World Cup cover runs to billions of dollars

World Cup cover runs to billions of dollars

World Cup cover runs to billions of dollars

There will be more than $2bn of event cancellation insurance in place to cover risks at the 2018 Fifa World Cup, with terrorism property protection estimated at $1bn and top players each insured for up to $200m, according to specialty insurer Beazley. The World Cup kicks off this month on June 14 in Moscow. While teams prepare ahead of the…

Reinsurers fail to secure expected rate rises at Florida renewal: JLT Re

Reinsurers fail to secure expected rate rises at Florida renewal: JLT Re

Reinsurers fail to secure expected rate rises at Florida renewal: JLT Re

Expected P&C reinsurance rate rises failed to materialise at the 1 June Florida renewals following heavy cat losses in the region last year, according to JLT Re. Research carried out by the reinsurance broker revealed rates at the 1 June renewal were up just 1.2% from a fall of 5.1% last year. Although it was the first increase in seven…

SCOR first reinsurer to complete cat bond under London’s new ILS regime

SCOR first reinsurer to complete cat bond under London’s new ILS regime

SCOR first reinsurer to complete cat bond under London’s new ILS regime

SCOR has become the first reinsurer to issue a cat bond under the UK’s new ILS regime with its $300m sponsorship of Atlas Capital UK 2018. The cat bond will provide Atlas Capital UK 2018 with multi-year protection against US storms, earthquakes in the US and Canada, and windstorms in Europe. The cover runs from 31 May 2018 to 31…

Aon establishes weather risk management ‘centre of excellence’

Aon establishes weather risk management ‘centre of excellence’

Aon establishes weather risk management ‘centre of excellence’

Aon has set up a new climate risk network to address the threat of weather-related risks facing businesses and governments around the world. Aon Weather & Climate Risk Innovation will draw on expertise from within Aon, but will also use data and analytics partnerships to create a risk management “centre of excellence”. This centre will then help measure, mitigate and…

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…

Insurers and other experts say Hackitt Review doesn’t go far enough

Insurers and other experts say Hackitt Review doesn’t go far enough

Insurers and other experts say Hackitt Review doesn’t go far enough

Insurers and fire experts have criticised last week’s Hackitt Review into UK building regulations for stopping short of recommending a total ban on combustible materials that have been blamed for fuelling London’s Grenfell Tower fire last year. The review said current regulation of high-rise buildings in the UK is not fit for purpose. It called for changes to fire safety…

Hackitt report calls for change in UK fire safety culture

Hackitt report calls for change in UK fire safety culture

Hackitt report calls for change in UK fire safety culture

An independent review of fire safety following the 2017 Grenfell Tower disaster has called for radical changes in building regulation and fire safety risk management in the UK. The much-anticipated final report on The Independent Review of Building Regulations and Fire Safety calls for the creation of a new regulator and increased responsibilities for occupiers of buildings. The report focuses…

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

SCOR has reorganised its growing SCOR Business Solutions (SBS) unit in a move it says will make the firm more relevant to customers, be easier for brokers to use and help deliver planned growth in the large global corporate primary market. The Paris-based group said that in line with its current strategic ‘Vision in Action’ plan, it is “enhancing the…

Global rates rise for second quarter but European market remains soft

Global rates rise for second quarter but European market remains soft

Global rates rise for second quarter but European market remains soft

Global commercial insurance rates have risen for the second consecutive quarter, up 0.9% on average, driven by increases in property business and finpro lines, according to Marsh. However, overall pricing continues to fall in continental Europe, even though the rate of decline slowed again, the broker’s global insurance market index shows. The rise in global commercial insurance pricing was driven by…

Insurers call for end of desktop fire safety studies

Insurers call for end of desktop fire safety studies

Insurers call for end of desktop fire safety studies

UK government proposals to strengthen fire testing for cladding systems on residential buildings have met with criticism from insurers and parts of the construction industry. Last month, the UK Ministry of Housing published a consultation paper to implement certain recommendations made by Dame Judith Hackitt’s interim report on building regulations and fire safety, which follows the Grenfell Tower fire in…

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