Scenario planning for climate risks

Scenario planning for climate risks

Scenario planning for climate risks

People are becoming more aware of the increasing frequency and intensity of climate events, and corporations are slowly responding to this increased awareness among customers. However, it may not have reached the point where such risks start to significantly influence how organisations do business. Hence, the question is: when will action on climate change reach a tipping point, ie when…

BMS appoints director in global risks division

BMS appoints director in global risks division

BMS appoints director in global risks division

Independent specialist (re)insurance broker BMS Group has appointed Neil Prior as director in BMS’s global risks division, with effect from16 September 2019. BMS said Mr Prior will support the global risks division by developing market relationships and exploring new distribution channels. He will report to Ian Gormley, managing director at BMS. Mr Prior joins BMS with more than 33 years’…

Growing demand for multinational insurance despite headwinds

Growing demand for multinational insurance despite headwinds

Growing demand for multinational insurance despite headwinds

Demand for multinational insurance programmes continues to rise despite mounting anti-globalisation sentiment and protectionism, with captives, mid-sized companies and firms from emerging markets driving growth. Some companies in mature markets have scaled back programmes as they reduce their global footprint, but are generally looking at covering a wider range of risks in international programmes. According to brokers and insurers, demand…

Clashes over silent cyber likely at 1 January renewals

Clashes over silent cyber likely at 1 January renewals

Clashes over silent cyber likely at 1 January renewals

Risk managers and brokers will have to work doubly hard during the coming months, as a concerted effort by the insurance market to tackle silent cyber will lead to heated discussions at the year-end renewals, potentially leaving some customers with serious coverage gaps. Despite buyer representatives welcoming the clarity that work to tackle silent cover will bring, a leading broker…

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening in the mining insurance market is accelerating, as large losses and capacity withdrawals make for challenging renewals, according to Willis Towers Watson (WTW). While not yet a true hard market, the tide has turned for property and casualty mining risks, making it harder for some mining companies to purchase the cover they desire, according to the broker’s Mining Risk…

Anne Marie Towle to head up Hylant’s captive business

Anne Marie Towle to head up Hylant’s captive business

Anne Marie Towle to head up Hylant’s captive business

Anne Marie Towle has joined US broker Hylant to head up its global captive solutions business. She was previously executive vice-president at JLT insurance management, where she led the captive practice. She joins Hylant as senior vice-president. Hylant said that in her new role, Ms Towle will continue the growth of Hylant’s global captive solutions business, adding that “her leadership…

New president for Liberty Specialty Markets in US, Bermuda and LatAm

New president for Liberty Specialty Markets in US, Bermuda and LatAm

New president for Liberty Specialty Markets in US, Bermuda and LatAm

Liberty Specialty Markets has appointed a new president and a head of strategy for the US, Bermuda and Latin America region. Alexander Montoya has been appointed as president of Liberty Specialty Markets – US, Bermuda and LatAm, with immediate effect. For the past four years, Mr Montoya has been president of Liberty International Underwriters Latin America, where he was responsible…

Willis sees acceleration of US commercial insurance pricing increases

Willis sees acceleration of US commercial insurance pricing increases

Willis sees acceleration of US commercial insurance pricing increases

The US commercial insurance market is continuing to harden, with the second quarter seeing an acceleration in price increases, according to Willis Towers Watson. The broker’s Commercial Lines Insurance Pricing Survey found that US commercial insurance prices increased by nearly 4% in the second quarter of 2019, compared to prices charged during the second quarter of 2018. Willis Towers Watson…

Hurricane Dorian losses could reach $6.5bn

Hurricane Dorian losses could reach $6.5bn

Hurricane Dorian losses could reach $6.5bn

Total insured losses from Hurricane Dorian in the Caribbean will cost insurers between $3.5bn and $6.5bn says RMS, while Karen Clark & Company (KCC) expects losses of $5.2bn for the whole storm. AIR Worldwide has issued an insured loss estimate of between $1.5bn and $3bn for damage in the Caribbean. KCC expects insured losses of $3.6bn in the Bahamas, $1.5bn…

Reinsurance market to stay hard during 2020, says Moody’s

Reinsurance market to stay hard during 2020, says Moody’s

Reinsurance market to stay hard during 2020, says Moody’s

P&C reinsurance buyers expect prices to remain flat or rise moderately during 2020, according to Moody’s’ annual survey of cedants. This is a result of reinsurers and insurers reassessing their risk-adjusted returns following substantial catastrophe claims in the past two years, and in response to rising casualty claims. “While reinsurance demand has grown over the past two years, most cedants…

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