The Philippines government has signed a memorandum of understanding with the Government Service Insurance System (GSIS), which provides insurance cover for government assets in 25 provinces in the catastrophe-exposed eastern seaboard of the country. A statement issued by the GSIS confirms that the facility will provide cover for up to PHP1trn ($19.7bn). The Bureau of the Treasury reportedly said it…
New approaches led by insurers to tackle the threat of silent cyber risks will boost the cyber insurance market, according to Fitch Ratings. Recent actions by three major carriers on the growing and unquantified threat of silent cyber risk “will likely shape market direction”, the ratings agency said. “A more active approach by insurers to write affirmative coverage or more…
A new syndicate is to launch at Lloyd’s for 2020 after several unprofitable syndicates have withdrawn for the new year of account. Victor Syndicate 2288 will begin underwriting with capacity of £57m, backed by Marsh-owned US managing general agency Victor Insurance Holdings, which has appointed third-party managing agency Asta to oversee the syndicate. Victor Insurance said the new syndicate will…
Insurance buyers will encounter growing cyber exclusions in liability policies at renewal, with attempts to address silent cyber liability proving a complex task that is creating coverage uncertainty for policyholders. Insurers are now beginning to develop and apply cyber exclusions to non-physical cyber liability, according to Jean Bayon de la Tour, head of cyber at Marsh in continental Europe. Broadly,…
The global property and casualty (P&C) industry has retained its stable outlook for 2020, despite increasing claims costs and low investment returns pressuring profits, according to ratings agency Moody’s. Economic growth, though slowing down, coupled with solid levels of capitalisation and “constructive” pricing trends have driven the stable outlook, Moody’s said. The top five markets by premium – the US,…
Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…
The European Council has taken a big step forward in the protection of consumer interests in Europe, by adopting a general approach on the European Commission’s (EC) proposal for a directive on representative actions for the protection of consumers’ collective interest. The EC explained that the new rules will enable consumers to claim their rights not only individually but also…
US and Asian insurers including AIG and MS&AD are coming under increased pressure to play their role in the fight against climate change by directing their investments away from climate-damaging sectors and backing away from underwriting industries such as coal. As the United Nations met in Madrid for its COP 25 Climate Change Conference and leading Spanish insurer Mapfre promised…
The World Bank’s International Bank for Reconstruction and Development (IBRD) has issued two tranches of catastrophe-linked bonds (cat bonds) to provide the Republic of the Philippines with financial protection of up to $75m for losses from earthquakes and $150m against losses from tropical cyclones for three years. The bonds, which are the first to be sponsored by an Asian government,…
AXA XL Risk Consulting has named Sheri Wilbanks as leader of global casualty and environmental lines. Ms Wilbanks – a chemical engineer by training – joins from AIG where she worked as global innovation lead of its client risk solutions division. Based in New York, Ms Wilbanks will build the practice to provide risk management services for clients and AXA…