Ed receives regulatory go-ahead for Bermuda operation

Ed receives regulatory go-ahead for Bermuda operation

Ed receives regulatory go-ahead for Bermuda operation

The Bermuda Monetary Authority has given regulatory approval to Lloyd’s broker Ed for its new operation in Bermuda. According to the broker, Ed Bermuda will provide a full range of multiline broking services, backed by TradEd, its proprietary trading platform. Ed said that opening in Bermuda underpins its commitment to existing and potential clients, particularly in the US, Canada and…

Leveraging new technology to efficiently manage a global partner network

Leveraging new technology to efficiently manage a global partner network

Leveraging new technology to efficiently manage a global partner network

Globalisation has reduced the distances and barriers between countries, allowing corporations to perform business in multiple markets, which has driven the need for international insurance. Insurance companies should have capabilities around the globe to be able to offer a comprehensive insurance solution for global customers and to deal with the complexities of different regulations and market practices. Global insurers such…

Caribbean insurers report income gains despite 2017 nat cat losses

Caribbean insurers report income gains despite 2017 nat cat losses

Caribbean insurers report income gains despite 2017 nat cat losses

Insurers in the Caribbean reported solid after-tax income in 2017, despite a 30% increase in net losses from the 2017 hurricanes, according to AM Best’s annual survey of the Caribbean Association of Insurance Regulators (CAIR) member countries. However, Best added that economic contractions pose a threat to the Caribbean’s growth potential, and enhanced regulation in certain markets adds new layers…

US cyber insurers profitable but market is ‘rapidly evolving’

US cyber insurers profitable but market is ‘rapidly evolving’

US cyber insurers profitable but market is ‘rapidly evolving’

Cyber insurers in the US are currently profitable, but are wary of tomorrow’s risks, according to AM Best. Overall, underwriting performance on this line of business remains strong, as insurers have significantly increased their writings, said Best. The ratings agency called the US cyber insurance market “rapidly evolving”, with total claims growing 39% in 2018. First-party claims remain the primary…

New strategic direction for IAIS in 2020

New strategic direction for IAIS in 2020

New strategic direction for IAIS in 2020

The International Association of Insurance Supervisors (IAIS) has revealed that it is shortly to “embark on a new strategic direction”. It said that its 2020-2024 Strategic Plan and Financial Outlook has been approved, which sets out the high-level goals and strategies that will guide the association in its work for the next five-year period beginning 1 January 2020. Secretary general…

EIOPA calls for strengthening of insurance sector regulation

EIOPA calls for strengthening of insurance sector regulation

EIOPA calls for strengthening of insurance sector regulation

Regulation of the insurance sector should be strengthened, according to the European Insurance and Occupational Pensions Authority (EIOPA) in its recently released 2018 Annual Report. The report sets out its activities and achievements of the past year, as well as looking ahead. “EIOPA believes its regulation should be strengthened, in particular by an improved follow-up of the evaluations of supervisory…

New board members for Geneva Association

New board members for Geneva Association

New board members for Geneva Association

The Geneva Association has elected four new board members, from Ping An Insurance Company of China, Prudential Financial, The People’s Insurance Company of China, and Aviva. The Geneva Association is the global organisation of insurance and reinsurance chief executive officers. The four new members of the board are: Yuansiong Lee, co-CEO, Ping An Insurance Company of China; Charles F Lowrey,…

Risk managers looking for cross-class innovation from insurers

Risk managers looking for cross-class innovation from insurers

Risk managers looking for cross-class innovation from insurers

Risk managers are looking to insurers for innovative products at an enterprise level, but still face an industry often stuck in line-of-business silos, according to Julia Graham, technical director and deputy CEO of Airmic, speaking at Commercial Risk’s ‘Global Programmes Consistency and Certainty 2019’ conference in London. She was asked how risk managers choose their insurer when setting up a…

Cyber premiums in US growing but at a lower pace, says Aon report

Cyber premiums in US growing but at a lower pace, says Aon report

Cyber premiums in US growing but at a lower pace, says Aon report

Cyber premiums for US insurers have more than doubled in the last four years, from $993m in 2015 to more than $2bn in 2018, according to Aon’s latest US Cyber Market Update. The report states that cyber insurance has been profitable for the large majority of insurers, in spite of the industry seeing cyber catastrophe losses from NotPetya in 2017,…