Reinsurance rates movement ‘muted’ at renewal: Guy Carp

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

Reinsurance rates movement ‘muted’ at renewal: Guy Carp

The impact of last year’s cat losses on property rates was “muted” at 1 January reinsurance renewals, with European business even recording a 2.5% fall in rates, according to Guy Carpenter’s Global Rate on Line Index that measures the change in catastrophe premium paid year on year. The US, most affected by hurricane and wildfire losses during 2018, pushed through…

MAPFRE creates new global broker role

MAPFRE creates new global broker role

MAPFRE creates new global broker role

MAPFRE has appointed Chris Smith to the newly created role of chief global brokers officer, where he will be responsible for engaging global brokers and developing client relationships. Mr Smith will report to José Manuel Corral, general manager of the corporate business and client area. Mr Smith joined MAPFRE Global Risks in 2013 as head of European business, and later…

New year insurance premium tax changes in EU countries

New year insurance premium tax changes in EU countries

New year insurance premium tax changes in EU countries

The new year has seen a number of tax changes affecting the insurance sector in EU countries, according to insurance premium tax specialists Impendulo. From 1 January 2019, there are a couple of changes to insurance taxes in France. Firstly, insurance guaranteeing the payment of life insurance premiums in case of death (payment protection insurance) is now no longer exempt…

Beazley adds to financial lines team in Barcelona

Beazley adds to financial lines team in Barcelona

Beazley adds to financial lines team in Barcelona

Beazley has appointed two financial lines underwriters for continental Europe. Based in Barcelona, Francisco Alcaide joins Beazley from Hiscox where he worked in Spain as senior underwriter in the professional risks team. Mr Alcaide will launch Beazley’s e-trading platform, MyBeazley, for specialty products in Spain. Alexander van Nierop will also be based in Barcelona and joins Beazley from Aon in…

AXA moving international risk and reinsurance ops to Ireland

AXA moving international risk and reinsurance ops to Ireland

AXA moving international risk and reinsurance ops to Ireland

AXA’s international risk and reinsurance operations will move from the UK to Ireland ahead of Brexit, according to Reuters. AXA chief executive Thomas Buberl reportedly told press that its Irish subsidiary will underwrite European large risks and reinsurance. Staff from London, where the business is currently written, and France will be moved to the Irish subsidiary to comply with regulatory…

Gatwick meltdown: drones in a no-go zone

Gatwick meltdown: drones in a no-go zone

Gatwick meltdown: drones in a no-go zone

The serious and extended closure of Gatwick Airport in the run-up to Christmas, because of the suspected deliberate use of a drone infringing the airport airspace, has brought to a head the warnings of many in the industry. This issue was further highlighted just this week as a reported drone at Heathrow caused the UK’s busiest airport to suspend departures…

AXA XL adopts AI to speed up property risk analysis

AXA XL adopts AI to speed up property risk analysis

AXA XL adopts AI to speed up property risk analysis

AXA XL Risk Consulting has automated elements of its property risk engineering, using artificial intelligence (AI) technology. The company said adopting a new AI platform has reduced the amount of time it takes risk consultants to read engineering surveys of property sites, which can exceed 100 pages, to just seconds. The platform, called Cogito, has been developed by Italian software…

Chubb warns of new cybersecurity threats in year ahead

Chubb warns of new cybersecurity threats in year ahead

Chubb warns of new cybersecurity threats in year ahead

Cybersecurity will be challenged further in 2019 as regulators step up pressure on companies to prevent attacks and criminals change their behaviour, according to a set of cybersecurity predictions from Chubb. The insurer says regulatory attention will shift from how companies handle post-cyberattack incidents to pre-incident. This will place a focus on how they collect and store data, as well…