Broker conflicts of interest ‘rocketing’ in hardening market, warns Mactavish

Broker conflicts of interest ‘rocketing’ in hardening market, warns Mactavish

Broker conflicts of interest ‘rocketing’ in hardening market, warns Mactavish

Broker conflicts of interest are becoming worse in areas of the commercial market that are hardening because payment practices introduced during the long soft period mean intermediaries now receive more and more from insurers, in some instances outstripping remuneration from insureds, warns Mactavish…

Asian P&C rates to rise by 10% says WTW

Asian P&C rates to rise by 10% says WTW

Asian P&C rates to rise by 10% says WTW

Global broker Willis Towers Watson (WTW) has forecast that catastrophe loss-affected property and casualty (P&C) rates will rise by at least 10% in Asia through 2019. The broker has also called for a new approach to risk and insurance in the region, as a result of a more sophisticated corporate marketplace driven by global economic and political pressures. The forecasted…

Zurich cuts capacity for unprofitable construction risks

Zurich cuts capacity for unprofitable construction risks

Zurich cuts capacity for unprofitable construction risks

Zurich Insurance will pull back from writing select construction property risks, following a portfolio-wide performance review. Robert Kuchinski, the company’s global head of property and energy, told CRE that the move is in response to the some of the most challenging market conditions seen in his more than 30-year industry career…

CNA Hardy closes Asia platforms to new business – correction

CNA Hardy closes Asia platforms to new business – correction

CNA Hardy closes Asia platforms to new business – correction

Specialty commercial insurer CNA Hardy has announced that it will cease underwriting new business with immediate effect on its two Lloyd’s Asia platforms in Singapore and China. The insurer still intends to write business in Singapore and across the Asia-Pacific region but will do so from London. A memo sent to brokers from CNA Hardy chief executive Dave Brosnan suggested…

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

Insurance buyers in North America will pay higher commercial insurance rates next year with some lines reaching double-digit increases, according to Willis Towers Watson’s Marketplace Realities 2019 report. Willis says hype about property rate increases following heavy catastrophe losses in 2017 masked where the real increases have pushed through – casualty and professional liability lines…

Global expansion throws up new risks and insurance struggles for construction firms

Global expansion throws up new risks and insurance struggles for construction firms

Global expansion throws up new risks and insurance struggles for construction firms

As the old adage goes, when the going gets tough, the tough get going. That seems to be true of the construction sector, where companies have been looking far and wide to find business as times toughen up in their home markets. However, that has been throwing up some unique challenges for both the companies and their risk managers. Many…