Insurers and risk managers need to model and price for climate change risk and build resilience, as a warmer world looks ever more likely, according to Zurich Insurance Group. Two studies published last week indicate the risks of a warmer world are increasing, as governments fail to adequately tackle climate change. The latest annual UN emissions gap report reveals that…
Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…
A failure by corporates to improve climate risk disclosure would invite further regulation, according to experts taking part in a webinar hosted by Commercial Risk. Panellists agreed that while it is “early days” for companies adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), some corporates are not taking the measures seriously enough. Neil Beresford, a partner…
AXA XL Insurance has launched a first-of-its-kind risk incubator to give much-needed structure and process to innovation in the risk and insurance space. The so-called ‘Cube’ aims to deliver a bespoke risk management, technology or insurance solution for a client within six weeks. “This is a unique proposition in the insurance market that addresses an underserved need and will help…
Risk analytics firm Praedicat has unveiled the first casualty insurance product to be developed in London’s innovation hub, Lloyd’s Lab. Developed for global industrial firms, the liability cover will close current gaps in coverage for products and chemicals that are typically excluded or underinsured. The solution will cover new technologies such as 5G and nanotechnology, as well as chemicals in…
Rising temperatures will lead to “dramatic changes” in the frequency and intensity of extreme weather in Australia, according to a report released by Australia’s biggest non-life insurer IAG and the US National Center for Atmospheric Research (NCAR). The report, Severe Weather in a Changing Climate, includes the latest data on the state of the climate and predictions on future extreme…
Specialist Lloyd’s-based insurer Beazley has followed up its announcement made earlier this week about its Asian expansion plans, by revealing that it has taken a 30% stake in Pegasus, a Hong Kong-based coverholder. Beazley began working with Pegasus in January 2019, in an arrangement that the insurer said combines the coverholder’s knowledge of the market and strong broking relationships with…
Beazley, the Lloyd’s-based insurance and reinsurance group, has announced plans to significantly expand its business in Asia-Pacific out of its exiting Singapore, Hong and Chinese operations, by hiring new staff, offering its specialty products on a sector-specific basis and entering into new ‘white-label’ partnerships whereby its products are sold by other carrier such as managing general agents. The insurer said…
Continental Reinsurance has launched an agriculture insurance programme as part of its new capabilities. “We have read the signals of our environment and have responded without a doubt,” said group MD/CEO, Dr Femi Oyetunji. “In line with our organising principle of localisation, we have found it imperative to expand our product relevance to further build on market development.” Continental Re…
HDI Global has partnered with Schneider Electric to develop industrial internet of things (IIoT) insurance products and services, which the insurer said will reduce risk in real time for buyers and deliver more tailor-made insurance. Announcing the collaboration, the companies promised “digital transformation of industrial insurance through data”. HDI Global said it will use Schneider Electric’s Exchange and EcoStruxure internet…