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Insurance
Hurricane Ian losses could exceed $40bn as storm heads to Carolinas: Fitch
Insured losses from hurricane Ian are estimated to range between $25bn and $40bn but the bill could escalate as the storm regains hurricane strength on its path to the Carolinas…
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Reinsurance
Rising interest rates wipe 72% off world’s ten largest reinsurers’ net income in H1
Global P&C reinsurers recorded improved underwriting results in the first half of this year but the impact of rising interest rates weighed heavily on their overall profitability, said DBRS Morningstar.…
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Africa
Best sees potential for profitable growth for sub-Saharan reinsurers
Sub-Saharan Africa’s reinsurance market has expanded during the past decade as a result of steady real GDP growth and international investment, according to AM Best. But despite solid growth in…
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Pandemic
IAIS highlights role of supervisors in response to future pandemics
The response to future pandemics is likely to involve multi-stakeholder insurance-based programmes, and insurance supervisors could act as a bridge between the insurance sector and government, according to the International…
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Middle East
Independent unified insurance regulator to be established in Saudi Arabia
The authorities in Saudi Arabia have approved the establishment of an independent regulatory authority to oversee the insurance sector and act mainly as a unified supervisory body in the market,…
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Middle East
Optio launches Dubai-based MGA and reinsurance broker
Specialty MGA Optio Group is to establish an MGA and reinsurance broker in Dubai, subject to final approvals from the UAE regulatory authorities. According to Optio, they will have an…
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DACH
Schulte leads new unified property lines at HDI Global
HDI Global is bringing together its portfolio steering teams in the property lines. The carrier says the newly centralised operatoin is intended to “accelerate the achievement of the strategic objective…
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Reinsurance
Hurricane Ian losses will add fuel to reinsurance rate rises
Significant insured losses from Hurricane Ian will drive rates up ahead of key reinsurance renewals next month, according to analyst Berenberg. Hurricane Ian, the first hurricane to make landfall on…
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Benelux
BHSI confirms further European growth in Belgium and Spain
Berkshire Hathaway Specialty Insurance (BHSI) has made further strides forward in recent weeks to establish itself as a leading player in the European specialty insurance market, through the launch of…
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DACH
Kessler cements position in French-speaking Swiss market with new Sion office
Leading Swiss insurance broker and benefits consulting firm Kessler has further cemented its position in Switzerland with a new office in Sion in the west of the country. The office…
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DACH
Swiss captives set for lighter regulation under revised insurance law
The principle of proportionality will be enshrined in the upcoming new Swiss insurance law, thus ensuring that captives are not as heavily regulated as mainstream commercial insurers that write third-party…
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Middle East
QIC Global rebrands core companies as Antares
Specialty insurance and reinsurance firm QIC Global is to rebrand its core companies using the Antares name, creating a single identity to unify the brand across respective entities, the firm…
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GRM Insurance
Global average annual insured losses from catastrophes to exceed $120bn, says Verisk
Catastrophes are expected to cause about $123bn in insured losses on an annual average basis globally, compared to an average of $74bn in actual losses during the past ten years,…
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North America
Ascot launches new US miscellaneous professional liability unit
A new miscellaneous professional liability (MPL) unit has been launched by Ascot in the US. The new unit will provide comprehensive coverage for a wide range of professional service industries,…
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Captives
New assistant director of captive insurance in Vermont
Jim DeVoe-Talluto has been promoted to assistant director of captive insurance at the Vermont Department of Financial Regulation. DeVoe-Talluto replaces Christine Brown who was recently promoted to director of captive…
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GRM Legal & Regulation
US banks fined $2bn for failure to keep records
Wall Street banks are to pay penalties totalling more than $2bn for failing to maintain and preserve electronic communications. The US Securities and Exchange Commission (SEC) and the Commodity Futures…
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ESG
Insurance sector’s Dive In Festival finds mental health and gender equity needed to improve diversity
A survey of 20,500 insurance industry professionals as part of the launch of the Dive In Festival 2022 found mental health is the leading issue that must be tackled to…
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CRE Legal Regulation
BoE will not enter regulatory ‘race to the bottom’ to win business
The Bank of England (BoE) has said it will not engage in a “regulatory race to the bottom” to attract business to the UK when new competitiveness responsibilities are added…
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CRE Insurance
QBE sells select Irish renewal rights to Ascot
QBE has sold the renewal rights of select Irish casualty commercial insurance portfolios to Ascot, following its decision earlier this year to carry out a phased withdrawal from underwriting certain…
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North America
Cat capacity crunch in focus as hurricane Ian nears Florida coast
The ability of the global insurance and reinsurance industry to shoulder catastrophe risk is being called into serious question as hurricane Ian heads towards the west coast of Florida and…
