AMRAE president calls for international focus on cyber risk management before transfer options

AMRAE president calls for international focus on cyber risk management before transfer options

AMRAE president calls for international focus on cyber risk management before transfer options

The creation of state-backed cyber insurance pools is a good idea in principle, particularly for terror-related threats, but companies must first focus on loss prevention and risk management before exploring such options, according to Brigitte Bouquot, president of French risk management association AMRAE. Ms Bouquot also believes it would make sense for the European risk management community to work with…

Greenberg says simple maths means market hardening will continue as Chubb delivers strong results

Greenberg says simple maths means market hardening will continue as Chubb delivers strong results

Greenberg says simple maths means market hardening will continue as Chubb delivers strong results

Chubb’s Evan Greenberg believes that simple maths means the insurance market will continue to harden for some time, as the insurer saw average rates increases of 10% for international retail business and 8.5% in North America during Q4, which helped the company deliver an impressive set of results. Mr Greenberg said rates increased at an “accelerated pace” in each quarter…

All eyes on 1 April renewals following year-end hardening

All eyes on 1 April renewals following year-end hardening

All eyes on 1 April renewals following year-end hardening

Year-end insurance renewals were challenging for many European buyers as the market hardening accelerated in the last few weeks of 2019, according to brokers and leading risk managers. Tough conditions are expected to continue through 2020, but there is hope that things will begin to settle down and the rate of change will slow. Latest figures from Marsh show that…

Global insurance market hardening accelerated in Q4 with average rate increases of 11%: Marsh

Global insurance market hardening accelerated in Q4 with average rate increases of 11%: Marsh

Global insurance market hardening accelerated in Q4 with average rate increases of 11%: Marsh

Global P&C insurance market hardening accelerated in the last quarter of 2019 with average price increases of nearly 11%, compared to 8% in Q3, 6% in Q2 and 3% in Q1, according to Marsh that saw revenues increase 4% in 2019. Giving the latest top-level figures from Marsh’s quarterly Global Insurance Market Index during a results presentation, Marsh & McLennan’s…

Swiss Re Corporate Solutions appoints head of casualty and finpro for North America

Swiss Re Corporate Solutions appoints head of casualty and finpro for North America

Swiss Re Corporate Solutions appoints head of casualty and finpro for North America

Laura Coppola has been appointed as head casualty and finpro North America by Swiss Re Corporate Solutions (SRCS). She will be responsible for SRCS’s financial and professional liability business in the US and Canada. The appointment takes place with immediate effect and she will be based in New York City. Ivan Gonzalez, CEO North America, SRCS, said: “We are very…

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Risk managers in the Asia-Pacific region and worldwide need to brace themselves for a difficult start to 2020 as the rapidly escalating coronavirus outbreak in China and now worldwide hits the Chinese economy, global trade and supply chains, and equity prices. This year was predicted by many risk and insurance managers to be a difficult one as political risk rapidly…

Zurich appoints new head of US casualty international programmes underwriting

Zurich appoints new head of US casualty international programmes underwriting

Zurich appoints new head of US casualty international programmes underwriting

Scott Toland has joined Zurich Insurance Group as head of US casualty international programmes underwriting within its commercial insurance business. Zurich said he will be responsible for “driving underwriting leadership and leading operational transformation in the US casualty international programme”. Mr Toland joins Zurich from AIG, where he held various leadership positions. Most recently, he served as senior vice-president, leading…

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance ceases writing commercial liability and property business in Ireland

Liberty Insurance, the Irish subsidiary of Liberty Mutual, has pulled out of commercial liability, commercial property and development bonds lines of business. The company said it will cease quoting for new business in these lines with immediate effect. The Dublin-based insurer said it will “continue to provide services and honour its commitments to existing liability, property and bonds customers for…

Hiscox links with CyberCube in cyber risk analytics deal

Hiscox links with CyberCube in cyber risk analytics deal

Hiscox links with CyberCube in cyber risk analytics deal

Hiscox has struck a deal to use cyber risk analytics software from CyberCube to provide greater clarity on its cyber accumulation risk and provide more data to assess clients’ exposure. The deal gives Hiscox access to CyberCube’s Portfolio Manager product, including modelling tools and data. CyberCube’s technology will stress test Hiscox’s book of commercial insurance business against cyber-related catastrophe scenarios,…

Lloyd’s risk syndication pilot launches with marine and casualty as test classes

Lloyd’s risk syndication pilot launches with marine and casualty as test classes

Lloyd’s risk syndication pilot launches with marine and casualty as test classes

Marine hull and international casualty binders will be the first classes to pilot the modernised syndication programme at Lloyd’s, one of the cornerstones of the Future at Lloyd’s blueprint to reform and modernise. The classes, selected by Lloyd’s and the Lloyd’s Market Association (LMA), will test new standards and an accreditation process for leaders and followers to ultimately simplify the…