Cyber insurers in the US are currently profitable, but are wary of tomorrow’s risks, according to AM Best. Overall, underwriting performance on this line of business remains strong, as insurers have significantly increased their writings, said Best. The ratings agency called the US cyber insurance market “rapidly evolving”, with total claims growing 39% in 2018. First-party claims remain the primary…
“The Age of Risk has only just begun,” according to Dan Glaser, president and chief executive officer of Marsh & McLennan. He told delegates at the MMC Rising Professionals’ Forum 2019 in London: “There is no better time to be in the risk business than right now.” He went on: “The world around us is moving at such a rate…
EIOPA’s upcoming Solvency II review could, for the first time, see some companies excluded entirely from certain aspects of the regime under its proportionality principle, Ana Teresa Moutinho, the regulator’s head of supervisory processes department, told a Ferma webinar. A consultation on the review that will check whether captives are being treated proportionally under Solvency II and make improvements if…
The International Association of Insurance Supervisors (IAIS) has revealed that it is shortly to “embark on a new strategic direction”. It said that its 2020-2024 Strategic Plan and Financial Outlook has been approved, which sets out the high-level goals and strategies that will guide the association in its work for the next five-year period beginning 1 January 2020. Secretary general…
Regulation of the insurance sector should be strengthened, according to the European Insurance and Occupational Pensions Authority (EIOPA) in its recently released 2018 Annual Report. The report sets out its activities and achievements of the past year, as well as looking ahead. “EIOPA believes its regulation should be strengthened, in particular by an improved follow-up of the evaluations of supervisory…
The Geneva Association has elected four new board members, from Ping An Insurance Company of China, Prudential Financial, The People’s Insurance Company of China, and Aviva. The Geneva Association is the global organisation of insurance and reinsurance chief executive officers. The four new members of the board are: Yuansiong Lee, co-CEO, Ping An Insurance Company of China; Charles F Lowrey,…
BGC Insurance Group, part of global brokerage BGC Partners, has launched a specialist global aviation and aerospace insurance and reinsurance brokerage to take on the big three market players. Marcel Chad has joined from JLT Aerospace, where he was a partner, to head up the new business. BGC Insurance said its client-focused approach and use of advanced technology to keep…
Risk managers are looking to insurers for innovative products at an enterprise level, but still face an industry often stuck in line-of-business silos, according to Julia Graham, technical director and deputy CEO of Airmic, speaking at Commercial Risk’s ‘Global Programmes Consistency and Certainty 2019’ conference in London. She was asked how risk managers choose their insurer when setting up a…
Cyber premiums for US insurers have more than doubled in the last four years, from $993m in 2015 to more than $2bn in 2018, according to Aon’s latest US Cyber Market Update. The report states that cyber insurance has been profitable for the large majority of insurers, in spite of the industry seeing cyber catastrophe losses from NotPetya in 2017,…
Allianz Global Corporate & Specialty SE (AGCS) has appointed Tom Fadden as AGCS global head of aviation, with immediate effect. On 1 July 2019, Ulrich Kadow will be appointed as AGCS global head of marine. Both will report directly to chief underwriting officer specialty Paul O’Neill, who will directly oversee the energy line of business on an interim basis. Mr…