Covid-19 set to cause ‘substantial’ shift in insurance capacity and premiums: Marsh

Covid-19 set to cause ‘substantial’ shift in insurance capacity and premiums: Marsh

Covid-19 set to cause ‘substantial’ shift in insurance capacity and premiums: Marsh

Although it is too early to measure Covid-19’s full or long-term impact on the insurance industry, it will likely cause the market to shift substantially, according to Marsh JLT. “It [Covid-19] is already having global repercussions that we have not seen since 2008/2009 and 2001, and there is a likelihood that we will see a substantial shift in insurance capacity…

New global leader for Marsh’s multinational client service team

New global leader for Marsh’s multinational client service team

New global leader for Marsh’s multinational client service team

David Rahr has been appointed global leader, multinational client service for Marsh, with effect from 15 April. He will oversee Marsh’s Multinational Client Service (MCS) team of 1,200 specialists who provide global insights and strategic risk advice to multinational companies of all sizes across 130 countries. He succeeds Justin Walsleben, who has retired from Marsh. Mr Rahr said: “Whether operating…

‘Savage’ upstream energy conditions threaten capacity exists, warns Marsh JLT Specialty

‘Savage’ upstream energy conditions threaten capacity exists, warns Marsh JLT Specialty

‘Savage’ upstream energy conditions threaten capacity exists, warns Marsh JLT Specialty

Marsh JLT Specialty has warned that “savage” conditions facing upstream energy firms are likely to be made worse by insurance capacity withdrawals. In its latest energy report, the broker says the crisis facing upstream energy companies – fuelled by Covid-19 and a collapse the in oil price – is worse than any in living memory. While reduced output could be…

AXA XL’s Harris to replace Pryce as CEO of QBE international

AXA XL’s Harris to replace Pryce as CEO of QBE international

AXA XL’s Harris to replace Pryce as CEO of QBE international

AXA XL’s Jason Harris will replace QBE’s CEO of international business Richard Pryce, who is retiring at the end of this year. Mr Harris was CEO of global property and casualty at AXA XL with responsibility for financial lines, construction, engineering, ART and risk engineering. He will take on his new role in the fourth quarter and report to QBE’s…

Reinsurance sector well positioned to withstand current disruption: Best

Reinsurance sector well positioned to withstand current disruption: Best

Reinsurance sector well positioned to withstand current disruption: Best

The underwriting risk from Covid-19 for the non-life reinsurance industry is manageable at the moment and relevant policy exclusions will hold up, according to AM Best. It said global reinsurers are well capitalised and the industry is resilient, with a long history of innovative and prudent risk management. The carriers with the greatest potential for insured losses are in the…

WTW puts Miller sale on hold

WTW puts Miller sale on hold

WTW puts Miller sale on hold

Willis Towers Watson (WTW) has pressed pause on the potential sale of its wholesale Lloyd’s broker Miller, amid uncertainty caused by the Covid-19 pandemic. WTW said in February it was undertaking a strategic review to consider Miller’s future, prompting speculation that the broker was clearing the decks ahead of a large merger. The following month, Aon confirmed an offer of…

New chairman of Thomas Miller Isle of Man

New chairman of Thomas Miller Isle of Man

New chairman of Thomas Miller Isle of Man

Thomas Miller has appointed Ross Dennett as chairman of Thomas Miller (Isle of Man) Limited. He took over the role on 1 April 2020 from Rod Lingard, who is retiring after more than 30 years with the group. Mr Dennett is a member of the Thomas Miller (Isle of Man) management team and was managing director of Thomas Miller Captive…

Pool Re is proven model but not only option for pandemic insurance solution: Enoizi

Pool Re is proven model but not only option for pandemic insurance solution: Enoizi

Pool Re is proven model but not only option for pandemic insurance solution: Enoizi

Pool Re chief executive Julian Enoizi welcomed the recent debate on future pandemic risk financing in partnership between government, the insurance sector and business, telling Commercial Risk Europe in an exclusive interview this week that risk managers definitely need to be involved in the discussion from the outset. He pointed out that Pool Re was created in only three months during…

Covid-19 unlikely to change course of aviation rates, says Gallagher

Covid-19 unlikely to change course of aviation rates, says Gallagher

Covid-19 unlikely to change course of aviation rates, says Gallagher

Broker Gallagher has said Covid-19 is unlikely to change the course of the aviation insurance market, with hardening conditions set to continue throughout 2020 driven by the frequency and severity of recent claims. The next round of renewals are expected to continue on higher rates. But Gallagher said the recent ratings trend will be “somewhat clouded by the huge reduction…

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