No dominant post-Brexit hub is emerging for London company firms, as the market delivered a 16% premium jump in 2017 and its statistics begin to reflect changing dynamics bought about by the UK’s EU exit, according to a report by the International Underwriting Association (IUA)…
Hong Kong will step up its efforts to foster the creation of an insurance-linked securities (ILS) market through the introduction of legislation to allow the formation of special purpose vehicles to issue the securities, according to Clement Cheung, chief executive of the Insurance Authority (IA), the territory’s new regulatory body. The IA reports that Mr Cheung also revealed during his…
September saw Asia suffer thousands of fatalities and billions of dollars in insurance losses in the costliest month of natural disasters so far in 2018. Yet despite the high number of claims, insured losses will be relatively lower than in the US despite more severe damage to property, more instances of business interruption and a significantly higher number of deaths.…
AXA XL has appointed Dan Curran as chief underwriting officer for London market wholesale business. The role was previously filled by Paul Greensmith, who was recently appointed regional leader for the UK and UK CEO for Catlin Underwriting Agencies and XL Catlin Insurance, as AXA and XL integrate their businesses. Mr Curran was previously head of casualty wholesale for XL…
Chubb will book a $450m pre-tax loss from natural catastrophes during the third quarter of 2018…
Japan-based property insurer Sompo has agreed a deal with China’s ZhongAn, to jointly develop technology-led models for the Japanese market. The arrangement follows a recent deal struck with another Japanese company, Softbank, which invested $100m in ZhongAn to finance its expansion into Asia. ZhongAn owns China’s first online-only insurer, ZhongAn Online Property and Casualty, and has become one of the…
Insurance will need to be “reimagined” as the changing risk landscape brings traditional insurance concepts into question, according to a report from DAC Beachcroft. Liability, regulation and insurance are likely to undergo a period of accelerated change in the coming years, with advances in technology and globalisation, concludes a report by the law firm. Emerging technologies like artificial intelligence (AI),…
Law firms in England and Wales hoping to limit any increase in professional indemnity (PI) premiums this renewal season will have to demonstrate good risk management practices and good claims records, according to broker Marsh. In a briefing on the current state of the solicitors’ PI market ahead of the main renewal date on 1 October, Marsh said the line…
The clean-up from Typhoon Mangkhut has begun as the devastated areas of the Philippines, China and Hong Kong assess the loss of life and long-lasting damage that resulted from the most severe storm of the year so far. The super typhoon is also likely to raise the issue of the insurance gap in the region, given that insured losses in…
More insurers across the globe are expecting to report silent cyber losses across all lines of business except workers’ compensation in the next 12 months, according to a new survey by Willis Re. This year’s survey revealed that more than 60% of insurers believe they are likely to incur more than one silent cyber-related loss for every 100 non-cyber-covered losses…