Recent California wildfire losses up to $13bn: RMS

Recent California wildfire losses up to $13bn: RMS

Recent California wildfire losses up to $13bn: RMS

RMS estimates that insured losses for the Camp and Woolsey wildfires in California will total between $9bn and $13bn. The cat modelling firm places losses for the Camp fires between $7.5bn and $10bn, with Woolsey costing between $1.5bn and $3bn. The estimates include property and auto damage, business interruption, additional living expenses and contents loss. RMS said this season sees…

Belgian firms say world becoming more unstable

Belgian firms say world becoming more unstable

Belgian firms say world becoming more unstable

Some 80% of Belgian corporates believe the world is becoming increasingly unstable, according to a new poll by business magazine Trends for the Credendo Trade Forum, and 85% said the European Union should take measures to protect its businesses, up from 75% last year. At the same time, the poll by trade credit insurer Credendo found 79% believe protectionist measures…

Clouds forming over global economy: Atradius

Clouds forming over global economy: Atradius

Clouds forming over global economy: Atradius

Recent growth in the global economy is expected to “lose steam” next year, warns credit insurer Atradius in its latest Economic Outlook. The “momentary bright sky” seen in 2017 and 2018 is to darken in 2019 as “clouds are quickly gathering on the horizon”, it says. Atradius explains that risks to the global economy, in particular the US-China trade war,…

Willis appoints Knight to head natural resources team

Willis appoints Knight to head natural resources team

Willis appoints Knight to head natural resources team

Willis Towers Watson has appointed Graham Knight as head of natural resources for its GB corporate risk and broking business. Mr Knight was previously head of the group’s downstream natural resources division, serving clients in the oil and gas sector, power and utilities, renewable energy, and metals and mining. He takes up the new role with immediate effect. Mr Knight…

RSA exits London market specialty lines and cuts back international offering

RSA exits London market specialty lines and cuts back international offering

RSA exits London market specialty lines and cuts back international offering

RSA Group is exiting three lines of specialty business and scaling back its London market premiums by one third. Following a review of its specialty and wholesale business written through RSA Global Risk Solutions, the insurer will withdraw from international construction, international freight and fixed price marine protection and indemnity insurance with immediate effect…

Marsh announces plans for new Marsh-JLT Specialty unit

Marsh announces plans for new Marsh-JLT Specialty unit

Marsh announces plans for new Marsh-JLT Specialty unit

Marsh has announced it will create a new specialty unit following the acquisition of JLT. Marsh-JLT Specialty will combine the specialty teams of both businesses when the deal closes, although notably it will retain the JLT name and key JLT executives will head up the new business…

Lego wins big copyright case in China

Lego wins big copyright case in China

Lego wins big copyright case in China

Danish toymaker Lego is celebrating the successful outcome of a copyright court case in China that could have repercussions for other international manufacturers that have struggled to protect their intellectual property (IP) from Chinese imitators. The decision, from a district court in Guangzhou Yuexiu, found that the four Chinese defendants had infringed Lego’s IP rights by copying the 3D artworks…

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

North American liability rates to harden further in surprise turn of market: Willis

Insurance buyers in North America will pay higher commercial insurance rates next year with some lines reaching double-digit increases, according to Willis Towers Watson’s Marketplace Realities 2019 report. Willis says hype about property rate increases following heavy catastrophe losses in 2017 masked where the real increases have pushed through – casualty and professional liability lines…

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