Greenberg says market hardening spread in Q3 with more to come

Greenberg says market hardening spread in Q3 with more to come

Greenberg says market hardening spread in Q3 with more to come

Chubb’s CEO Evan Greenberg says commercial insurance market hardening spread to more lines and territories in the third quarter and he believes there remains a way to go before the cycle’s peak is reached. Speaking during Chubb’s third-quarter results call, Mr Greenberg said the insurer continued to experience a “strong and continuously improving” commercial P&C pricing environment in Q3. He…

AXA XL’s withdrawal from London D&O market leaves ‘large hole’ in capacity

AXA XL’s withdrawal from London D&O market leaves ‘large hole’ in capacity

AXA XL’s withdrawal from London D&O market leaves ‘large hole’ in capacity

AXA XL’s decision to become the latest insurer to withdraw from London’s directors and officers (D&O) market will leave a capacity gap and add further pressure in a key market for many large corporates. AXA XL recently announced it is pulling out of the London market for management liability and financial institutions business. The company will no longer write these…

Proactive risk management needed to avoid wave of mental health claims

Proactive risk management needed to avoid wave of mental health claims

Proactive risk management needed to avoid wave of mental health claims

Companies must take a proactive approach to employee wellbeing as mental health issues and stress climb during the pandemic. Mental health and wellbeing risks for employers are likely to increase in the pandemic, explained Adam Shelverton, rehabilitation manager at QBE Europe. Even before the pandemic, absenteeism and presenteeism in the UK alone cost an estimated £20bn to £27bn per year,…

Huge increase in professional indemnity rates behind new Guernsey captive

Huge increase in professional indemnity rates behind new Guernsey captive

Huge increase in professional indemnity rates behind new Guernsey captive

Rapidly increasing premiums, notably in professional indemnity (PI) cover were a driving factor behind one of the world’s largest independent financial advisory and fintech organisations, deVere Group, establishing a captive in Guernsey. The group has had its application for a captive approved by the Guernsey Financial Services Commission. The group said it is the first time it has applied for…

Digitalised energy MGU launched on Whitespace platform

Digitalised energy MGU launched on Whitespace platform

Digitalised energy MGU launched on Whitespace platform

A new entirely digitalised energy managing general underwriter (MGU) has been launched, offering property insurance for global energy risks. The new MGU, Career General Agency (CGA), has been launched by US-based GuideOne National and will accept risks exclusively via the Whitespace platform through a wholly digitalised underwriting process. The Whitespace platform is a fully digital e-trading platform for brokers and…

SII review could reduce capital burden for UK insurers in 2021, says Fitch

SII review could reduce capital burden for UK insurers in 2021, says Fitch

SII review could reduce capital burden for UK insurers in 2021, says Fitch

The UK could reform “burdensome aspects” of Solvency II (SII) as early as next year, said Fitch in response to a government review of Europe’s capital adequacy regime. Fitch said while it is unclear how far the UK can, or will, diverge from the EU rules when the Brexit transition period ends on 31 December 2020, the greatest potential lies…

BI litigation fallout to restrict cover further

BI litigation fallout to restrict cover further

BI litigation fallout to restrict cover further

Covid-19 has sparked a wave of insurance coverage litigation that is set to lead to further restrictions on business interruption (BI) cover. Small businesses were hit hard by the pandemic and resulting lockdowns. Many soon found their insurance did not cover related BI losses. Hundreds joined class actions against their insurers, while test cases were brought in the UK and…

EU clients face Brexit disruption, warn UK regulators

EU clients face Brexit disruption, warn UK regulators

EU clients face Brexit disruption, warn UK regulators

European clients of UK financial services firms could still face disruption when the Brexit transition period expires on 31 December, the Financial Conduct Authority (FCA) and Bank of England warn, in a joint letter to insurers. The regulators urge insurers to continue mitigation work to ensure that risk of disruption and instability are kept to a minimum. “Some market volatility…

H&M’s €35m GDPR fine highlights growing enforcement trend

H&M’s €35m GDPR fine highlights growing enforcement trend

H&M’s €35m GDPR fine highlights growing enforcement trend

H&M’s recent €35m GDPR fine, based on a new model formula in Germany, reflects a trend for higher penalties and more investigations under the regulation across many parts of Europe, according to leading lawyers. Swedish clothing retailer H&M was fined just over €35m by Hamburg’s data protection commissioner, for GDPR breaches. The company was found to have unlawfully collected and…

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