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…

Concern over silent cyber falls among insurers, shows Willis Re survey

Concern over silent cyber falls among insurers, shows Willis Re survey

Concern over silent cyber falls among insurers, shows Willis Re survey

The insurance industry is less concerned about silent cyber exposures than it was a year ago, according to research from Willis Re that puts this down to work by insurers to tackle non-affirmative cover and a lack of recent high-profile cyber events. An annual survey by Willis Re asks insurance professionals if they think cyber exposures increase the likelihood of…

Cyber market not to blame for NotPetya disputes: Tuplin

Cyber market not to blame for NotPetya disputes: Tuplin

Cyber market not to blame for NotPetya disputes: Tuplin

A leading cyber insurance market player has hit back at media headlines making out cyber insurers disputed NotPetya claims, when property insurers are the real culprit. Following the 2017 NotPetya cyberattack, cases have emerged where property insurers are denying coverage based on war exclusions in their policies. As the insurance world waits for litigation to play out in courts, James…

CIAB survey confirms continuing US commercial P&C rate firming

CIAB survey confirms continuing US commercial P&C rate firming

CIAB survey confirms continuing US commercial P&C rate firming

The US commercial P&C insurance market continued to see market-wide firming in Q2 2019, the seventh consecutive quarter of increased premium pricing, according to results from The Council of Insurance Agents & Brokers’ (CIAB) Q2 2019 Commercial Property/Casualty Market Survey. The survey reveals that accounts of all sizes experienced moderate premium pricing increases, with an average rise of 5.2% in…

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL is reviewing its policies to tackle non-affirmative, also known as silent, cyber cover wherever possible, the insurer told Commercial Risk Europe. The company’s head of international cyber, James Tuplin, said AXA XL will then decide product by product whether and how cyber cover is included in its range of insurances. A growing number of insurers and insurance markets,…

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

Total cost of risk up 2.1% in North America as insurance rates rise: RIMS

The average total cost of risk (TCOR) for organisations in North America rose by nearly 2.1% in 2018 primarily due to rising insurance rates, according to RIMS. The increase reverses four years of falling costs. The 2019 RIMS Benchmark Survey, produced with Advisen, saw the average TCOR increase to $9.95 per $1,000 of revenue last year, from $9.75 in 2017.…

First-half insured cat losses low at $19bn: Swiss Re

First-half insured cat losses low at $19bn: Swiss Re

First-half insured cat losses low at $19bn: Swiss Re

Swiss Re has placed insured catastrophe losses at $19bn in the first half of this year, confirming numbers well below the long-term average and down on the first six months of 2018. The reinsurer said secondary perils such as thunderstorms, torrential rains and snowmelt were the primary loss drivers, causing damage through wind and water accounting for $13bn of the…