Continuing price increases in US commercial P&C market

Continuing price increases in US commercial P&C market

Continuing price increases in US commercial P&C market

The US commercial P&C market saw pricing increase in the fourth quarter of 2018, the fifth consecutive quarter of rises, according to the Council of Insurance Agents & Brokers’ (CIAB) Q4 2018 Commercial Property/Casualty Market Survey. The average increase across all-sized accounts was 2.4% for the fourth quarter of 2018, compared to a 1.6% increase in the previous quarter, and…

Argo Group International joins GBN network

Argo Group International joins GBN network

Argo Group International joins GBN network

Argo Group International Holdings has become a member and network partner of GBN, the global insurance network of leading re/insurers, independent brokers and specialty suppliers. Argo said it will be able to provide instant and efficient client services around the globe, especially in underserved emerging markets, thanks to GBN’s focus on digital commerce. GBN operates in more than 140 countries,…

First Singapore catastrophe bond start of ILS expansion in Asia-Pacific

First Singapore catastrophe bond start of ILS expansion in Asia-Pacific

First Singapore catastrophe bond start of ILS expansion in Asia-Pacific

The first catastrophe bond has been domiciled in Singapore under its new insurance-linked securities (ILS) laws, sponsored by Insurance Australia Group (IAG). The bond is part of IAG’s 2019 catastrophe aggregate reinsurance cover and represents the first such transaction by the company. GC Securities, the sole structuring and placement agent for the bond issued by Orchard ILS Pte Ltd, said…

Mutuals fastest-growing part of global insurance industry

Mutuals fastest-growing part of global insurance industry

Mutuals fastest-growing part of global insurance industry

In the ten years since the global financial crisis, the mutual and cooperative insurance market has been the fastest-growing part of the global insurance industry, according to the Global Mutual Market Share 10 report, produced by the International Cooperative and Mutual Insurance Federation (ICMIF). In the ten-year period since the onset of the financial crisis (2007 to 2017), premium income…

Aon report shows captives are key for energy companies’ risk management strategies

Aon report shows captives are key for energy companies’ risk management strategies

Aon report shows captives are key for energy companies’ risk management strategies

Captives continue to be a key part of energy companies’ risk management strategies, according to Aon, with an increasing number of smaller energy companies turning to a captive. In a new report, Supporting The Energy Industry Through Captive Insurance Programs, Aon says it manages about 65 energy captives with gross written premium reaching more than $1.7bn. Aon notes in its…

New insurance industry initiatives for Guangdong, Hong Kong and Macao

New insurance industry initiatives for Guangdong, Hong Kong and Macao

New insurance industry initiatives for Guangdong, Hong Kong and Macao

New initiatives for the insurance industry have been announced by China’s State Council under its Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area. The initiatives include promoting cross-boundary renminbi reinsurance business; supporting joint development by insurance institutions in Guangdong, Hong Kong and Macao of innovative and cross-boundary motor vehicle and medical insurance products; exploring the development of a…

RPC’s insurance practice forges alliance with US law firm Hinshaw & Culbertson

RPC’s insurance practice forges alliance with US law firm Hinshaw & Culbertson

RPC’s insurance practice forges alliance with US law firm Hinshaw & Culbertson

The insurance practice of law firm RPC has entered into a strategic alliance with US firm Hinshaw & Culbertson. The firm, which has a strong insurance sector focus, is headquartered in Chicago and has 21 offices across the US including in New York, Massachusetts, Florida and California, and has a strong insurance sector focus. RPC said the new alliance will…

Best revises GCC insurance market outlook to stable from negative

Best revises GCC insurance market outlook to stable from negative

Best revises GCC insurance market outlook to stable from negative

The outlook on the insurance markets of the Gulf Cooperation Council (GCC) has been revised from negative to stable, according to AM Best. The ratings agency said this was due to the settling down of geopolitical risks, limited disruption caused by the implementation of value-added tax, advances in risk management and improved regulatory sophistication across the region, continually strong capital…

Small decline in credit and political risk capacity, report finds

Small decline in credit and political risk capacity, report finds

Small decline in credit and political risk capacity, report finds

Capacity in the credit and political risk insurance (CPRI) market is down slightly in 2019 but non-trade credit capacity has seen an increase, according to BPL Global’s Market Insight 2019 report. BPL Global said there have been some casualties in terms of insurance providers, but even with the decision of a few insurers to discontinue writing CPRI in 2018, there…

UAE insurance market reports 2018 profit and modest premium growth

UAE insurance market reports 2018 profit and modest premium growth

UAE insurance market reports 2018 profit and modest premium growth

The United Arab Emirates (UAE) insurance market saw an increase in net profits in 2018 and modest premium growth, according to AM Best. Net profits rose 6.4% to AED1.4bn, the second consecutive year of profits, though aggregate underwriting profits for UAE-listed insurers saw a decline of 1.7% to AED1.7bn. Best said that underwriting returns continued to benefit from improvements in…