News – Page 72
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NewsHurricane Ian takes aim at Florida
Current forecasts show the storm skirting the west coast of Cuba before intensifying as it crosses the Gulf of Mexico
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NewsMarsh McLennan’s Dan Glaser to step down
Marsh McLennan announces John Doyle will succeed Glaser as president and CEO when he retires at year end
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NewsExtent of Fiona-related losses depends on grid restoration
Hurricane losses in Puerto Rico and the Dominican Republic will be influenced by duration of BI due to power losses - AM Best
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NewsEiopa urges scrutiny of systemic risk exclusions
Carriers should pay particular attention to traditional war and terrorism exclusions that may cause ambiguity
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NewsAeolus and SUNY collaborate on hurricane prediction
The research will look at the medium-term time forecast horizon, using machine learning techniques
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NewsMarsh clients can use carbon credits in lieu of broker fees
Program (in partnership with Bank of America) provides ‘another incentive’ for clients to invest in carbon removal
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NewsUK regulations have ‘suffocated’ London’s competitive edge
The news comes as Prime Minister Liz Truss is set to announce sweeping reforms to the financial services industry
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FeaturesBriefing: Reinsurers still facing ‘big issue’ over BI (despite clarity for direct market)
A lack of visibility around aggregation arbitration is preventing reinsurers from dealing with COVID-related BI claims
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NewsCCR to sell €200m stake in CCR Re
French reinsurance mutual needs to grow and become autonomous in the face of growing nat cat losses, says Board
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NewsHurricane Fiona threatens Bermuda as a cat 4
After a remarkably quiet hurricane season to date, Fiona is gaining strength as it passes over Grand Turk Island
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NewsReinsurers risk misunderstanding secondary perils due to cat models
PWC predicts a ‘pretty expensive year’ as secondary perils drive up losses ahead of H2’s Florida hurricane season
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News(Re)insurance sector can no longer ‘waste time’ when it comes to tackling systemic risks – PWC
Finding industry-wide ways to deal with systemic risks is ‘not an urgent task’ the (re)insurance sector has so far undertaken – but this needs to change, says PWC partner
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NewsReinsurance sector needs to invest in cloud-enabled analytics
Although PWC partner believes reinsurance is ‘a little bit behind’ the primary market in terms of digital transformation, Acord vice-president thinks the sector is ‘on the edge of insurtech’
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NewsNew cyber syndicate gets green light from Lloyd’s
Trium Cyber, a risk carrier backed by Jim Stanard’s Pelican Ventures, expects to write $50m of gross premiums in 2023
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NewsAXA launches forest restoration program
Research from the program will be shared at a European level, to strengthen biodiversity and climate resilience
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NewsLosses paid to Florida carriers quadruple in just three years
Losses paid by US-domiciled reinsurers topped $1 billion in 2021, prompting market correction - AM Best
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NewsInsurance industry must support roll out of green technology - PWC
The sector has previously shown ‘inexcusable laziness’ by simply being reactive to client problems, but now the industry must lead on green tech cover to support UK’s transition to net zero
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NewsChedid Re names Elie Abi Rached global CEO
Joe Asmar has been named deputy CEO, whilst retaining his role as group head of facultative reinsurance
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NewsProperty cat retrenchment is improving market ‘stability’
Most large European players remain committed to cat business, but are moving away from lower layers of protection - AM Best
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NewsUS insurers have minimal investment in ILS and cat bonds - AM Best
Just five companies accounting for 70% of industry investments, despite significant growth of alternative market
