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…

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…

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…

Brad Gow named head of cyber products at Endurance Specialty

Brad Gow named head of cyber products at Endurance Specialty

Brad Gow named head of cyber products at Endurance Specialty

Bermuda-based Endurance Specialty Holdings Ltd has appointed Brad Gow to the new role of global cyber product leader within Endurance Insurance. Mr Gow, who joined Endurance in March 2011, will be responsible for providing overall underwriting direction for cyber offerings across the company’s global insurance business. In this new role, he will report to Jack Kuhn, CEO of global insurance…

THB industrial cyber risk package includes alternative firewall technology

THB industrial cyber risk package includes alternative firewall technology

THB industrial cyber risk package includes alternative firewall technology

A cyber security protection package for industrial businesses has been launched by a partnership comprising broker THB in conjunction with London market insurer CNA Hardy and cybersecurity specialist Waterfall Security Solutions. Traditional cybersecurity solutions, such as firewalls and intrusion detection solutions, are failing to provide sufficient protection for industrial control systems, according to the trio. Waterfall’s proprietary Unidirectional Security Gateway…

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