Collaboration: The key to navigating a hard market

Collaboration: The key to navigating a hard market

Collaboration: The key to navigating a hard market

A hard insurance market has traditionally been a bellwether for captive growth. Previous hard markets have seen existing captive owners make more use of their risk retention vehicles while also driving the formation of new captive solutions. This hard market is likely to be no different. The challenge for insurance buyers and captive owners is how to best manage increased…

Stable outlook for global insurance brokers from Moody’s

Stable outlook for global insurance brokers from Moody’s

Stable outlook for global insurance brokers from Moody’s

The nascent economic recovery and sound broker business model underpins Moody’s stable 2021 outlook for global insurance brokers. The ratings agency said: “The recovering economy and rising P&C rates support a stable outlook. We expect G20 economies to contract by 3.8% collectively in 2020, followed by growth of 4.9% in 2021 and 3.8% in 2022. The recovery hinges on the…

Lloyd’s’ Carnegie-Brown says 2020 global insured losses will rival 2017’s $144bn record

Lloyd’s’ Carnegie-Brown says 2020 global insured losses will rival 2017’s $144bn record

Lloyd’s’ Carnegie-Brown says 2020 global insured losses will rival 2017’s $144bn record

Chairman of Lloyd’s Bruce Carnegie-Brown said global insurance losses from Covid-19 will exceed its industry estimate of $107bn for 2020. Speaking at a Reuters event, Future of Insurance USA, Mr Carnegie-Brown said this year’s total global loss from the pandemic will be nearer the highest cat year on record in 2017 of $144bn, when Hurricanes Harvey, Irma and Maria cost…

S&P highlights top risks for global insurance industry

S&P highlights top risks for global insurance industry

S&P highlights top risks for global insurance industry

Most Covid-19-related losses such as business interruption and event cancellation will be picked up by reinsurers, according to S&P Global Ratings. As a result, primary insurers’ technical performance is unlikely to deteriorate materially, but the real impact of Covid-19 on global insurance markets is largely felt through asset risks, notably capital markets volatility, and weaker premium growth prospects, said the…

Contract clarity vital for insurance buyers

Contract clarity vital for insurance buyers

Contract clarity vital for insurance buyers

Improvements in contract clarity would help to increase insurance product sales, but too many exclusions present problems for buyers, according to a senior figure at Morgan Stanley. Charlie Chasin, managing director and global head of reengineering and expense management at Morgan Stanley, said that as a risk manager and former lawyer, he viewed contract clarity as having paramount importance in…

Call for EU rules to help competitiveness of European insurers

Call for EU rules to help competitiveness of European insurers

Call for EU rules to help competitiveness of European insurers

Insurance Europe has called for EU rules and trade policy to help, not hinder, European firms’ global competitiveness. In its response to a consultation conducted by the European Commission (EC) on its review of EU trade policy, Insurance Europe says the EC should consider global competitiveness as a clear objective in EU policymaking. The response notes that about a third…

Captives face IPT tax scrutiny as they take on more risk

Captives face IPT tax scrutiny as they take on more risk

Captives face IPT tax scrutiny as they take on more risk

A leading captive manager has warned that captives may face additional insurance premium tax (IPT) as they take on more risk in the hardening global insurance market. Derek Bridgeman, MD of captive manager Strategic Risk Solutions Europe, explained that it is common for corporates to retain risk in layers where there is a certain amount of predictability, and lower severity,…

MAXIS GBN boosts OneClient portal for captives and multinationals

MAXIS GBN boosts OneClient portal for captives and multinationals

MAXIS GBN boosts OneClient portal for captives and multinationals

MAXIS Global Benefits Network (MAXIS GBN) has launched a suite of new data and digital services on its OneClient portal to help captive, global programme and pooling clients. The new innovations include an interactive dashboard for captive and Global Risk Solution (GRS) customers. Other developments include an improved pooling dashboard and upgrades that make the portal easier to use. OneClient…

US market continued to harden in Q3 2020, led by umbrella and D&O

US market continued to harden in Q3 2020, led by umbrella and D&O

US market continued to harden in Q3 2020, led by umbrella and D&O

Third-quarter 2020 pricing increases in the US were more pronounced than in previous quarters, according to results from The Council of Insurance Agents & Brokers’ (CIAB) quarterly Commercial Property/Casualty Market Index. It reveals that the average increase in premium pricing was 11.7%, up from 10.8% in Q2 2020, representing the 12th consecutive quarter of premium increases. Prices continued to rise…