Insured natural catastrophe losses of $53bn last year trailed the $65bn average of the past nine years and were 34% lower than 2018, according to analysis by Willis Re. The insured loss is the lowest since 2016, with heavy consecutive years of 2017 and 2018 sandwiched in between. Willis Re’s figures confirm those from other sources. Swiss Re has placed…
Microsoft has confirmed that a data breach of its customer service records exposed the details of 250 million logs between Microsoft support staff and customers across the globe. Comparitech said its security team, led by Bob Diachenko, uncovered the breach on 29 December 2019 and notified Microsoft, which closed down the vulnerability over several days on 30 and 31 December.…
The Monetary Authority of Singapore (MAS) has issued a warning to financial institutions of “critical vulnerabilities” in the Microsoft Windows operating system. The authority said vulnerabilities could allow malicious files or applications to bypass detection from security applications and gain control of computer systems. The MAS has told financial institutions that use the affected operating systems to take “immediate action”…
A flexible suite of directors and officers (D&O) liability insurance that includes a new Side A difference in conditions (DIC) policy has been launched by Beazley. The suite provides multiple options from a single policy to cover the organisation and its directors, through to policies addressing the specific needs of individuals. The policies are available to non-US-domiciled organisations and offer…
UK non-life insurers have faced difficult market conditions in 2019, including strong competition and claims inflation, as well as political and economic uncertainty, according to AM Best, but most are well prepared for Brexit. The ratings agency pointed to changes in the discount rate used to calculate lump-sum personal injury compensation, claims inflation due to higher repair costs and challenging…
The European Insurance and Occupational Pensions Authority (EIOPA) must use this year’s Solvency II review to recognise that national supervisors have so far failed to apply the principle of proportionality (PoP) to captives and force the issue by issuing clear guidelines, according to risk management federation Ferma and ECIROA, the captive owners body. Ferma’s approach provides a framework for national…
Allianz Global Corporate & Specialty (AGCS) has appointed Henning Haagen as chief underwriting officer of specialty. Mr Haagen, who is currently regional head of specialty and northeast zone executive for AGCS North America, will take on the role from March 2020. AGCS said it will announce his replacement at a later date. Mr Haagen will relocate from New York to…
A new specialty property and casualty broker has been launched in the US. The new firm, Protecdiv, will target Fortune 2000 clients, with an initial focus on auto manufacturers and suppliers, and financial institutions. The broker will be based in Philadelphia. Protecdiv said it is the first tier-one minority-led insurance and reinsurance broker in the US. The broker described itself…
Moody’s Investor Service has concluded that the January reinsurance renewals have confirmed its expectation that prices will firm in 2020. However, it is not all bad news. Moody’s made it clear that the rises are particularly focused on loss-affected lines, suggesting the firming may not be as across the board as it at first appears. And it is also focused…
Scott Toland has joined Zurich Insurance Group as head of US casualty international programmes underwriting within its commercial insurance business. Zurich said he will be responsible for “driving underwriting leadership and leading operational transformation in the US casualty international programme”. Mr Toland joins Zurich from AIG, where he held various leadership positions. Most recently, he served as senior vice-president, leading…