AGCS and Nephilia extend weather risk hedges to solar market

AGCS and Nephilia extend weather risk hedges to solar market

AGCS and Nephilia extend weather risk hedges to solar market

Nephila Climate, the weather and ESG-driven specialty division of Bermuda-based Nephila Holdings, together with Allianz Global Corporate & Specialty’s (AGCS’s) alternative risk transfer unit, have closed a first set of solar proxy revenue swaps for two projects in Australia, the Susan River Solar and Childers Solar facilities. The two new five-year transactions announced this week by Nephila and AGCS will…

Cybercriminals target mobile apps

Cybercriminals target mobile apps

Cybercriminals target mobile apps

Cybercriminals are increasingly using mobile apps, disposable devices and fake social media accounts to carry out fraud and avoid detection, according to a new report by RSA Security. The report tracks a 63% rise in the use of mobile apps to conduct fraudulent transactions globally between Q1 2017 and Q1 2018, and a rise of 680% since 2015. The study,…

XL Catlin hungry for autonomous tech risks

XL Catlin hungry for autonomous tech risks

XL Catlin hungry for autonomous tech risks

XL Catlin has “significant risk appetite” for new risks emerging from autonomous technology and has put together a team of experts to provide solutions. The new team can help provide protection at design and development stages, through to testing and implementation. The cover is available globally to all sectors of industry. Xl Catlin has also established a Global Autonomy Centre…

HDI Global Specialty formed to focus on high growth and margin business

HDI Global Specialty formed to focus on high growth and margin business

HDI Global Specialty formed to focus on high growth and margin business

Talanx has decided to merge the primary specialty operations of its Hannover Re and HDI Global operations to create HDI Global Specialty, an international specialty insurer that will kick off with more than €1bn in premium income. HDI Global, along with the other leading industrial insurers, is struggling to deliver strong and profitable growth in core traditional European lines and…

Lloyd’s enlists partners for tech-driven solutions

Lloyd’s enlists partners for tech-driven solutions

Lloyd’s enlists partners for tech-driven solutions

Lloyd’s has recruited The Boston Consulting Group alongside insurtech firm L Marks to set up and run Lloyd’s Lab, which it announced in February to design technology-driven solutions for the Lloyd’s market. Lloyd’s Lab is due to be launched in September 2018 to develop new concepts and test ideas. L Marks is a specialist in the global insurtech sector and…

TMK launches IP product in France, Belgium and Luxembourg

TMK launches IP product in France, Belgium and Luxembourg

TMK launches IP product in France, Belgium and Luxembourg

Tokio Marine Kiln (TMK) has launched a specialist intellectual property (IP) insurance product in France, Belgium and Luxembourg. The company said its IP cover is thought to be the only standalone IP insurance product available to French buyers. TMK said it is expanding into the three new markets because of growing demand for IP cover. The business will be written…

Munich Re covers AI online fraud payment detection software to boost cyber defences

Munich Re covers AI online fraud payment detection software to boost cyber defences

Munich Re covers AI online fraud payment detection software to boost cyber defences

Munich Re’s Great Lakes Insurance has insured a new artificial intelligence (AI)-driven algorithm that detects fraudulent online payments and should boost businesses cyber defences. The software has been developed by German-Israeli startup Fraugster. Munich Re said it has tested the algorithm – which can separate a fraudulent online payment from an authentic payment within milliseconds – and will cover Fraugster…

Lloyd’s survey shows sharing economy held back by risk fears

Lloyd’s survey shows sharing economy held back by risk fears

Lloyd’s survey shows sharing economy held back by risk fears

With only 16% of consumers worldwide actively using sharing-economy services, such as Uber or Airbnb, Lloyd’s said consumer mistrust in the new business model and differences of opinion between consumer and commerce over who should mitigate its risks, has limited the sector’s growth. In a new report accompanying the survey, Lloyd’s added that insurance cover could offer greater reassurance and…

Ferma calls for EU-wide database on climate change risks

Ferma calls for EU-wide database on climate change risks

Ferma calls for EU-wide database on climate change risks

Ferma has called on the eu to collect better data on – and deliver access to – climate change risk data, promote related professional risk management practices, and help organisations make use of available options to finance climate-related threats. In a position paper submitted to the EU’s Strategy on Adaptation to Climate Change consultation, the European risk management association writes…

UK rate increases fail to materialise, with market largely flat: Willis

UK rate increases fail to materialise, with market largely flat: Willis

UK rate increases fail to materialise, with market largely flat: Willis

UK corporate insurance buyers have avoided the hefty rate rises some predicted following record catastrophe-driven losses in the insurance and reinsurance markets last year, with the market largely flat, according to line-by-line analysis by Willis Towers Watson. However, with rate rises failing to materialise, buyers may instead face more selective underwriting as insurers focus on costs and reassess the quality…

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