IAIS calls for patience on global regs as risk associations urged to step in

IAIS calls for patience on global regs as risk associations urged to step in

IAIS calls for patience on global regs as risk associations urged to step in

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…

North American commercial insurance market to remain challenging in 2021

North American commercial insurance market to remain challenging in 2021

North American commercial insurance market to remain challenging in 2021

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…

ILS leader joins Strategic Risk Solutions in Bermuda

ILS leader joins Strategic Risk Solutions in Bermuda

ILS leader joins Strategic Risk Solutions in Bermuda

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…

Howden acquires cyber specialist Safeonline

Howden acquires cyber specialist Safeonline

Howden acquires cyber specialist Safeonline

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…

FCA BI test case appeal likely to see clear winner but result in balance, says leading lawyer

FCA BI test case appeal likely to see clear winner but result in balance, says leading lawyer

FCA BI test case appeal likely to see clear winner but result in balance, says leading lawyer

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…

Swiss Re Corporate Solutions ‘on track’ to achieve 98% CR next year

Swiss Re Corporate Solutions ‘on track’ to achieve 98% CR next year

Swiss Re Corporate Solutions ‘on track’ to achieve 98% CR next year

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…

Praedicat develops clash risk models for Covid-19 liability exposures

Praedicat develops clash risk models for Covid-19 liability exposures

Praedicat develops clash risk models for Covid-19 liability exposures

Emerging risk modeller Praedicat has developed scenarios that allow casualty insurers to track Covid-19 liability exposures, manage aggregations and set aside reserves for potential legal cases, in a bid to help the market support customers. The clash scenarios developed by Praedicat within the Lloyd’s Lab insurtech facility are based on past mass-litigation cases. They map loss estimates against companies that…

Collaboration: The key to navigating a hard market

Collaboration: The key to navigating a hard market

Collaboration: The key to navigating a hard market

A hard insurance market has traditionally been a bellwether for captive growth. Previous hard markets have seen existing captive owners make more use of their risk retention vehicles while also driving the formation of new captive solutions. This hard market is likely to be no different. The challenge for insurance buyers and captive owners is how to best manage increased…

Resilient ILS market still attractive to investors, says Willis Towers Watson report

Resilient ILS market still attractive to investors, says Willis Towers Watson report

Resilient ILS market still attractive to investors, says Willis Towers Watson report

The insurance-linked securities (ILS) market remains resilient and most end investors are satisfied with their ILS performance after big tests during the past three years, according to Willis Towers Watson. In its Global Insurance-Linked Securities Market Survey Report, the broker says that a large majority of institutions have been investing in ILS for at least five years, and based on…

Stable outlook for global insurance brokers from Moody’s

Stable outlook for global insurance brokers from Moody’s

Stable outlook for global insurance brokers from Moody’s

The nascent economic recovery and sound broker business model underpins Moody’s stable 2021 outlook for global insurance brokers. The ratings agency said: “The recovering economy and rising P&C rates support a stable outlook. We expect G20 economies to contract by 3.8% collectively in 2020, followed by growth of 4.9% in 2021 and 3.8% in 2022. The recovery hinges on the…

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