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…
The role of insurance in society is changing from one that is concerned primarily with loss indemnification to a broader advisory service for customers on how to prevent, mitigate and manage their risks, according to a study by the Geneva Association. This is as a result of the economy, including insurance, becoming more digitalised. According to the report, Insurance in…
Marsh has announced two senior leadership appointments within Marsh captive solutions with effect from 1 January 2019. Julie Boucher will assume direct leadership of Marsh’s Bermuda, Cayman and Barbados captive offices, in the newly created role of islands practice leader. Ms Boucher is currently the Americas practice leader and will relocate to Bermuda from Vermont. She has 30 years’ captive…
Charles Taylor Adjusting has acquired FGR group, a loss adjusting and claims programme management group, headquartered in Chile. The loss adjusting business operates in the property and casualty market, with particular strength in construction, engineering, liability and catastrophe losses. The claims management business provides insurance claim settlement services to insurance companies in the Chilean market. FGR employs about 385 people…
Starr Insurance Companies has opened a new office in Norway, and appointed a new head of Europe. The new office is based in Oslo and opened on 1 October 2018. The insurer said the Oslo office will add to Starr’s significant presence in Europe. The office will initially focus on general aviation but Starr said it expects to expand its…