Post-Grenfell Tower tests reveal UK fire safety standards ‘broken’: ABI

Post-Grenfell Tower tests reveal UK fire safety standards ‘broken’: ABI

Post-Grenfell Tower tests reveal UK fire safety standards ‘broken’: ABI

A new report by the Association of British Insurers (ABI) says UK building control systems are “broken” after results of post-Grenfell Tower fire tests found current standards underestimate risk. Submitted to Dame Judith Hackitt’s Grenfell Tower review, the ABI’s report says laboratory tests used to approve building materials are “utterly inadequate” and called for an urgent reform of the fire…

JD.com buys 33.3% share in Allianz China General Insurance

JD.com buys 33.3% share in Allianz China General Insurance

JD.com buys 33.3% share in Allianz China General Insurance

Chinese e-commerce giant JD.com is to acquire a third of Allianz China General Insurance as part of its push into the financial services sector. The 33.3% stake, which is still subject to government approval, will cost JD.com $85.4m (CNY537m) and will make it the second-largest shareholder in the insurance operation, after Allianz. JD.com, the second-largest e-commerce company in China after…

HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

A new Hong Kong-based managing general agent (MGA) has been launched by independent insurer HWI International Group. NuVu Underwriting Hong Kong is set to begin writing business from 1 July 2018, subject to regulatory approval, and will be headed by Jeremy Austen. The MGA will initially concentrate on property, marine, personal accident, fine art, specie and terrorism. While HWI has…

RKH Specialty signals Asia push with new CEO appointment

RKH Specialty signals Asia push with new CEO appointment

RKH Specialty signals Asia push with new CEO appointment

International broking group RKH Specialty has appointed Stuart Beatty as its new chief executive for Asia-Pacific, a position he previously occupied at JLT Re. The position, which is based in Singapore, is newly created and signals RKH Specialty’s intention to develop a larger presence in the region. Its most senior executive in Asia was Singapore chief executive Karly Shaw, who…

The Geneva Association warns of huge cyber and healthcare insurance protection gaps

The Geneva Association warns of huge cyber and healthcare insurance protection gaps

The Geneva Association warns of huge cyber and healthcare insurance protection gaps

Insurance protection gaps for cyber and healthcare risks are more acute than the much-discussed natural catastrophe shortfall, according to new research by The Geneva Association. The insurance and risk management thinktank called for further research into the cause of such underinsurance and more effort to boost protection. The Geneva Association’s new Understanding and Addressing Global Insurance Protection Gaps study finds…

Above-average 2018 Atlantic hurricane season predicted

Above-average 2018 Atlantic hurricane season predicted

Above-average 2018 Atlantic hurricane season predicted

New research from the University of Colorado predicts that the Atlantic hurricane and storm season will be just above average this year. Seven hurricanes are forecast for 2018, above the median of 6.5 based on years 1981 to 2010. The number of hurricane days is forecast to total 30, compared to the average of 21.3. The number of major hurricanes…

US winter storms hit $3bn in March: Impact Forecasting

US winter storms hit $3bn in March: Impact Forecasting

US winter storms hit $3bn in March: Impact Forecasting

US winter storms are estimated to have caused $3bn in economic losses last month, with insurers picking up two thirds of the bill, according to Aon Benfield’s Impact Forecasting. Publishing its monthly global catastrophe report, Impact Forecasting said winter storms caused travel delays and damage, killing ten people, while March also recorded the US’s first tornado for a record 306…

Final loss estimate for Cyclone Debbie put at $1.3bn

Final loss estimate for Cyclone Debbie put at $1.3bn

Final loss estimate for Cyclone Debbie put at $1.3bn

Perils, the Zurich-based catastrophe data provider, has issued its fourth and final estimate for the losses suffered by property insurers from Cyclone Debbie, the tropical storm that hit Australia in March 2017. The estimate, which puts the losses at $1.3bn (AUD1.7bn), comes almost a year to the day that the category four cyclone made landfall on 28 March, hitting the…

Berkshire Hathaway opens Perth office for specialty insurance

Berkshire Hathaway opens Perth office for specialty insurance

Berkshire Hathaway opens Perth office for specialty insurance

Commercial insurer Berkshire Hathaway Specialty Insurance (BHSI) has expanded its Australian presence with an office opening in Perth, Western Australia. The new office will be led by casualty underwriting head Anthony Prindiville and property underwriting head Mark Shephard. The Perth office will add to BHSI’s existing branches in Sydney, Melbourne and Brisbane and will focus on underwriting casualty, property, mining,…

Insurers expect gradual turn in French and European market

Insurers expect gradual turn in French and European market

Insurers expect gradual turn in French and European market

Insurers at this year’s Les Rencontres de l’AMRAE believe large losses and rising interest rates should bring about a steady correction in the commercial insurance market. Last year’s near record natural catastrophe losses were expected to result in rate increases at the January renewals, especially for catastrophe-exposed or loss-affected accounts. However, excess capital continues to persist and changes to market…

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