New approaches led by insurers to tackle the threat of silent cyber risks will boost the cyber insurance market, according to Fitch Ratings. Recent actions by three major carriers on the growing and unquantified threat of silent cyber risk “will likely shape market direction”, the ratings agency said. “A more active approach by insurers to write affirmative coverage or more…
A new syndicate is to launch at Lloyd’s for 2020 after several unprofitable syndicates have withdrawn for the new year of account. Victor Syndicate 2288 will begin underwriting with capacity of £57m, backed by Marsh-owned US managing general agency Victor Insurance Holdings, which has appointed third-party managing agency Asta to oversee the syndicate. Victor Insurance said the new syndicate will…
Swiss Re will sell its closed life subsidiary ReAssure Group to Phoenix Group for a cash payment of £1.2bn plus shares worth about £2bn in Phoenix. Swiss Re said the sale of ReAssure has been a goal of the firm. Swiss Re will take a seat on the board of directors at Phoenix. Swiss Re said the deal values ReAssure…
The global property and casualty (P&C) industry has retained its stable outlook for 2020, despite increasing claims costs and low investment returns pressuring profits, according to ratings agency Moody’s. Economic growth, though slowing down, coupled with solid levels of capitalisation and “constructive” pricing trends have driven the stable outlook, Moody’s said. The top five markets by premium – the US,…
Risk managers must work with HR and benefits professionals to address the growing threat of people risk within organisations, according to risk management body Airmic. In a new guide to managing people risk, published with Arthur D Little, Willis Towers Watson and Zurich, Airmic says people-related risks for organisations have created “unprecedented volatility”. It says new and integrated approaches are…
Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…
The European Council has taken a big step forward in the protection of consumer interests in Europe, by adopting a general approach on the European Commission’s (EC) proposal for a directive on representative actions for the protection of consumers’ collective interest. The EC explained that the new rules will enable consumers to claim their rights not only individually but also…
A failure by corporates to improve climate risk disclosure would invite further regulation, according to experts taking part in a webinar hosted by Commercial Risk. Panellists agreed that while it is “early days” for companies adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), some corporates are not taking the measures seriously enough. Neil Beresford, a partner…
Europe is losing market share of global marine business to Asia, which is proving to be strong competition for the Lloyd’s and London market, according to a new statistical report by the International Union of Marine Insurance (IUMI). In 2018, marine premiums totalled $28.9bn, up just 1%, and European underwriters accounted for the majority of business at 46%, with Asian…
Three European insurance groups made the world’s top ten largest insurers list compiled by AM Best, measured by 2018 net written premium (NWP). AXA took second spot behind global number one United Health, while Allianz was ranked in seventh place and Assicurazioni Generali in eighth place. AXA recorded a 3% jump in net written premiums after acquiring XL Group last…