Large account commercial P&C premiums lead downward trend: CIAB

Large account commercial P&C premiums lead downward trend: CIAB

Large account commercial P&C premiums lead downward trend: CIAB

US commercial P&C rates declined in Q4 across small, medium and large accounts for the eighth consecutive quarter, according to the latest Commercial P&C Market Survey from the Council of Insurance Agents & Brokers (CIAB). Large accounts again saw the largest decrease at 4.9%, followed by medium accounts at 3.8% and small accounts at just 1.3%. The average rate decrease…

IAIS report sees well-functioning and stable insurance sector in difficult environment

IAIS report sees well-functioning and stable insurance sector in difficult environment

IAIS report sees well-functioning and stable insurance sector in difficult environment

The insurance sector has remained well-functioning and stable but operates in an increasingly difficult macroeconomic and financial environment, according to a report by the International Association of Insurance Supervisors (IAIS). In its 2016 Global Insurance Market Report, the IAIS says that during the current year, the (re)insurance sector has remained well-functioning and stable, as evidenced by high capital levels, positive…

Manufacturers’ cyber policy developed by Arthur J Gallagher

Manufacturers’ cyber policy developed by Arthur J Gallagher

Manufacturers’ cyber policy developed by Arthur J Gallagher

The rising risk of cyber attacks, coupled with increased vulnerability and largely excluded exposures, represents a perfect storm for the manufacturing trade, according to Arthur J Gallagher. The broker has responded by designing and developing a bespoke policy that it believes more effectively transfers the sector’s unique cyber risks. Backed by A-rated Lloyd’s capacity and led by Brit Insurance, Gallagher…

Marsh launches new cyber risk policy

Marsh launches new cyber risk policy

Marsh launches new cyber risk policy

A cyber risk and data breach insurance policy aimed at mid to large-sized organisations outside the US has been launched by broker Marsh. Underwritten at Lloyd’s, Marsh CyberShield can provide up to £500m in cover for risks associated with cyber incidents and data breaches. The wording provides clients with access to 24/7, 365 days a year crisis response services, while…

Buyer’s market for US commercial insureds will last through 2017

Buyer’s market for US commercial insureds will last through 2017

Buyer’s market for US commercial insureds will last through 2017

This year will be another commercial insurance buyer’s market in the US, according to the Wells Fargo Insurance Market Outlook 2017 – although the cuts will not be as deep as in 2016. The bank’s analysts state that last year’s Hurricane Matthew did little to dent industry surplus, which remains at an all-time high. “However, we are beginning to see…

Solvency II’s excessive conservatism risks harming consumers – Insurance Europe

Solvency II’s excessive conservatism risks harming consumers – Insurance Europe

Solvency II’s excessive conservatism risks harming consumers – Insurance Europe

Policymakers need to take action to make the Solvency II framework more reflective of reality, according to Insurance Europe, the European insurance and reinsurance federation. It said that while the regulatory framework brings benefits, several issues must be addressed, including the need for capital requirements to reflect the true risks that insurers face. Insurance Europe said: “The many layers of…

Vermont reports continued growth in captives in 2016

Vermont reports continued growth in captives in 2016

Vermont reports continued growth in captives in 2016

Vermont licensed 26 new captive insurance companies in 2016, down slightly from the 33 captives licensed in 2015, according to the Vermont Department of Financial Regulation. The new captives bring Vermont’s overall total captive insurance licenses to 1,088, of which 584 are active captive insurance companies. The new captives comprised 15 pure captives, five risk retention groups (RRGs), three special…

Charles Taylor opens captive services office in Panama

Charles Taylor opens captive services office in Panama

Charles Taylor opens captive services office in Panama

Charles Taylor, a provider of professional services to the insurance sector, has opened an office in Panama to market captive insurance services to businesses across Latin America. The office will be headed by Alvaro Ortiz, who has been appointed president and CEO of Charles Taylor RSLAC Inc. Mr Ortiz joins Charles Taylor from Arch Reinsurance in Bermuda, where he was…

NAIC appoints representative to OECD

NAIC appoints representative to OECD

NAIC appoints representative to OECD

Oklahoma insurance commissioner John Doak has been appointed as the National Association of Insurance Commissioners’ (NAIC) representative to the Organisation for Economic Co-operation and Development (OECD). Through his participation at the OECD, Mr Doak will represent US insurance regulators by attending meetings as well as drafting and commenting on insurance-related papers. He will also present on the US state-based system…