Tokio Marine Kiln appoints CUO

Tokio Marine Kiln appoints CUO

Tokio Marine Kiln appoints CUO

Tokio Marine Kiln (TMK) has named Matthew Shaw as chief underwriting officer. Mr Shaw will join TMK from Chubb, where he was divisional president of global markets, in the first half of next year. TMK’s deputy CEO Brad Irick said Mr Shaw “brings a wealth of experience in the specialist markets in which we operate within Lloyd’s and the broader…

Equipment failure presents major risk for top global firms, finds FM Global

Equipment failure presents major risk for top global firms, finds FM Global

Equipment failure presents major risk for top global firms, finds FM Global

Some 94% of the largest global companies said equipment failure is a major risk, while 84% said a cyberattack on industrial control systems is a major risk concern, according to a survey by FM Global of 200 Fortune 500-sized corporates. The survey found that 43% of respondents believe equipment failure risks have increased during the past five years, with 29%…

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face the “biggest upward price shift” for years during 2020, with increases across more lines than in “recent memory”, according to Willis Towers Watson (WTW). Property, excess liability and D&O cover will be hardest hit, according to the broker. It notes that several other lines of business are looking at increases “topping out at well…

Willis appoints head of international property

Willis appoints head of international property

Willis appoints head of international property

Willis Towers Watson (WTW) has appointed Andrzej Danyluk as head of international property, London. Mr Danyluk joins Willis from JLT, where he was head of the London power broking team. In his new role, Mr Danyluk will take responsibility for growing WTW’s international property portfolio, which is placed in London for the broker’s worldwide offices. He takes up the post…

Insurance rates up again in Europe and UK on back of 8% global increases, finds Marsh

Insurance rates up again in Europe and UK on back of 8% global increases, finds Marsh

Insurance rates up again in Europe and UK on back of 8% global increases, finds Marsh

Commercial insurance rates rose by an average 4% in continental Europe during the third quarter of 2019 and 12% in the UK, according to the latest Global Insurance Market Index from Marsh. As previously reported by Commercial Risk Europe, global increases of 8% were the largest since the survey began in 2012 and the eighth consecutive quarter of average price…

National approach needed to combat devastating climate change impact in Australia

National approach needed to combat devastating climate change impact in Australia

National approach needed to combat devastating climate change impact in Australia

Rising temperatures will lead to “dramatic changes” in the frequency and intensity of extreme weather in Australia, according to a report released by Australia’s biggest non-life insurer IAG and the US National Center for Atmospheric Research (NCAR). The report, Severe Weather in a Changing Climate, includes the latest data on the state of the climate and predictions on future extreme…

Single coordinated cyberattack could cause $40bn insured losses, hammer global reinsurance surplus and hit captives

Single coordinated cyberattack could cause $40bn insured losses, hammer global reinsurance surplus and hit captives

Single coordinated cyberattack could cause $40bn insured losses, hammer global reinsurance surplus and hit captives

The growing focus of insurers and reinsurers on the potentially catastrophic impact of so-called silent cyber cover held within traditional policies is fully justified, because a single coordinated cyberattack could significantly reduce the surplus capital base of the world’s leading reinsurers and may massively reduce risk appetite, according to experts. Peter Hacker, cybersecurity expert and public speaker with experience of…

Cyber exclusions becoming ‘unduly restrictive’, warns Marsh

Cyber exclusions becoming ‘unduly restrictive’, warns Marsh

Cyber exclusions becoming ‘unduly restrictive’, warns Marsh

Moves to address silent cyber in the property insurance market are overreaching and could leave buyers with gaps in coverage, Marsh JLT Specialty has warned. Prompted by the UK regulator, London market insurers are reviewing cyber exposures under traditional insurance. They are taking action to clarify wordings as they move from silent, or non-affirmative, cyber cover to affirmative. These actions,…

Global insurance rates up record 8% in Q3, finds Marsh Index

Global insurance rates up record 8% in Q3, finds Marsh Index

Global insurance rates up record 8% in Q3, finds Marsh Index

Marsh’s Global Insurance Market Index recorded its largest ever commercial insurance price rise of nearly 8% in the third quarter since it began tracking data in 2012, Marsh & McLennan Companies (MMC) CEO Dan Glaser revealed during the broker’s latest results call, as the firm posted strong revenue growth since the JLT acquisition. The average global price rise across P&C lines…

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