July 16, 2018

Looking West

Looking West
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Inga Beale to leave Lloyd’s in 2019

Lloyd’s has issued a statement saying that Dame Inga Beale, chief executive officer of the organisation, will step down next year after leading the insurance and reinsurance marketplace for five years. Beale joined Lloyd’s in January 2014. Since then, her commitment to transformation across the market, and within the Corporation, has led...

IUCN launches report on ocean risk

A new report by International Union for Conservation of Nature (IUCN), commissioned by the global (re)insurance company XL Catlin, warns of unprecedented changes occurring in the ocean and points to the pressing need for a multi-sectoral approach, with businesses, government and the insurance industry working together to address their potential...

Nat Cat impact 18 percent lower in 2017

In a new combined ratio analysis, Willis Re compared 2017 with the severe catastrophe-affected years of 2005 and 2011. The analysis of a subset of reinsurers shows that the reported combined ratio for 2017 was 107.4 percent compared with 108.2 percent in 2011 and 112.8 percent in 2005. The impact...

‘Silent risk key barrier to cyber market growth’

A recent study by cyber risk-modeller X-Analytics has shown that silent cyber risks are among the major impediments to growth in the cyber re/insurance market, and that measurement of cyber risk in general is highly deficient among both customers and the wider re/insurance industry. Non-affirmative cyber, or silent cyber, refers to...

P/C industry surplus on upward trend: ISO, PCI

Private US property/casualty insurers saw investment gains push the industry’s surplus to a new all-time-high value of USD752.5 billion in 2017, a USD51.7 billion increase from 2016, and catastrophe losses suppressed the industry’s net income after taxes to USD36.1 billion in 2017, a 15.8 percent decline from a year earlier,...

GE mulls sale of insurance arm

General Electric (GE) is trying to sell its insurance business by working with investment bankers. The move comes after GE said in January it would take a USD6.2 billion after-tax charge and set aside another USD15 billion in reserves to help cover liabilities in insurance operations held by its GE...

Swiss Re, SoftBank end investment talks

Swiss Re and SoftBank Group Corp. (SoftBank) have agreed to end discussions about a potential minority investment of SoftBank in Swiss Re. Swiss Re will continue to implement its technology strategy with a combination of in-house developments and third-party collaborations, according to a recently issued press release. “In this context,...

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Marsh, Munich Re launch parametric pandemic cover

Marsh has launched an insurance product designed to protect businesses against pandemic risks such as the outbreak of infectious diseases, that utilises a parametric trigger provided by epidemic risk modelling specialists Metabiota and capacity from reinsurance giant Munich Re. The impact of infectious disease outbreaks and other pandemics can be...

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A.M. Best: Consolidation to continue

International ratings agency A.M. Best has predicted that the current consolidation trend in the insurance market is set to continue. This is due to the fact that the current drivers in the market that encourage this trend still remain. In a report titled ‘M&A Drivers Set to Remain, Fuelling Further...

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40% revenue loss in next 5 years: Accenture

Management consulting company Accenture has cautioned the industry to be prepared for the scale of potential digital disruption and has stated that some carriers could lose up to 40 percent of their traditional revenue within the next five years. The research indicated that, whilst re/insurance has so far been one...

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