Swiss Re expects current economic momentum to support premium growth, and notes that a well-functioning insurance sector promotes economic resilience. The reinsurer says that in addition, insurers are innovating to realise untapped risk pools which, alongside their long-term investment activities, will further build sustainable economic growth. Closing still-large protection gaps will further boost economic resilience, and also be a driver…
The insurance industry has voiced its concerns over the International Financial Reporting Standard (IFRS) 17 for insurance contracts. In a joint letter to Hans Hoogervorst, chair of the International Accounting Standards Board (IASB), a global group of nine insurance associations says that extensive testing, together with insurers’ detailed implementation planning, has confirmed that a number of important issues still need…
Global Insurance Law Connect, the international legal network, has appointed Iwan Borszcz as a strategic and special adviser. He was previously Zurich’s technical claims director and head of large and complex claims, and directed large and complex losses for the EMEA region, leading a team of international technical experts. Global Insurance Law Connect is a formal alliance of insurance law…
Judy Gonsalves has been appointed vice-president of Chubb Group and division president of Bermuda. She succeeds Joseph Clabby, who has been named chairman of Chubb Bermuda, and will serve in an advisory role to Ms Gonsalves and the Chubb Bermuda team. In her new role, Ms Gonsalves has executive operating responsibility for the Bermuda-based commercial property and casualty insurance business…
The first half of 2018 has seen private US property/casualty insurers more than double their net income, according to ISO and the Property Casualty Insurers Association of America (PCI). The insurers saw their net income after taxes increase to $34bn in the first half of 2018 from $15.5bn in the first half of 2017, with the help of lower catastrophe…
The profitability of London market insurers is expected to remain under pressure in 2018, according to Fitch Ratings, due to the “difficult pricing environment”. The ratings agency said that pricing in the London market remains under pressure due to excess capacity fuelling competition, despite rate increases following H2-17 catastrophe losses. At the same time, expense ratios remain high and reserve…
Brokerslink has launched two new technology solutions designed to support independent brokers in delivering competitive global insurance programmes. The solutions will facilitate the management and delivery of multinational insurance programmes and further enhance business opportunities for Brokerslink’s network of independent brokers and their multinational clients in more than 100 countries. The first solution is a multinational client management tool called…
The economies of Latin America and the Caribbean are growing again after a number of difficult years, but the fragile recovery highlights the need to increase efforts to build resilience and manage risks, according to a new report from the World Bank. The report, From Known Unknowns to Black Swans: How to Manage Risk in Latin America and the Caribbean,…
There is concern in the UK, especially from small to medium-sized enterprises (SMEs), that the Chancellor will use the upcoming Budget to further increase insurance premium tax (IPT) from its current standard rate of 12%. Independent research commissioned by Allianz revealed that 85% of the 250 SMEs that took part in the research said they were concerned about the financial…
Commercial insurance rates continue to increase in the US, with the exception of workers’ compensation and surety, according to MarketScout. The composite rate in the third quarter of 2018 was up 2.5%, following a similar rate increase of the second quarter. Small and medium-sized businesses saw the biggest increases. Richard Kerr, CEO of MarketScout, said: “Rates continue to move slowly…
