January 22, 2019

Looking West

Looking West

Top risks facing manufacturers: Chubb

A study from Chubb and The National Center for the Middle Market (NCMM) found that although manufacturing is experiencing growth, there are many interconnected challenges leading to new risks. The research also suggests that manufacturers may not be fully prepared to confront some of these new and emerging risks, including...

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Hurricane Michael may leave USD15bn financial impact: Aon

Aon’s Impact Forecasting team recently launched the latest edition of its monthly Global Catastrophe Recap report, which evaluated the impact of the natural disaster events that occurred worldwide during October 2018. The report highlighted that Hurricane Michael killed 45 people in the US, as it became the strongest tropical cyclone on record...

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Lemonade plans Europe expansion

Insurance start-up Lemonade has announced plans of expanding to Europe. Citing the continent’s ‘thriving tech ecosystems and the countless people who wrote to ask that we come to their country’ as reasons for the expansion plan. In a blog post on the Lemonade website, CEO Daniel Schrieber said that Europe,...

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CIMA issues 4 captive licenses in Q3

The Cayman Islands Monetary Authority (CIMA) has issued licenses for four new captive insurance companies and one portfolio insurance company in the third quarter of 2018. Between July 1 to September 30, Cayman welcomed one Class B(i) insurer, LG Indemnity Company, and three Class B(iii) insurers: Evergreen Pacific Reinsurance Company,...

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B3i to co-chair new ACORD blockchain standards group

The Blockchain Insurance Industry Initiative (B3i) has announced that it will jointly chair a new ACORD project group designed to propose common standards for the adoption of blockchain technology in the re/insurance industry. Led by B3i and RiskBlock Alliance, the initiative will support the adoption of data and protocol standards...

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Swiss Re reports USD1.1 bn 9M net income

Swiss Re reported a Group net income of USD1.1 billion for the first nine months of 2018 compared to a loss of USD468 million for the same period a year ago, despite an estimated claims burden of USD1.6 billion from natural catastrophes and large man-made events in the reporting period. While the...

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Health insurance system breached

Hackers have gotten access to personal data belonging to 75,000 people in a breach of government health insurance system used by agents and brokers to help customers sign up for healthcare plans in the US, the media reported. The compromised system was connected to the Healthcare.gov website, where the general...

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BGC Partners acquires Ed

Ed, the global reinsurance, wholesale and specialty broker, has announced that a subsidiary of BGC Partners, Inc (BGC), a global brokerage and financial technology company, has agreed to acquire Ed Broking Group (Ed), subject to a number of conditions, including regulatory approvals. Under the terms of the agreement, a subsidiary of BGC will...

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World Bank launches USD150 million insurance fund

The World Bank recently launched a new USD150 million fund intended to help insure vulnerable countries against natural disasters and the increasing risk of climate change-linked crises. The announcement follows a string of recent natural disasters across the world including record storms and a series of deadly quakes in Indonesia,...

FCA launches GI market study

The Financial Conduct Authority (FCA) has concluded a supervisory document on insurance pricing practices as part of its 2018/2019 Business Plan. The FCA has decided that a package of measures is necessary following this initial work. These include addressing conduct by firms, a market study on general insurance (GI) pricing...

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