Insured losses from Hurricane Barry in the US will not exceed $500m, according to risk modelling firm RMS. The estimate includes losses to the National Flood Insurance Program (NFIP), which RMS expects to cover half of the insured loss total. Earlier this week, Karen Clark & Company issued an insured loss estimate for Hurricane Barry near to $300m, but excluding…
Munich Re said it expects to report a consolidated result of €1bn for the second quarter of 2019, up 37% on the €728m recorded in the same period last year. Ahead of complete half-year and quarterly results, Munich Re said its Q2 performance is attributable to low claims and high reserve releases. Munich Re added that its full-year 2019 forecast…
Tokio Marine has appointed Chris Marx as senior surety underwriter for the Netherlands. Mr Marx will join the company from Euler Hermes on 1 July. He will work with Björn Eding, who was appointed head of surety for the Netherlands in February this year, moving over from Chubb. Tokio Marine said Mr Marx and Mr Eding will develop its surety…
This week’s change to the UK’s Ogden personal injury compensation rate has taken many by surprise and will disappoint large commercial insurance buyers, Airmic told CRE. It added its voice to those of insurers and other market players that warn the rate change to -0.25% from -0.75% is not enough to prevent overcompensation and will impact the cost of insurance.…
The two record GDPR fines proposed last week prove that companies must take this risk seriously and are a wakeup call for risk managers to test processes and responses, according to Airmic. Julia Graham, the association’s technical director and deputy CEO, also told Commercial Risk Europe that she is not surprised by the size of the intended fines. It was…
Allied World CEO Scott Carmilani has left his role to take on a new job at Fairfax Insurance, the (re)insurance arm of Allied World’s parent company Fairfax Financial. Mr Carmilani will work with Fairfax Insurance’s president Andy Barnard and president of Fairfax Financial Paul Rivett, to boost growth and put in place “collaborative initiatives” across Fairfax’s global operations. Lou Iglesias,…
The UK government’s Active Cyber Defence (ACD) programme took down more than 140,000 phishing attacks and 190,000 fraudulent websites, most within 24 hours, during its second full year of operation, according to a report from GCHQ’s National Cyber Security Centre (NCSC). The report, Active Cyber Defence – The Second Year, also reveals that intervention in an email scam by criminals…
Lawyers are divided over whether data protection fines under the General Data Protection Regulation (GDPR) are insurable, with Herbert Smith urging caution against the position that all such fines cannot be covered by insurance in the UK. Last week, UK regulator the Information Commissioner’s Office (ICO) proposed GDPR fines against British Airways for £183.4m (€204.8m) and Marriot International for £99m (€110m).…
Commercial property insurer FM Global has invested $1m in insurtech startup RiskGenius, which uses AI and machine learning to automate the insurance underwriting process. FM Global said it is the largest investment it has made in a startup. It follows a $250,000 investment in AirWorks Solutions, an aerial mapping and surveying insurtech that uses technology for property risk identification and…
Sedgwick has boosted its team of loss adjusters in Spain with appointments to its Barcelona, Madrid, Seville and Valencia offices. Fernando Leal has been appointed to lead the development of Sedgwick in Catalonia. A textile engineer, Mr Leal has worked for more than eight years as a loss adjuster for national companies specialising in industrial and machinery claims, as well…