Conflicts of interests in commercial insurance creating ‘unhealthy’ market: Mactavish

Conflicts of interests in commercial insurance creating ‘unhealthy’ market: Mactavish

Conflicts of interests in commercial insurance creating ‘unhealthy’ market: Mactavish

Too many conflicts of interest in the commercial insurance market are leading to a lack of scrutiny, hampering progress and creating a fundamentally unhealthy operating environment, according to insurance governance consulting firm Mactavish…

ADB chief calls for more action on disaster risk reduction

ADB chief calls for more action on disaster risk reduction

ADB chief calls for more action on disaster risk reduction

The chief economist at the Asian Development Bank (ADB) has called on governments and the insurance industry to increase their efforts to reduce the risk of natural disasters. His calls were prompted by the finding in the ADB’s Asian Development Outlook 2019 report that four out of five people affected by natural hazards live in Asia. “Asia has led the…

Cost of typhoon Jebi to hit $12bn

Cost of typhoon Jebi to hit $12bn

Cost of typhoon Jebi to hit $12bn

The latest estimates from reinsurers suggest that the cost to the insurance industry of Typhoon Jebi could rise to as much as $12bn. Should the estimate prove to be true, it would make Jebi the costliest typhoon to ever hit Japan. It would also be a considerable increase on previous estimates from both reinsurers and risk modelling firms. The typhoon…

Brazil dam failure pushes up mining rates in 2019

Brazil dam failure pushes up mining rates in 2019

Brazil dam failure pushes up mining rates in 2019

The Córrego do Feijão dam failure in Brazil, which tragically claimed the lives of more than 300 people in January, has had an immediate impact on capacity for mining sector casualty risks, with rates driven upwards by the loss, according to Marsh in its latest mining sector report. Tailings dams are at particular risk of increased premium rates, Marsh said.…

Engineering insurance key for African development

Engineering insurance key for African development

Engineering insurance key for African development

Engineering could be the key to the future for the insurance sector and Africa as a whole, according to Continental Re’s Cassim Hansa, managing director of Continental Re Botswana and Continental Re Property and Engineering Risk Services. Commercial Risk Africa chatted to Mr Hansa at this year’s Continental Re CEO Summit in Mauritius. Continental Re’s recent year-end 2018 results had…

Asian P&C rates to rise by 10% says WTW

Asian P&C rates to rise by 10% says WTW

Asian P&C rates to rise by 10% says WTW

Global broker Willis Towers Watson (WTW) has forecast that catastrophe loss-affected property and casualty (P&C) rates will rise by at least 10% in Asia through 2019. The broker has also called for a new approach to risk and insurance in the region, as a result of a more sophisticated corporate marketplace driven by global economic and political pressures. The forecasted…

Risk and insurance industry pins hopes on Ogden Rate change as review gets underway

Risk and insurance industry pins hopes on Ogden Rate change as review gets underway

Risk and insurance industry pins hopes on Ogden Rate change as review gets underway

A review of the UK’s personal injury discount rate, applied by courts to adjust for investment of large compensation awards, will be completed by 5 August 2019, the Lord Chancellor David Gauke has announced. In line with amendments to the Civil Liability Act passed in December 2018, the Lord Chancellor began the review within 90 days of the legislation. Consulting…

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