News – Page 146
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NewsLloyd’s of London backs FCA BI test case ruling
Lloyd’s of London has welcomed the FCA test case ruling as it will “bring coverage clarity for many policyholders with certain non-damage business interruption cover extensions. This is according to a statement released by Lloyd’s.
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AnalysisFCA test case is a ‘complex judgment’ that will take time to understand
Insurers have supported the High Court process over the past few months, which saw the claimant – the FCA - seek clarity for customers who have made business interruption claims related to Covid-19. The verdict was published yesterday. But it will take time to comprehend and for any appeals ...
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People & OpinionBeazley underwriting hires to support growth across APAC
Specialist insurer Beazley has appointed four underwriters in Asia Pacific to support ongoing growth in the region. Dindson Phua and Mike Lu have joined the international financial lines team while Reeta Ambaram joins the specialty treaty team. Jordan Schwarz is relocating to the Singapore office as part of the mergers ...
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People & OpinionAIG Appoints James Nash President and Chief Executive Officer of Japan
AIG today announced that James Nash has been appointed President and Chief Executive Officer, AIG Japan Holdings KK. Mr. Nash will report to Jon Hancock, Chief Executive Officer of International General Insurance and will be based in Tokyo. He is expected to join the company by early 2021.
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NewsMetLife Digital Accelerator Partners with 10 Startups to Develop Financial Wellness and Engagement Solutions
MetLife announced its third annual class of startups to participate in the MetLife Digital Accelerator powered by Techstars. The Accelerator supports MetLife’s strategic approach to technology and innovation by working with external partners to simplify and create differentiated experiences for our customers.
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NewsAXA XL Unveils Comprehensive Disaster Recovery Report by Cambridge Centre for Risk Studies
AXA XL, in collaboration with the Centre for Risk Studies (“CCRS”) at Cambridge Judge Business School, has released a comprehensive report demonstrating the impact that (re)insurance has on the speed and quality of recovery following natural disasters.
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NewsZego partners with Swedish e-scooter operator ahead of UK roll out
Zego has teamed up with a Swedish e-scooter operator as the insurtech gears up to roll out its rental vehicles in the UK. Brokered by Marsh, Zego will provide insurance for the Swedish e-scooter company’s UK fleet
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NewsCII urges industry to develop an approach to pandemics to avoid further test case scenarios
The professional body says that building trust across the industry is a ‘key concern’
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NewsDARAG announces transfer of reinsurance business with Axeria Re
DARAG, a leading legacy acquirer, today announced the conclusion of the transfer of reinsurance business with the Maltese reinsurer Axeria Re – part of the April Group – and the original insurer located in France. The transfer of reinsurance business delivers economic, operational and legal effect to Axeria Re. The ...
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People & OpinionCanopius hires president to spearhead significant US expansion
Canopius Group today announces it has appointed Lisa Davis as President and Chief Underwriting Officer of Canopius USA, effective October 1.
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NewsHigh Court rules in favour of FCA for majority of Covid-related BI wording interpretations
Policyholders who had business interruption (BI) claims linked to the coronavirus pandemic but rejected by insurers have today been vindicated, as the High Court has ruled in favour of the FCA’s interpretation of non-damage BI policy wordings across the majority of key contention areas.
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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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NewsHannover Re anticipates significant price increases in property and casualty reinsurance
Hannover Re expects to see significant price increases spanning the various lines of property and casualty reinsurance in the treaty renewals as at 1 January 2021. The key drivers here are the strains incurred by primary insurers and reinsurers in connection with the Covid-19 pandemic, a further drop in interest ...
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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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AnalysisBest’s Market Segment Report: Asia-Pacific Reinsurers Need to Revisit Strategic Approach in Problematic COVID-19 Era
he challenges from COVID-19 continue to evolve for the Asia-Pacific reinsurance sector, with the related macroeconomic and investment impacts pressuring profitability, according to a new report from AM Best.
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People & OpinionLloyd’s Appoints US Market Development Director
Lloyd’s today announced the appointment of Uwe Schoberth as US Market Development Director, a newly created role focused on expanding strategic relationships with retail, wholesale and reinsurance brokers in its largest market.
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People & OpinionFilip Vandeputte Joins AXIS Insurance to Lead Specialty Aviation Business in Continental Europe
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS), today announced the hiring of Filip Vandeputte to lead its AXIS Specialty Europe aviation business in continental Europe.
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People & OpinionHannover Re US and Somerset Re Announce CEO Transition
Somerset Reinsurance Ltd. (Somerset Re) today reports that Patrick Kelleher, the firm’s founding CEO, has announced his retirement, effective December 31, 2020. Jeff Burt, currently President of Hannover Life Reassurance Company of America (Hannover Re US), a member of Hannover Re Group, and Chairman of Somerset Re, will assume the ...
