Swiss Re suffers $1.1bn nat cat losses in Q3

Swiss Re suffers $1.1bn nat cat losses in Q3

Swiss Re suffers $1.1bn nat cat losses in Q3

Third-quarter natural catastrophe losses will cost Swiss Re $1.1bn, net of retrocession and before tax. Although high for a single quarter, Swiss Re said overall losses are in line with expectations for the year to date. Claims from Typhoon Jebi in Japan account for almost half of Swiss Re’s total bill at $500m, while Hurricane Florence in the US is…

Brexit begins to change dynamics but London company market delivers 16% premium rise

Brexit begins to change dynamics but London company market delivers 16% premium rise

Brexit begins to change dynamics but London company market delivers 16% premium rise

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)…

HK insurance regulator promotes ILS

HK insurance regulator promotes ILS

HK insurance regulator promotes ILS

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…

Nuclear cover debate hots up as India continues power expansion plan

Nuclear cover debate hots up as India continues power expansion plan

Nuclear cover debate hots up as India continues power expansion plan

Pressure is mounting on the Indian Government to expand the insurance cover available for nuclear power risks, as the country continues an aggressive expansion plan for its nuclear industry. The local insurance and reinsurance industry that supports India’s limited nuclear insurance pool is reportedly, however, not keen to open up the market to international insurers and reinsurers and see the…

HK to open Belt and Road insurance exchange

HK to open Belt and Road insurance exchange

HK to open Belt and Road insurance exchange

Hong Kong’s insurance regulator has announced plans to open an insurance exchange dedicated to providing coverage for projects connected to China’s Belt and Road Initiative (BRI). The announcement was made at the annual global Brokerslink conference in Hong Kong by Clement Cheung, chief executive of Hong Kong’s Insurance Authority (IA). The Belt and Road Insurance Exchange Facilitation will launch in…

Asia suffers huge September cat losses but protection gap persists

Asia suffers huge September cat losses but protection gap persists

Asia suffers huge September cat losses but protection gap persists

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 appoints CUO for London wholesale

AXA XL appoints CUO for London wholesale

AXA XL appoints CUO for London wholesale

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…

Facebook reveals hackers accessed 30 million accounts

Facebook reveals hackers accessed 30 million accounts

Facebook reveals hackers accessed 30 million accounts

Facebook has revealed that personal data from about 30 million user accounts was accessed by hackers in last month’s cyberattack, fewer than the 50 million first thought. The company added that the source of the breach is under investigation by the FBI and there is still the possibility of smaller-scale attacks…

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