All Insurance articles – Page 32
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People & OpinionConvex Group announces new chief executives in Bermuda and London
International speciality insurer and reinsurer Convex Group has appointed two new chief executives in Bermuda and London, subject to regulatory and immigration approvals, as co-founder Paul Brand steps down from the top spots at Convex Re and Convex Insurance UK.
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NewsChina’s general insurance industry growth to slow down in 2020 due to COVID-19, says GlobalData
The China’s general insurance industry is forecast to grow by 3.8% in 2020, compared to 5.7% registered in 2019, according to GlobalData, a leading data and analytics company.
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NewsFrance is Next For Lemonade’s European Expansion
Lemonade plans to make its new multi-risk insurance available in France by the end of 2020, but French residents can already sign up for the waitlist now. This marks the third European country to get Lemonade, following the Netherlands’ launch earlier this year, and Germany in June 2019. Upon launch, ...
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NewsInsurance lines in UK need to adapt as remote working is here to stay, says GlobalData
More than two thirds of small and mid-size enterprises (SMEs) in the UK expect that remote-working levels will be higher than before the COVID-19 period, which will have lasting consequences on the insurance industry.
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NewsInsurance industry must find ‘right’ capital management strategy to navigate losses
The insurance industry must find the “right” capital management strategy to navigate losses. One driver for this is social inflation, however the change in legal environment, different mindsets in juries, third party claims and medical advancements have all made claims increase.
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NewsFitch: Competition in Sri Lanka Non-Life Sector to Rise as Premiums Fall
Fitch believes that new business premiums from motor insurance - which accounted for around 60% of the non-life insurance industry’s gross premiums - will contract in 2020 with the reduction in new vehicle registrations. We believe the release of the limited new-vehicle stocks into the market will be insufficient to ...
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NewsFitch: New Supervisory Framework to Enhance HK Insurance Groups’ Risk Management
The proposed new group-wide supervisory (GWS) framework in Hong Kong will strengthen the ability of the regulator to oversee Hong Kong-based internationally active insurance groups (IAIGs), which will push insurance groups to strengthen the sophistication of their risk management and improve the management of their group-wide capital adequacy, Fitch Ratings ...
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NewsAmazon prepares to enter motor insurance market
Amazon is preparing to enter the motorcycle and car insurance market. Its entry into the market will help shift consumer expectations about buying insurance products from non-traditional players.
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NewsBrit’s digital syndicate Ki names chief executive
Brit’s chief financial officer and group executive director Mark Allan has been appointed to lead its new digital Lloyd’s syndicate Ki. Allan has been leading the development of Ki over the past 18 months, and will “take on this pivotal leadership role to build the business and realise the ambitious ...
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NewsChedid Capital and Ascoma Group join forces to create a leader in insurance broking in the Middle East and Africa
The Husson family and Chedid Capital entered into exclusive negotiations for the transfer of control of Ascoma Assureurs Conseils (“Ascoma”). The Husson family will maintain a sizeable stake in Ascoma and will participate in the transition and development of the new group. Completion of the transaction will only be subject ...
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NewsThe Rooney Rule: Could it improve the recruitment and retention of ethnic minorities in insurance?
The recruitment and retention of ethnic minority staff in the insurance industry has been an ongoing issue – and one that was reawakened after protests by the Black Lives Matter movement. Although some firms such as Aon have put schemes in place to help, the African Caribbean Insurance Network ...
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NewsIUA open letter calls for right to cancel professional indemnity cover for solicitors
The International Underwriting Association (IUA) is calling for the right to cancel professional indemnity insurance for solicitors in an open letter. It published an open letter to solicitors highlighting that professional indemnity insurance could become unsustainable if underwriters cannot cancel policies if the premium is not paid.
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NewsABI records 48% decline in motor claims between 2020’s Q1 and Q2
Trade body the ABI reported that new motor insurance claims fell by 48% in the second quarter of 2020, reflecting the national lockdown regime that was implemented to mitigate the spread of Covid-19. Across April, May and June, the ABI recorded 324,000 new motor insurance claims compared to 678,000 claims ...
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AnalysisCOVID-19: Political and economic outlook deteriorates
The COVID-19 pandemic’s economic and social impacts are driving significant shifts in global political risk - Marsh JLT Specialty
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AnalysisFCA investigates 165 Covid-19 scams
The data collection exercise further revealed that the types of scams that have been popular during the Covid-19 pandemic are typically communicated using emails, phone calls, text messages, letters and social media.
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NewsICA launches BI test case in NSW Supreme Court
Outcome will be used to determine complaints arising from COVID-19 related business interruption claims
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People & OpinionSabre reveals new chairman
Sabre has announced that Andy Pomfret, currently the company’s senior independent director, has been selected to succeed Patrick Snowball as chairman.
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NewsOrigami Risk and LineSlip Join Forces to Help Risk Managers Track, Manage and Renew Worldwide Insurance Programmes
Origami Risk LLC and LineSlip Solutions, Inc. today announced they have formed an exclusive relationship that will enable Origami’s clients to readily access the critical information they need to manage their insurance programmes worldwide and effectively negotiate their commercial insurance coverages and renewals, even as market conditions evolve.
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NewsTesla is to expand its insurance business in to China
Tesla is gradually starting to expand its insurance business outside of California — starting with a new business unit in China. Last year, Tesla launched its own insurance program, starting with availability in California, where the automaker claims up to 30% cheaper premiums than the competition. It’s Tesla’s second entry ...
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NewsChina’s economic recovery makes it attractive but presents challenges to foreign insurers, says GlobalData
China has emerged as the first country globally to post positive economic growth during the COVID-19 pandemic. The country is also expected to witness continued expansion of life and non-life insurance making it an attractive market for foreign insurers.
