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Insurance
April 22, 2024
AI must be carefully monitored but will benefit insurance industry, say experts
The insurance industry is poised to benefit from the use of artificial intelligence but adopters of the technology must stay vigilant against misuse and keep up to date on regulatory…
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Market
April 19, 2024
Marsh tracks slowdown in global Q1 rate hikes
Marsh’s global insurance rate index increased 1% in the first quarter of this year, compared with 2% in Q4 2023, Marsh McLennan president and CEO John Doyle said on an…
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GRM People Moves
April 19, 2024
Markel names head of terrorism in London
Chloe Gordge has been appointed as Markel's new head of terrorism in London. Gordge will lead the day-to-day running of Markel’s London terrorism portfolio with responsibility for leading and implementing…
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CRE Insurance
April 19, 2024
Insurers defend Nord Stream’s €400m lawsuit as act of war
Insurers for the Nord Stream gas pipeline damaged by blasts in 2022 have denied coverage in defence of a lawsuit filed by operators of the pipeline in London’s High Court…
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Market
April 19, 2024
Allstate posts nat cat loss of $343m for March
US insurer Allstate incurred a $343m pretax catastrophe loss in March, significantly lower than the same period in 2023. The results bring the insurer’s total catastrophe losses for Q1 to…
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Middle East
April 19, 2024
UAE flash flood losses manageable as insurers adapt to changing weather
The recent extreme weather that caused severe flash flooding in the United Arab Emirates (UAE) is expected to prompt swathes of claims for motor, property and business interruption insurers in…
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CRE Insurance
April 19, 2024
Generali splits insurance and asset management in restructure
Italian insurer Generali is planning to revamp its insurance and asset management divisions under new CEOs as part of an organisational restructure. As of June, the company will operate as…
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Asia
April 19, 2024
Markel launches professional indemnity solution in Australia
Markel has launched professional indemnity solutions in Australia with localised wordings. The new products are designed primarily for Australian-domiciled businesses, with wordings covering six professional areas: accounting... Want to read…
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Cyber & Technology
April 19, 2024
AEGIS London recruits cyber underwriting team from AIG
Lloyd’s syndicate AEGIS London has hired a new cyber underwriting team. Daniel Johnson has been appointed to the role of class underwriter for cyber and is joined by Lydia Lambert,…
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Market
April 19, 2024
Marsh McLennan reports 9% revenue growth for Q1
Marsh McLennan reported $6.47bin in revenue for the first quarter of 2024, a 9.3% increase from the same period last year, as it tracked slower rate increases in the first…
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Cyber & Technology
April 19, 2024
German SMEs record rise in cyberattacks, reveals HDI poll
More than half of German buyers at small and medium-sized companies experienced a cyberattack last year, according to a survey of 1,500 local firms by HDI Versicherung. Publishing its HDI…
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Market
April 19, 2024
Convex books first annual profit since 2019 launch
Bermuda-based international insurer and reinsurer Convex entered the black for the first time since it launched in 2019, with net profit of $503m in 2023, turning around a net loss…
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Asia
April 18, 2024
Munich Re reorganises P&C underwriting in Asia Pacific, Middle East & Africa
Munich Re has reorganised its local P&C underwriting in Asia Pacific, Middle East and Africa (APAC MEA) with stronger local underwriting teams and a new divisional set-up. The reinsurer said…
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Supply Chain
April 18, 2024
Claims likely to increase as vessels remain stranded in Baltimore
The collapse of the Francis Scott Key Bridge in Baltimore in March and the ensuing build-up of vessels continues to cause significant disruption to global supply chains, and will likely…
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Climate Change
April 18, 2024
Climate change to cause ‘massive economic damage’
Climate change will cost the global economy $38trn every year by 2049 and cause “massive economic damage” some six times larger than mitigation costs to limit global warming to 2oC,…
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Energy
April 18, 2024
Two-paced upstream energy market falls in favour of buyers
The upstream energy insurance market “could well be at the beginning of a new market softening spiral” as tier 1 risks see rate reductions and increases fall for other placements,…
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Energy
April 18, 2024
Energy insurer Paratus launches brokerage division
UK-based energy insurer Paratus has established a brokerage division to focus on energy price risk insurance products in the maritime, freight, aviation and renewable power sectors. According to the insurer,…
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Middle East
April 18, 2024
Allianz sells its 51% stake in Allianz Saudi Fransi
Allianz Group has completed the disposal of its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC), a multiline regional insurance provider based in the United…
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GRM Insurance
April 18, 2024
Asia-Pacific focus in Liberty Mutual’s strategic shift
Liberty Mutual Insurance has announced strategic changes in its Global Risk Solutions (GRS) business, the company’s global commercial and specialty (re)insurer and international insurance operations, which will see it combine...…
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CRE People Moves
April 18, 2024
WTW names Dussuyer to lead operations in France
WTW has appointed Nick Dussuyer as managing director of its French operations and director of corporate risk and broking (CRB) for France. Dussuyer takes over from Florence Tondu-Mélique, who has…