RMS pegs Hurricane Sally insured losses at $3.5bn

RMS pegs Hurricane Sally insured losses at $3.5bn

RMS pegs Hurricane Sally insured losses at $3.5bn

Insured losses from Hurricane Sally in the US last week will cost between $2bn and $3.5bn, according to an estimate from RMS. The figure includes losses of between $400m and $800m for the US’s National Flood Insurance Program (NFIP). The RMS estimate adds to AIR’s $1bn to $3bn loss range and Karen Clark & Company’s estimate of $2bn, although both…

Enoizi makes case for expanding Pool Re to cover pandemic risk

Enoizi makes case for expanding Pool Re to cover pandemic risk

Enoizi makes case for expanding Pool Re to cover pandemic risk

CEO Julian Enoizi believes it makes sense for Pool Re to expand its remit and be the vehicle for any state-backed pandemic or wider systemic risk financing solution in the UK, but stressed the decision is ultimately for government and the insurance industry to make. There are currently several initiatives underway in the UK to find a risk transfer solution…

EC starts work on pan-European pandemic risk transfer solution

EC starts work on pan-European pandemic risk transfer solution

EC starts work on pan-European pandemic risk transfer solution

Commercial Risk Europe has learned that the EC is setting up a working group to deliver risk transfer solutions for pandemics and other cat risks, which will consider a pan-European private-public pool with EU funding at the very top. After much discussion, this is the first concrete sign that work is officially underway on the topic. In a letter seen…

AXA XL rolls out IoT system for clients and names new risk consulting head

AXA XL rolls out IoT system for clients and names new risk consulting head

AXA XL rolls out IoT system for clients and names new risk consulting head

AXA XL has launched an internet of things (IoT)-driven solution for clients that monitors the health of their buildings and assets. Digital Risk Engineer, which has completed a pilot phase, uses IoT devices installed in clients’ buildings to collect data from connected systems such as energy, water, heating, ventilation and air conditioning. The data is used to identify problems in…

AMRAE reports extremely tough market for French buyers and warns of ‘bitter’ renewals

AMRAE reports extremely tough market for French buyers and warns of ‘bitter’ renewals

AMRAE reports extremely tough market for French buyers and warns of ‘bitter’ renewals

A new AMRAE report finds that the French insurance market is now hard pretty much across the board and warns of “rising tensions” as we enter what it predicts will be a “bitter” renewal season. A graphic included in the association’s annual State of the Market provides a worrying illustration of how gloomy the picture looks right now for French buyers. The graphic’s…

Prepare early for tough renewals, Narim members told

Prepare early for tough renewals, Narim members told

Prepare early for tough renewals, Narim members told

Herman Kerremans, CEO at Howden Belgium, has advised Dutch risk managers to focus on supplying the best and most transparent risk information possible, while preparing fellow management for cost increases as tough renewals loom. Commercial Risk Europe interviewed Mr Kerremans about what risk managers in the Netherlands and wider Benelux region can expect during coming renewals, as members of the Dutch risk management…

Dutch risk managers advised to focus on risk management as market hardens

Dutch risk managers advised to focus on risk management as market hardens

Dutch risk managers advised to focus on risk management as market hardens

Narim members must focus on loss prevention and risk management more than ever before as they face up to what will be the toughest renewals for a long time, with the market reeling from the impact of Covid-19, said Guido Verheijden, director global and specialty at Amsterdam-based independent intermediary Meijers Insurance Brokers. Mr Verheijden spoke to Commercial Risk Europe as the Dutch risk and…

UK rate increases may accelerate into 2021: Marsh

UK rate increases may accelerate into 2021: Marsh

UK rate increases may accelerate into 2021: Marsh

The UK commercial insurance sector continues to get tougher for buyers and hardening could accelerate into 2021, warns Marsh in its latest market update. UK property pricing increased by 16% in the second quarter of 2020, while casualty rates increased by 5%, according to Marsh. This is the sixth consecutive quarter of pricing increases and represents acceleration on previous quarters.…

Hurricane Sally loss estimates between $1bn and $3bn

Hurricane Sally loss estimates between $1bn and $3bn

Hurricane Sally loss estimates between $1bn and $3bn

AIR Worldwide has estimated insured losses of between $1bn and $3bn from Hurricane Sally, with Karen Clark & Company (KCC) pitching halfway at an estimated $2bn, excluding NFIP losses. Hurricane Sally made landfall last week near Gulf Shores in Alabama, just west of the Florida border, as a Category 2 hurricane bringing maximum sustained winds of 105mph. The slow trajectory…

Risk management to the fore as cat capacity shrinks

Risk management to the fore as cat capacity shrinks

Risk management to the fore as cat capacity shrinks

Catastrophe exposures are increasing for large corporates as insurance rates rise and capacity shrinks, with shortfalls in some areas, putting yet more emphasis on risk management, according to Mark Dawson, Airmic board member and head of insurance at Dyson. Companies will have to take a more risk-managed approach to catastrophe risks going forward, as insurers grow more cautious in the…

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