P&I clubs pushing up prices

P&I clubs pushing up prices

P&I clubs pushing up prices

After three years of stable pricing, a large majority of P&I clubs have announced general increases for the 2020 renewal, according AM Best. The change in approach comes after most of them reported poor results for the year ending February 2019, it said. AM Best commented that the level of general increases, between 2.5% and 7.5%, “is fairly modest given…

Lloyd’s eyes captive platform idea

Lloyd’s eyes captive platform idea

Lloyd’s eyes captive platform idea

Lloyd’s has confirmed that it is looking into the potential for hosting captive insurance companies in the market again. A Lloyd’s spokesperson said: “Lloyd’s has had the ability to host captive syndicates since 1998. Recent changes to the regulatory environment and the Future at Lloyd’s strategy have stimulated a review of this capability.” SmithKline Beecham established the first, and only,…

Japan’s PPP drive could be worth $1bn in premiums

Japan’s PPP drive could be worth $1bn in premiums

Japan’s PPP drive could be worth $1bn in premiums

Global insurers could benefit from a surge in demand for insurance linked to public-private partnerships (PPP) in Japan. Swiss Re estimates that growth in PPP schemes for public infrastructure could be worth nearly $1bn in annual premiums from 2018 to 2023. The broader adoption of PPP schemes in public assets comes in response to pressure building on stretched public finances…

BHSI names new Germany hire

BHSI names new Germany hire

BHSI names new Germany hire

Berkshire Hathaway Specialty Insurance (BHSI) has expanded its European team, with the appointment of Daniel Weinmann as head of customer and broker engagement in Germany. Mr Weinmann was most recently head of sales, Germany, for Swiss Re Corporate Solutions. Prior to that, he was head of general aviation and aerospace (EMEA) at Swiss Re and head of casualty at Marsh…

China province launches coronavirus cover

China province launches coronavirus cover

China province launches coronavirus cover

The Chinese province of Hainan has launched an insurance product specifically designed to cover losses incurred by businesses as a result of the coronavirus outbreak in the country. According to reports citing a notice released by the China Banking and Insurance Regulatory Commission (CBIRC), the scheme has set aside CNY200m ($28.7m) to cover payouts. The Hainan government will subsidise 70%…

Rate hikes help boost QBE profits

Rate hikes help boost QBE profits

Rate hikes help boost QBE profits

Natural catastrophe losses in Australia and North America did not stand in the way of QBE posting a 41% increase in after tax profits to A$550m for 2019. Australia’s second-largest listed insurer benefited from rising prices and an improved combined ratio across its portfolio. QBE saw a full-year average rate increase of 6.3%, with an average rate increase of 8.3%…

Capturing the abstract: How captives can be used to manage intangible risks

Capturing the abstract: How captives can be used to manage intangible risks

Capturing the abstract: How captives can be used to manage intangible risks

The most valuable assets a company owns often are no longer physical. Indeed, several studies indicate that the intangible assets of the world’s 500 largest companies make up roughly 85% of their value. Intangible assets can include a company’s brand, intellectual property and datasets. Risks to those assets can be hard to quantify, manage and transfer. Marine Charbonnier, global programmes…

Index identifies tax avoidance centres

Index identifies tax avoidance centres

Index identifies tax avoidance centres

Ten jurisdictions, many of which are important captive insurance company domiciles, are responsible for over half (52%) of the world’s corporate tax avoidance risks, according to the Corporate Tax Haven Index. The research, published by the Tax Justice Network, has identified the UK and a handful of OECD countries as the jurisdictions it says are most responsible for the breakdown…

Captives grow third-party business, says Marsh report

Captives grow third-party business, says Marsh report

Captives grow third-party business, says Marsh report

The number of captive insurance companies writing third-party business is growing fast, as digitalisation expands the ways that organisations can deliver insurance solutions, according to a new report. Technology advances, including mobile applications, are making it easier for organisations to offer insurance to their customers and suppliers, according to a new report from Marsh that is based on trends evident…

Sompo International to grow EEA business

Sompo International to grow EEA business

Sompo International to grow EEA business

Sompo International, the Bermuda-based specialty insurer, is looking to grow its portfolio in Europe, according to Thomas Brazil, CEO of SI Insurance (Europe). “Europe is a strategic market for Sompo and we continue to expand our product offerings to our EEA clients. New professional lines capabilities in Germany complement our property, casualty and marine offerings and further enhance SI Insurance…

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