Ferma has called on the EC’s new expert group looking into the role of artificial intelligence (AI) to consider the future insurability of commercial organisations if underwriting is left to AI technology and, more broadly, to define ethics surrounding its use in the corporate world. Late last week, the EC appointed 52 experts to its new High Level Group on…
Beazley has revamped its cyber policy for large businesses to cover the latest threats of cyberattack, in a bid to keep pace with the ever-changing methods of cybercriminals. Beazley said the new offering is an enhanced version of its InfoSec policy. InfoSec was first launched in 2006 to address third-party exposures from loss of customers’ personal data, but now covers…
Grahame Chilton is to step down from his role as CEO of Arthur J Gallagher’s UK brokerage and underwriting business. Simon Matson, head of Arthur J Gallagher’s London market and Alesco business, has been named as Mr Chilton’s successor. Mr Chilton took on the role as Gallagher’s UK CEO in February 2015 after launching Capsicum Re in December 2013 through…
An insurance-linked securities (ILS) deal worth CHF146m ($148m) has been put in place to cover operational risks for investment bank Credit Suisse, according to reports from Artemis. Operational Re Ltd will provide collateralised cover for risks that are expected to include cyber exposures, fraud, accounting errors, regulatory compliance issues, HR and losses due to improper business practices. It is only…
The UK has seen its highest level of trade credit insurance claims since 2009 with the £54m paid out in the first quarter of this year the largest of any quarter on record, according to the Association of British Insurers (ABI). The number of claims made by UK firms to cover non-payment of debt was up 50% on the previous…
Europe’s mutual and cooperative insurers have seen a resurgence in business in recent years, according to a study jointly published by the Association of Mutual Insurers and Insurance Co-operatives in Europe (AMICE), and the International Cooperative and Mutual Insurance Federation (ICMIF). The study covers the 28 member states of the EU, plus the four countries which are members of the…
The National Bank of Greece has received one binding offer from Shanghai-based investment company Gongbao for a majority stake in its insurance subsidiary, Ethniki General Insurance, according to Reuters. The bank had put its National Insurance business up for sale as part of an EU-approved restructuring plan to focus on core banking operations, said the news agency. In a statement,…
There was a modest increase in commercial insurance prices in the US in the first quarter of 2018, according to Willis Towers Watson’s commercial lines insurance pricing survey. The survey compared prices charged on policies written during the first quarter of 2018 with those charged for the same coverage during the equivalent quarter in 2017. Price changes were in excess…
According to a new AM Best report, an insurer’s decision to expand into new states can have impacts on both its operating performance and business profile. Operating performance can be affected by changes in earnings, underwriting performance and volatility, while AM Best also evaluates geographic concentration in its assessment of business profile. The Best special report, titled Geographic Expansion Offers…
An insurance subsidiary of online gaming company Lottoland has paid out to cover a jackpot win of €90m. Gibraltar-based Fortuna PCC, established in September last year, uses insurance-linked securities and collateralised reinsurance to guarantee big claims from Lottoland’s winners. Lottoland said the €90m EuroJackpot prize, won by a player in Germany, is the largest for an online gambling company. It…