Manuela Zweimueller, head of supervisory practices at the International Association of Insurance Supervisors (IAIS), has told multinational insurance buyers not to expect the supervisory body to magically fix problems with global programme regulations anytime soon, but said it is starting to raise awareness of various issues with regulators. This prompted other experts at our latest conference to urge insurance buying…
Commercial insurance prices in North America are expected to increase in every line except one, according to Willis Towers Watson’s (WTW) 2021 Insurance Marketplace Realities report, and 2021 will be challenging. However, it points out that in this market, there is the opportunity for buyers to use granular analytics to differentiate their risk. The one exception is kidnap and ransom…
Matthew Charleson is to join Strategic Risk Solutions (SRS) as chief operating officer of fund services and ILS, effective as of 7 December 2020. According to SRS, he will be responsible for further developing and implementing SRS’s services within the insurance-linked securities (ILS) sector of the insurance and reinsurance industry in key jurisdictions where SRS operates, including Bermuda, Cayman, Europe…
Fitch has assigned a stable outlook for the French non-life insurance sector in 2021, as it predicts business interruption (BI) losses will fall while other affected lines, such as trade credit and event cancellation, may rise. The ratings agency said new affirmative language inserted into BI policies at renewal from the first quarter of 2020 will reduce the impact of…
North P&I Club will seek a 10% general increase in P&I rates for the 2021/2022 policy year, to deliver what it described as a necessary “rating correction”. It said “rapid escalation” in pool claims managed by the International Group of P&I Clubs and “unsustainable premium rates” have driven its general increase. In a pre-renewal report, North P&I Club said claims…
Howden has acquired specialist cyber broker and Lloyd’s coverholder Safeonline. Howden said Safeonline boosts its presence in US wholesale and gives it a greater share of the fast-growing cyber market. The company added that deal is in line with its ambition to grow through targeted acquisitions and strengthen its position as an independent broker. Howden acquired UK specialist broker A-Plan…
The Supreme Court’s appeal ruling in the UK’s business interruption (BI) test case is likely to be decisive but could go either way, according to a legal expert, who added that it will impact similar cases overseas, as well as insurance and reinsurance contracts subject to English law. Last week saw the conclusion of the test case brought by the…
Santam is to appeal against a court ruling that found South Africa’s largest non-life insurer liable to pay a client’s claim relating to a coronavirus lockdown. Insured hotel group Ma-Afrika successfully argued it was wrong to reject claims made under contingent business interruption policies after they were forced to close, following government lockdowns in the eye of the Covid-19 pandemic.…
Zurich Insurance has confirmed it is in discussions to acquire MetLife’s US P&C business, which predominantly covers car and home insurance, following media reports of a potential deal. Zurich said its subsidiary Farmers Group has proposed to buy the business in conjunction with the Farmers Exchanges. Zurich said terms of the deal are being negotiated and the acquisition has yet…
Swiss Re Corporate Solutions said it is “well on track” for a turnaround in fortunes and is confident of recording a combined ratio of 98% or lower in 2021. Swiss Re added that a “pronounced” hard market presents Swiss Re Corporate Solutions with opportunities for profitable growth, particularly in areas where the business already has a competitive advantage. Swiss Re…
