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Insurance
January 9, 2024
Nat cat insured losses hit $95bn last year: Munich Re
Global insured losses from natural disasters reached $95bn last year, below the $105bn five-year average but above the $90bn average over the past decade, according to Munich Re. It noted…
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People Moves
January 9, 2024
Aon appoints Kielty CEO for UK
Aon has named Jane Kielty as its CEO for the UK, from her current role as head of commercial risk for the broker’s UK operations. Kielty will report to Julie…
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Reinsurance
January 9, 2024
Guy Carp’s property cat reinsurance index up 5.4% at 1 Jan
Guy Carpenter’s Global Property Catastrophe Rate on Line (ROL) Index increased 5.4% at 1 January 2024 renewals compared to the prior year. The increase is down considerably from the 27.5%…
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Risk Management
January 9, 2024
WEF tracks decline in global cooperation since 2020
Global cooperation has declined in the past three years, according to the World Economic Forum (WEF) ahead of its annual meeting in Switzerland next week. But the WEF and McKinsey…
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People Moves
January 9, 2024
MGA Alta Signa appoints pan-European underwriting team
European MGA Alta Signa has made several new appointments to establish a pan-European underwriting team, which it said will support its local underwriting offices in seven European countries. Under the…
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DACH
January 9, 2024
Swiss Re Corporate Solutions names Rüsch head of DACH
Swiss Re Corporate Solutions will appoint Michael Rüsch to the newly created role of head DACH on 1 April. Rüsch, who is currently country head for Switzerland, will be responsible…
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Market
January 9, 2024
US commercial insurance rates rise 5.6% in Q4
US commercial insurance rates rose 5.6% on average in the fourth quarter of last year and 4.6% for all of 2023, reports insurance exchange MarketScout. Commercial property insurance rates again…
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Executive & D&O
January 9, 2024
Aspen launches new cyber risk service
Aspen Insurance is launching launch Aspen Cyber Risk Services in partnership with incident response company Surefire Cyber to help customers manage cyber risk. Aspen Cyber Risk Services will be provided…
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Executive & D&O
January 8, 2024
D&O market to soften further in 2024
D&O rates are expected to fall further in 2024 as insurers fight over a smaller pool of premium, although an uptick in insolvency claims may yet check market softening, brokers…
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DACH
January 8, 2024
Gallagher acquires German financial lines broker Köberich
A J Gallagher has acquired German specialty broker Köberich Financial Lines as it continues to expand in Europe. Gallagher said the deal marks its first “on-the-ground” broking team in Germany,…
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CRE Insurance
January 8, 2024
Demand for sovereign debt insurance grows as costs rise: Chaucer
Rates for contract frustration insurance are on the rise as concerns grow that cash-strapped governments are increasingly at risk of defaulting on payments or cancelling commercial contracts, according to Chaucer.…
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Cyber & Technology
January 8, 2024
Merck and insurers settle dispute over 2017 NotPetya cyberattack
Merck has reportedly settled a dispute with insurers over the 2017 NotPetya cyberattack and related $1.4bn claim that insurers said was excluded by policy contract language. Terms of the settlement…
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CRE Insurance
January 8, 2024
Bridgehaven and Avid partner to expand UK property capacity for social housing risks
Capacity for social housing property risks in the UK will be boosted by new excess of loss insurance offered as part of a new partnership between startup Bridgehaven Insurance and…
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Cyber & Technology
January 8, 2024
Cyber insurance market to expand in face of formidable threat environment, says Gallagher
The cyber insurance marketplace will continue to evolve in 2024 and reflect dynamic change as both technology and the threat landscape advances, says Gallagher. It says emerging technology, most notably…
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Asia
January 8, 2024
Insured losses from Japan earthquake pegged at $6.4bn
Karen Clark & Co (KCC) said that total insured losses from the 1 January 7.5 magnitude earthquake that struck off the west coast of the island of Honshu in Japan…
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Aviation
January 5, 2024
Aviation lessor disputes ‘hang over’ market to keep rates high: Gallagher
Legal proceedings brought by aircraft lessors with planes left stranded in Russia after it invaded Ukraine are likely to take years to resolve, creating continued uncertainty for insurance buyers and…
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Asia
January 5, 2024
Japan earthquake losses to be manageable by domestic insurers
Insured losses stemming from the 1 January 2024 earthquake in Japan are expected to have limited credit ratings impact on the major domestic non-life insurers, according to AM Best. Nearly…
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North America
January 5, 2024
US raises reinsurance cover for NFIP flooding losses by 23% for 2024
The US Federal Emergency Management Agency (FEMA) has increased traditional reinsurance cover for its National Flood Insurance Program (NFIP) in 2024 by $619.6m, up 23%, placed with 18 carriers. FEMA,…
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UK/Ireland
January 5, 2024
UK financial services name inflation as top challenge for 2024: KPMG
UK financial services leaders say inflation will be the biggest challenge for their business in the first quarter of 2024, according to research from KPMG. More than half (51%) name…
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CRE Legal Regulation
January 5, 2024
EIOPA warns inflation could increase Solvency II capital
Europe’s insurers have been warned that inflation could drive an increase in their solvency capital requirements (SCR). The European Insurance and Occupational Pensions Authority (EIOPA) says longer-term inflation trends can…