global reinsurer’s earnings call with analysts. Board member Torsten Jeworrek told analysts that the €4.8bn premium share from its risk solutions segment was down from €5bn. The…

Worrying signs that W&I market is growing too fast

Worrying signs that W&I market is growing too fast

Worrying signs that W&I market is growing too fast

There is a danger that the warranty and indemnity (W&I) insurance market is starting to overheat, warns Munich Re. Monika Milberg, head of financial lines at the global reinsurer, fears there is a worrying sense of euphoria surrounding W&I business, with insurers pouring into the market. “W&I cover is bought for less than 10% of transactions and yet demand has…

London market liability model breaks mould with promise to improve claims payments

London market liability model breaks mould with promise to improve claims payments

London market liability model breaks mould with promise to improve claims payments

Lloyd’s and modelling firm Arium have developed a probabilistic model to measure (re)insurers’ liability exposures across their portfolios. They promise the new tool will strengthen the ability to pay corporate clients’ claims. Lloyd’s and Arium said the new methodology, which has been developed over the past three years, will allow (re)insurers to model liability risks along the same lines as…

Insurers face $1bn-plus bill for February cat losses

Insurers face $1bn-plus bill for February cat losses

Insurers face $1bn-plus bill for February cat losses

Five severe US weather events during February are set to land insurers with a bill of more than $1bn for the month, according to Aon Benfield’s Impact Forecasting. February closed with a series of 60 tornadoes that touched down in the midwest, southeast and mid-Atlantic, which are estimated to cause several hundred millions of dollars in claims. California recorded three…

Markel estimates Ogden rate change impact at $85m

Markel estimates Ogden rate change impact at $85m

Markel estimates Ogden rate change impact at $85m

Markel Corporation has said it expects to increase prior years’ loss reserves for its run-off book of UK motor exposures during the first quarter of 2017, as a result of the recently announced decrease in the discount rate, known as the Ogden rate. Based upon information currently available, the company has estimated that the reserve increase will be $85m on…

Ogden rate cut costs Aviva £475m, but investors shrug it off

Ogden rate cut costs Aviva £475m, but investors shrug it off

Ogden rate cut costs Aviva £475m, but investors shrug it off

The UK government’s decision to significantly reduce the assumed rate of return on investments for personal injury claimants and thus ratchet up insurance payouts has forced Aviva, the country’s biggest insurer, to take a charge of £475m in its 2016 results. The group’s general insurance combined operating ratio was healthy at 95.2% last year compared with 94.6% in 2015. After the Ogden…

Chubb strengthens UK & Ireland team

Chubb strengthens UK & Ireland team

Chubb strengthens UK & Ireland team

Chubb has created two new senior management roles for its UK and Ireland operations. Sara Mitchell is named head of the unit’s corporate division and Mark Roberts will become property and casualty chief underwriting officer. Ms Mitchell – who is currently vice president, speciality personal lines for Europe, Eurasia & Africa and Asia Pacific – will be responsible for Chubb’s…

Arc Legal launches online tax insurance cover

Arc Legal launches online tax insurance cover

Arc Legal launches online tax insurance cover

Legal expenses insurer Arc Legal Assistance has launched a range of insurance products, including captive solutions, for accountancy firms to cover client tax investigations. Tailored to suit both large and small accountancy firms, Arc Tax Assistance covers accountancy costs incurred from HMRC enquiries into tax returns of businesses or individuals. For regulated accountants, insurance will be available to both their…

UK government introduces whiplash cap Bill

UK government introduces whiplash cap Bill

UK government introduces whiplash cap Bill

The UK government’s plans to reduce the discount rate applied to large personal injury compensation awards were announced days after the introduction of its Prisons and Courts Bill that made strides to cap smaller claims for whiplash and was broadly welcomed by insurers. Under the provisions of the Bill, the small claims track limit will be increased from £1,000 to…

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