European D&O market set for further hardening as Covid-19 reinforces tough conditions

European D&O market set for further hardening as Covid-19 reinforces tough conditions

European D&O market set for further hardening as Covid-19 reinforces tough conditions

European D&O insurance buyers now face a hard market and should brace for further increases at renewals, brokers and insurers have warned. Elke Vagenende, head of western Europe for finex at Willis Towers Watson, told CRE that European risk managers are experiencing a “hard market” for D&O insurance, with double-digit rate increases now the new norm in most countries. Some…

BHSI continues European push with French FI expansion

BHSI continues European push with French FI expansion

BHSI continues European push with French FI expansion

Berkshire Hathaway Specialty Insurance (BHSI) is entering the French executive and professional lines market, appointing Olivier Hamon as head of financial institutions and management liabilities, with Alice Batchili named as professional indemnity manager to lead the push. The insurer said Mr Hamon and Ms Batchill will “spearhead” BHSI’s launch of a full range of products in France. Covers will include…

Prepare early for tough renewals, Narim members told

Prepare early for tough renewals, Narim members told

Prepare early for tough renewals, Narim members told

Herman Kerremans, CEO at Howden Belgium, has advised Dutch risk managers to focus on supplying the best and most transparent risk information possible, while preparing fellow management for cost increases as tough renewals loom. Commercial Risk Europe interviewed Mr Kerremans about what risk managers in the Netherlands and wider Benelux region can expect during coming renewals, as members of the Dutch risk management…

Dutch risk managers advised to focus on risk management as market hardens

Dutch risk managers advised to focus on risk management as market hardens

Dutch risk managers advised to focus on risk management as market hardens

Narim members must focus on loss prevention and risk management more than ever before as they face up to what will be the toughest renewals for a long time, with the market reeling from the impact of Covid-19, said Guido Verheijden, director global and specialty at Amsterdam-based independent intermediary Meijers Insurance Brokers. Mr Verheijden spoke to Commercial Risk Europe as the Dutch risk and…

‘Grave’ market dissatisfaction as growing number of Airmic members fail to get cover

‘Grave’ market dissatisfaction as growing number of Airmic members fail to get cover

‘Grave’ market dissatisfaction as growing number of Airmic members fail to get cover

A new Airmic member survey reveals “grave” dissatisfaction with the hardening insurance market as buyers increasingly fail to get cover, capacity shrinks, exclusions grow and there is mounting frustration over poor or late communication from insurers. Airmic’s Q3 Pulse Survey published on the opening day of Airmic Fest, the association’s virtual conference, also found some huge rate rises, with one…

UK D&O market set to become even tougher as Covid-19 bites

UK D&O market set to become even tougher as Covid-19 bites

UK D&O market set to become even tougher as Covid-19 bites

UK companies should brace for yet further rises in the cost of directors and officers (D&O) insurance, despite already suffering some of the largest increases in Europe, and watch for more coverage restrictions and exclusions at renewal. Covid-19 has accelerated D&O market hardening, with rates up an average 100% in the UK during Q2, according to Marsh. By comparison, pricing…

US social inflation will drive continued casualty hardening in 2020: Jefferies

US social inflation will drive continued casualty hardening in 2020: Jefferies

US social inflation will drive continued casualty hardening in 2020: Jefferies

The closure of US courts because of the Covid-19 crisis has not halted the rise in social inflation and securities actions in the US, and leading corporate insurers and reinsurers face another year of significant reserving additions as a result, according to Philip Kett, equity analyst and vice-president at investment bank Jefferies International. This is not good news for risk…

New Dawn Risk expands in Asia with SpecialistRe partnership

New Dawn Risk expands in Asia with SpecialistRe partnership

New Dawn Risk expands in Asia with SpecialistRe partnership

London market broker New Dawn Risk Group is to enter a new partnership with Singapore-based SpecialistRe, which it said will strengthen its reach in China, Japan and southeast Asia. Max Carter, CEO of New Dawn Risk, said it had been looking for opportunities in the region “for some time” and it will now offer treaty reinsurance broker expertise for specialty…

Companies increasingly turning to captives for D&O protection as market hardens

Companies increasingly turning to captives for D&O protection as market hardens

Companies increasingly turning to captives for D&O protection as market hardens

The hard directors and officers (D&O) insurance market is leading a growing number of companies to place the risk in captives for the first time. The D&O market has seen prices increase rapidly in the past two years, with little sign that the hardening is about to stabilise. In addition to price increases, many D&O insurers have cut limits and…

Market to harden into 2021 as concern mounts over pace of change

Market to harden into 2021 as concern mounts over pace of change

Market to harden into 2021 as concern mounts over pace of change

Experts predict that commercial insurance market hardening is set to continue through January 1 renewals and well into 2021 as carriers attempt to balance Covid-19 and other loss costs. The commercial insurance market has been hardening in some areas since the beginning of 2018 and across every major region for the last seven quarters, according to Marsh. Its Q2 2020…

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