Marsh reports that warranty and indemnity (W&I) claim notifications are up 293% across Europe, the Middle East and Africa (EMEA) between 2016 and 2018, with the cover gaining in popularity and notifications as a proportion of policies placed rises. In its Transactional Risk Insurance Claims Study, Marsh also finds a reduction in the time taken to settle W&I claims. In…
More than 50 risk managers from across Asia attended the latest Lloyd’s-Parima Professional Development Programme at the end of last month in Manila, reports the Asia-Pacific risk management association. Parima executive director Stacey Huang kicked off the session with an interactive risk management game designed to help the participants see how organisations, teams and individuals handle risk. Participants then pinned…
Insurers across the 14 countries of the CIMA (Francophone Africa) region are promising to use credit insurance products to help SMEs cope with insolvency risks. The International Insurance Institute has urged African companies to use credit insurance-surety products to help their customers deal with insolvent customers. CIMA has been searching for an insurance-led solution to the problem that small businesses…
Swiss Re has placed insured catastrophe losses at $19bn in the first half of this year, confirming numbers well below the long-term average and down on the first six months of 2018. The reinsurer said secondary perils such as thunderstorms, torrential rains and snowmelt were the primary loss drivers, causing damage through wind and water accounting for $13bn of the…
QBE reported cash profit after tax up 35% to $520m in the first half of this year, helped by lower claims, improved investment and average group-wide premium increases of 4.7%. Gross written premium (GWP) rose 1% to $7.6bn, with the firm’s net profit after tax up 29% to $463m compared with the same period in 2018. The group reported an…
Torsten Leue, chairman of the board of management at Talanx, parent company of HDI Global and Hannover Re, said the ongoing restructure of the former’s fire book is ahead of schedule and “having the desired effect”, as he reported group second-quarter results. HDI Global delivered a small €14m underwriting profit in the second quarter of this year, compared with a…
Mactavish said companies, including directors and officers, face a growing threat of being sued for failing to prepare for no-deal Brexit and warned many related insurance claims could be rejected. The insurance governance firm said companies face “major” liability risks over failing to adequately prepare for Brexit. Many investors, suppliers and other stakeholders will sue a company if it is…
The Monetary Authority of Singapore (MAS) has issued a set of legally binding mandatory requirements to raise cybersecurity standards and strengthen the cyber resilience of the financial sector. Financial firms based in Singapore will need to put the new risk-based measures in place within 12 months or face sanctions. A number of respondents to the consultation, including insurers and reinsurers,…
The reinsurance market faces a massive opportunity to grow the cyber market by teaming up with governments and the insurance-linked securities (ILS) market, in a similar manner to the property catastrophe reinsurance market in recent times. But to realise this potential, reinsurers must improve quantitative modelling and data quality to dodge the “iceberg threat” of silent cyber, according to a…
Sompo International Holdings, the Bermuda-based specialty insurance and reinsurance arm of Japanese giant Sompo, has announced that its Sompo Global Risk Solutions (GRS) has formed a new team to offer insurance solutions to smaller businesses in the US and Mexico. It will also serve Sompo’s clients with operations in the two countries. Sompo International was created after the Japanese insurer…