Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face the “biggest upward price shift” for years during 2020, with increases across more lines than in “recent memory”, according to Willis Towers Watson (WTW). Property, excess liability and D&O cover will be hardest hit, according to the broker. It notes that several other lines of business are looking at increases “topping out at well…

National approach needed to combat devastating climate change impact in Australia

National approach needed to combat devastating climate change impact in Australia

National approach needed to combat devastating climate change impact in Australia

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…

Risk management lags increasing unpredictability, finds QBE

Risk management lags increasing unpredictability, finds QBE

Risk management lags increasing unpredictability, finds QBE

Political risk is making the world a more unpredictable place to do business, yet many companies are failing to plan adequately for unexpected events, according to research from QBE. The insurer’s analysis of factors that have impacted stability during the past 30 years found the world has demonstrably become a less predictable and more volatile place. In particular, 2010 and…

Australian Reserve Bank warns that climate change could threaten viability of insurance sector

Australian Reserve Bank warns that climate change could threaten viability of insurance sector

Australian Reserve Bank warns that climate change could threaten viability of insurance sector

The Reserve Bank of Australia (RBA) has warned that if investors and financial institutions do not take the impact of climate change more seriously, there is a good chance that critical business and personal risks will become increasingly uninsurable. The bank also warns in its latest Financial Stability Review that if insurers fail to price the related risks accurately enough,…

ARC pays out to Ivory Coast after drought

ARC pays out to Ivory Coast after drought

ARC pays out to Ivory Coast after drought

The Insurance Company of Pan African Mutual Risk Management (ARC) has paid $738,835 in compensation to the Ivory Coast government, following a lack of rain recorded in the central region of the country for the 2019 agricultural season. The money will be used to help vulnerable families better cope with the severe consequences of the rainfall deficit and sustain themselves…

Sompo expands into small business space in US and Mexico

Sompo expands into small business space in US and Mexico

Sompo expands into small business space in US and Mexico

Sompo International Holdings, the Bermuda-based specialty insurance and reinsurance arm of Japanese giant Sompo, has announced that its Sompo Global Risk Solutions (GRS) has formed a new team to offer insurance solutions to smaller businesses in the US and Mexico. It will also serve Sompo’s clients with operations in the two countries. Sompo International was created after the Japanese insurer…

Royal Exchange set to boost agriculture insurance in Nigeria

Royal Exchange set to boost agriculture insurance in Nigeria

Royal Exchange set to boost agriculture insurance in Nigeria

Nigerian insurer Royal Exchange General Insurance plans to boost its agricultural capacity after a deal in which the InsuResilience Investment Fund is to buy a 39.25% stake in the company for an undisclosed sum. Royal Exchange General Insurance is one of the largest non-life insurance companies in Nigeria. Through its activities, the company is expected to reach out to more than one…

Spreading the value of insurance

Spreading the value of insurance

Spreading the value of insurance

According to the UN, there are some 500 million smallholder farmers in the world. In Africa around 80% of farmers operate on a very small scale, however the UN says these smallholder farmers produce up to 80% of the food consumed in Africa and Asia. Liz Booth reports on a new initiative that could help these farmers develop into commercial…

Business risks rocked by political uncertainty: PwC CEO survey

Business risks rocked by political uncertainty: PwC CEO survey

Business risks rocked by political uncertainty: PwC CEO survey

Government-related threats, led by overregulation, are dominating the top ten risk list for CEOs, with policy uncertainty and trade conflicts two new issues entering the list, at number two and four respectively, according to PwC’s 22nd Annual Global CEO Survey. Political uncertainty and concerns over trade have pushed risks such as terrorism and climate change out of the top ten…

Swiss Re report highlights emerging risks for insurers

Swiss Re report highlights emerging risks for insurers

Swiss Re report highlights emerging risks for insurers

The latest Swiss Re Institute SONAR report has highlighted a number of key risks including digital technology’s clash with legacy hardware, new risks emerging from the spread of 5G mobile networks, increasingly limited fiscal and monetary policy flexibility, and genetic testing and its effects on the insurance industry. The report also examines ‘slowburner’ emerging risks such as the effects of…

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