News – Page 169
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People & OpinionABIR members lead Bermuda economy
The Association of Bermuda Insurers and Reinsurers (ABIR) today released the results of its 15th annual ABIR Bermuda Economic Substance Survey, detailing significant contributions to the Bermuda economy and workforce.Highlights from the report, which tracks 2019 calendar-year data, include: ABIR members contributed over $830 million to the Bermuda economy, ...
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NewsFCA warns on premium financing in pricing crackdown proposals
Regulator is concerned that customers may not be treated fairly on premium financing and warns providers could be in breach of law
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NewsInsurance firms will be forced to end price walking as FCA reveals rip-off remedies
Firms will be forced to offer the same price for insurance products at renewal as they do for new business, the FCA said in its final report on pricing practices released today. The proposed remedy aims to end the practise of so-called ‘price walking’, where customers - particularly in retail ...
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NewsData subject insurance claims are ‘sting in the tail’ for corporate cyber breach victims
Data subject claims – made by individuals whose data has been compromised following a corporate insured experiencing a data breach – is “effectively becoming the new PPI”, often acting as a “sting in the tail” for organisations attempting to recover after a cyber attack.
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NewsD&I plays “crucial role” in business resilience - survey
Mental health, gender equality, flexible working patterns and culture & ethnicity ranked the top issues to address within risk and insurance - Dive In
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NewsThird Point Reinsurance Announces Partnership with New Bermuda-based MGA
Third Point Re today announced an investment in Arcadian Risk, a start-up led by John Boylan, a well-known industry executive with a 30-year track record in the global insurance market. Third Point Re will own a minority stake in the newly-formed company.
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People & OpinionBerkshire Hathaway Specialty Insurance Names Olivier Hamon and Alice Batchili to Lead Entrance Into Executive & Professional Lines in France
Berkshire Hathaway Specialty Insurance (BHSI) today announced that it is entering the Executive & Professional Lines market in France and has appointed Olivier Hamon as Head of Financial Institutions and Management Liabilities and Alice Batchili as Professional Indemnity Manager.
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NewsMore than a third of SMEs are interested in pandemic-related insurance
More than a third (38.4%) of UK-based small and medium-sized enterprises (SMEs) are interested in buying insurance that protects them from the potential losses associated with a pandemic, according to research from analytics firm GlobalData.
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NewsLaw firm considers legal action against 12 insurers following BI test case result
Law firm Mishcon de Reya is considering expanding its group action by launching legal proceedings against 12 insurers following the verdict last week on the FCA’s test case – the law firm believes that ‘resilience’ policy wordings used within some non-damage business interruption (BI) clauses should be paying out on ...
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NewsRegulator’s ‘culture shift’ forces firms to place greater emphasis on vulnerable customers
The FCA’s “culture shift” to focus on good customer outcomes has had a domino effect within the insurance sector, placing greater emphasis on vulnerable customers and how insurance products work when making a claim rather than the regulator concentrating solely on pricing.
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NewsCOVID crisis sparks captive growth
Captive formation grew by 200% in the first half of 2020, including captives to cover pandemic-related losses - Marsh
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NewsLockdown is technology’s ‘moment to shine’ says Insurercore’s founder and MD Peter Clarke
Lockdown has been technology’s “moment to shine” with Insurercore’s platform seeing an uptick in activity and witnessing one of its best weeks in August.
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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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NewsMCI completes management buy-out from underwriting platform Castel
Medical & Commercial International (MCI), a division of Castel Underwriting Agencies (Castel), has today completed a management buyout from the club-style MGA formation platform. MCI, a specialised casualty underwriting business, launched on the Castel MGA platform in 2015.
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NewsNew funding for Brit’s digital syndicate Ki adds ‘firepower’ to expansion plans
Brit Insurance’s digital follow-only Lloyd’s syndicate Ki has raised $500m from two backers managed by Blackstone Tactical Opportunities and Fairfax Financial Holdings Limited.
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NewsZurich launches dedicated Climate Change Resilience Service
Zurich today announced the launch of its Climate Change Resilience Services to help businesses better prepare for current and future risks associated with climate change.
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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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NewsPolicyholders need to home in on balance sheets to take advantage of test case verdict
Although claims preparations can now go ‘full steam ahead’ following the publication of the High Court’s ruling, projected profits and losses must be considered for quantum purposes
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NewsCOVID-19: Mid-market firms hit by social engineering
Cybercriminals targeted businesses that remained open during lockdown, making them more susceptible to cyber attack
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NewsClimate change and ESG transforming mining risk
Mining companies must incorporate ESG, above all climate change into their risk mitigation strategies in order to survive in the future - WTW
