Burning issues for environmental claims

Burning issues for environmental claims

Burning issues for environmental claims

There is a common view that environmental exposures are only really an issue for very large companies in certain sectors, notably oil and gas. But this stereotype does not stand up in the light of European environmental impairment liability claims that we are now seeing. Now in its second year, AIG’s European Environmental Impairment Liability (EIL) Claims Intelligence report reflects…

Peak Re launches first Asian reinsurance sidecar

Peak Re launches first Asian reinsurance sidecar

Peak Re launches first Asian reinsurance sidecar

Hong Kong-based reinsurer Peak Re has unveiled what it claims is the first reinsurance sidecar transaction in Asia, in news that underlines investor appetite for insurance-based risk as a source of alternative capital. The deal was made via newly formed and Bermuda-based special purpose insurer Lion Rock, which will provide collateralised retrocession for Peak Re’s global property reinsurance risk portfolio…

Liberty Specialty Markets names Bidard head of liability in France

Liberty Specialty Markets names Bidard head of liability in France

Liberty Specialty Markets names Bidard head of liability in France

Liberty Specialty Markets (LSM) has appointed Florence Bidard as head of liability for France with immediate effect. The move will help develop LSM’s general civil, professional civil and environmental liability books, the firm said. Ms Bidard will be based in Paris and report to Richard Deguettes, LSM’s general manager of France. Mr Deguettes said: “Our suite of liability solutions is…

New tax for environmental policies in Spain

New tax for environmental policies in Spain

New tax for environmental policies in Spain

Spain is introducing a new tax for environmental policies, according to insurance premium tax specialists Impendulo. The new tax, representing 8% of the premiums of the policies, is applicable from 1 November 2018. The first declaration is on 20 December 2018. According to Impendulo, this will need to be reported to the Consorcio de Compensación de Seguros with the following…

Japan’s top P&C insurers to pay out JPY1trn in 2018

Japan’s top P&C insurers to pay out JPY1trn in 2018

Japan’s top P&C insurers to pay out JPY1trn in 2018

A year of natural disasters has left Japan’s top three property and casualty (P&C) insurers with a bill expected to top JPY1trn ($8.7bn) by the end of the fiscal year, raising the prospect of a hike in premiums for the first time in years. The payments are likely to total more than $3.51bn from MS&AD Insurance and $2.63bn from Tokio…

Verisk report examines evolving environmental and technological risks

Verisk report examines evolving environmental and technological risks

Verisk report examines evolving environmental and technological risks

Data analytics provider Verisk has released a study examining the significant risks and trends that could seriously impact the businesses of insurers and risk managers, from environmental changes and technological developments to their potential effects on humans and society. The report, Insurance Perspectives on Evolving Risks, looks across geographic and disciplinary borders to examine themes ranging from climate- and weather-related…

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…

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…

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