Clashes over silent cyber likely at 1 January renewals

Clashes over silent cyber likely at 1 January renewals

Clashes over silent cyber likely at 1 January renewals

Risk managers and brokers will have to work doubly hard during the coming months, as a concerted effort by the insurance market to tackle silent cyber will lead to heated discussions at the year-end renewals, potentially leaving some customers with serious coverage gaps. Despite buyer representatives welcoming the clarity that work to tackle silent cover will bring, a leading broker…

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening market accelerates for mining risks as renewals approach, says Willis report

Hardening in the mining insurance market is accelerating, as large losses and capacity withdrawals make for challenging renewals, according to Willis Towers Watson (WTW). While not yet a true hard market, the tide has turned for property and casualty mining risks, making it harder for some mining companies to purchase the cover they desire, according to the broker’s Mining Risk…

Hurricane Dorian losses could reach $6.5bn

Hurricane Dorian losses could reach $6.5bn

Hurricane Dorian losses could reach $6.5bn

Total insured losses from Hurricane Dorian in the Caribbean will cost insurers between $3.5bn and $6.5bn says RMS, while Karen Clark & Company (KCC) expects losses of $5.2bn for the whole storm. AIR Worldwide has issued an insured loss estimate of between $1.5bn and $3bn for damage in the Caribbean. KCC expects insured losses of $3.6bn in the Bahamas, $1.5bn…

Insurers face claims of up to $3bn from Hurricane Dorian: AIR Worldwide

Insurers face claims of up to $3bn from Hurricane Dorian: AIR Worldwide

Insurers face claims of up to $3bn from Hurricane Dorian: AIR Worldwide

Insured losses from Hurricane Dorian in the Caribbean will cost between $1.5bn and $3bn, according to AIR Worldwide, with the Bahamas accounting for most of the claims. The estimate is in line with comments made by Munich Re’s Torsten Jeworrek during the weekend’s Reinsurance Rendezvous in Monte Carlo. He said that, at a “rough guess”, insurers will face a bill…

GVNW willing to discuss premium adjustments but urges ‘proportion’

GVNW willing to discuss premium adjustments but urges ‘proportion’

GVNW willing to discuss premium adjustments but urges ‘proportion’

GVNW is willing to discuss premium adjustments with insurers as the market hardens but if changes are not made with a “sense of proportion”, clients could lose trust in the insurance industry, said the association’s president Alexander Mahnke yesterday. Mr Mahnke said insurers must be careful how they push through tougher rates, terms and conditions, and should not penalise whole…

Duncan Ellis joins AIG as head of retail property, North America general insurance

Duncan Ellis joins AIG as head of retail property, North America general insurance

Duncan Ellis joins AIG as head of retail property, North America general insurance

American International Group has appointed Duncan Ellis as head of retail property, North America general insurance. He will lead general insurance’s North American retail property business and will be based in New York and report to Ken Riegler, president of North America general insurance, product and field management. Mr Ellis will join AIG in late September from Marsh, where he…

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Underwriting ‘complacency’ suggests need for reinsurance price rises, say ratings agents

Reinsurers have not adequately priced for rising catastrophe exposures and climate change, which could lead to future rate increases, according to ratings agents. Reinsurance pricing has increased at recent renewals. This is in large part a response to record catastrophe losses in 2017 and 2018. Those two years combined generated losses of $200bn for the (re)insurance market, the most costly two-year…

Hurricane Dorian lingers over Grand Bahama but still expected to hit US

Hurricane Dorian lingers over Grand Bahama but still expected to hit US

Hurricane Dorian lingers over Grand Bahama but still expected to hit US

Hurricane Dorian “won’t budge” from the island of Grand Bahama but has been downgraded to a Category 3 storm by the National Hurricane Centre (NHC). Forecasters are still predicting the storm will move on to the US coasts of Florida, the Carolinas and Georgia, where buildings have been boarded up and evacuation orders issued. Hurricane Dorian has been downgraded from…

Airmic welcomes moves to tackle silent cyber but warns of ‘cost implications’ for buyers

Airmic welcomes moves to tackle silent cyber but warns of ‘cost implications’ for buyers

Airmic welcomes moves to tackle silent cyber but warns of ‘cost implications’ for buyers

Airmic has welcomed moves by insurers to tackle silent cyber that it says should lead to increased coverage and pricing transparency, but warned there will be cost implications for buyers. A growing number of insurers and insurance markets have announced plans to tackle silent, also known as non-affirmative, cyber cover in other lines of business. Silent cover is where no…

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