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GRM Tax & Compliance
April 18, 2024
Insurers raise concerns over UN-proposed changes to premium tax
The UN Committee of Experts on International Cooperation in Tax Matters has proposed a revision to a UN Model Convention that would see insurance premiums taxed in the state of…
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ESG Regulation
April 18, 2024
European bosses say half of supply chain will not comply with CSDDD
C-suite executives across the EU and UK expect at least half of their supply chain will not be compliant with the EU Corporate Sustainability Due Diligence Directive (CSDDD) in the…
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Asia
April 18, 2024
India insurers free to change wording in corporate policies
The Insurance Regulatory and Development Authority of India (IRDAI) is to allow general insurers to change the wordings in all corporate insurance policy documents, except motor third party. The move…
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Market
April 18, 2024
Travelers sees rate hikes continue; Q1 profit up 15%
Travelers said commercial insurance rates continued to rise in most lines during the first quarter as it reported growth in net income and revenue. While the insurer reported higher catastrophe…
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Executive & D&O
April 18, 2024
US D&O rates stabilise, retention rates fall: Report
Both directors’ and officers’ liability rates and retentions decreased in 2023 for US buyers tracked by BRP Group in its third annual Directors and Officers & Cyber Benchmarking Report, produced…
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GRM Insurance
April 18, 2024
Macquarie in new binding authority agreement with Mosaic
Macquarie Insurance Facility has been approved as a Lloyd’s coverholder and has concluded a new binding authority agreement with Mosaic Insurance. As a result, it is expanding its insurance capabilities…
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Asia
April 17, 2024
Taiwan earthquake claims unlikely to cause capital event
Insured losses to commercial insurers from the 3 April earthquake in Taiwan are unlikely to exceed 2016 Meinong earthquake levels, which led to estimated commercial fire loss of $500m, said…
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Energy
April 17, 2024
Market softening could move towards further rate cuts for downstream energy buyers
WTW says there is “light at the end of the tunnel” for downstream energy insurance buyers after a “tumultuous” couple of years, with market softening for the best risks likely…
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Market
April 17, 2024
Q1 2024 records $20bn in nat cat losses: Gallagher Re
Insured losses from global natural catastrophes totalled $20bn in Q1 2024, according to estimates from Gallagher Re, almost 40% lower than the $33bn recorded for Q1 2023 but running 10%…
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Market
April 17, 2024
AM Best warns of insurers’ growing reserve risk
Global insurers are struggling with worsening reserve risk in the post-pandemic era, according to a recently published report from AM Best. The report comes on the back of insurers posting…
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Association News
April 17, 2024
Risk management community mourns the death of former Ferma president Jorge Luzzi
International risk management association IFRIMA has announced the passing away of board member Jorge Luzzi, who was for decades a trailblazer for the development of risk management in Europe and…
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Liability
April 17, 2024
Litigation likely to flow from US ‘forever chemicals’ regulation
The US Environmental Protection Agency’s (EPA) recent establishment of safe levels of so-called forever chemicals in drinking water will likely lead to litigation between organisations and their insurers to potentially…
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CRE Insurance
April 17, 2024
Howden launches Red Sea cargo war risk coverage
Global broker Howden has launched what it claims is the first cargo war risk facility to cover vessels in the Red Sea. The area has become a target for drone…
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CRE Insurance
April 17, 2024
Dual Europe acquires Swiss Re’s marine team
International MGA Dual Europe has bolstered its marine underwriting capability after acquiring the Genoa-based marine team from Swiss Re. Under the terms of the transaction, Dual Europe will write marine…
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CRE People Moves
April 17, 2024
London market’s PoloWorks names CRO
Lloyd’s and London market insurance service firm PoloWorks has appointed Raphael Borrel as chief risk officer. Borrel joins PoloWorks from CNA Hardy, where he was director of risk management. With…
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ESG Regulation
April 17, 2024
EU brings in revised directive on energy performance of buildings
The European Council has formally adopted a revised directive on the energy performance of buildings designed to help reduce greenhouse gas emissions and energy poverty in the EU. The European…
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Insurance
April 17, 2024
Europe’s insurance CFOs concerned over competitive pressure and market volatility
Sluggish economic growth, financial market volatility, and competitive pressure are seen as Europe’s insurance industry’s three biggest concerns in 2024, according to Moody’s annual survey of chief financial officers (CFOs)…
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Marine
April 17, 2024
BHSI expands global marine capabilities in US
Berkshire Hathaway Specialty Insurance (BHSI) is expanding its global marine capabilities in the US with the launch of ocean marine insurance. Along with a new ocean marine form in the…
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Asia
April 16, 2024
Fitch shifts state-linked Chinese insurers to negative outlook
Fitch Ratings has affirmed the ratings of seven Chinese insurers but revised the outlooks for six of these seven to negative. The ratings agency said that its rating actions followed…
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Asia
April 16, 2024
Singapore regulator acts to bolster cyber resilience
The Monetary Authority of Singapore (MAS) and Mastercard have signed a Memorandum of Understanding (MoU) to enhance cooperation over cybersecurity, with the aim to strengthen cyber resilience in Singapore’s financial…