Tim Coles, Chief Executive Officer of Bridge Specialty...
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AM Best upgrades GIC Re’s rating, assesses its business profile as favourable
AM Best upgraded GIC Re's Financial Strength Rating to A-...
Hurricane Milton leaves at least 10 dead, millions without power in Florida
More than 3 million homes and businesses in Florida were without...
Roberts to lead Global Renewable Energy biz of Marsh JLT SpecialtyLondon:
“There is renewed political will as we approach the end of 2020 to move towards greater decarbonization and more sustainable energy sources.As traditional energy companies continue to decarbonize their footprints – and market challengers seek to redefine the energy landscape – Marsh JLT Specialty’s Global Renewable Energy team will play a key role in supporting our clients and communities as they transition towards more sustainable and carbon-neutral futures,”said Roberts
U.S. lifts Boeing 737 MAX flight ban after crash probes, tough hurdles remain
Questions remain over how quickly other regulators, especially in China, will lift their flight bans.
The U.S. planemaker’s best-selling jet will make its comeback facing headwinds from a resurgent coronavirus pandemic, new European trade tariffs and mistrust of one of the most scrutinized brands in aviation.
Lloyd’s of London sees global pandemic insurance losses above previous estimate
Lloyd’s has proposed a “Black Swan” reinsurance scheme to governments globally to ensure better cover during circumstances such as the pandemic and other disturbances to business, but Carnegie-Brown said it was hard to get government attention on the topic so far.
“The challenge for governments of course is that they are very short-term focused… (it is) very difficult for them to lift their heads above the parapet and think about the future,” Carnegie-Brown said.
Canada’s Intact, Denmark’s Tryg agree to buy British insurer RSA for $9.6 billion
Best known in Britain for its more than brand, RSA provides home, motor and commercial insurance and also has large operations in Canada, Ireland and Scandinavia.
AXA XL launches Risk Scanning
Maxime Ambourg, Risk Consulting Manager for Innovation & Business Development at AXA XL Risk Consulting, commented: “Traditional loss prevention programmes usually focus on a company’s primary locations. They can neglect the risks associated with smaller sites that are rarely visited by risk engineers, despite being where losses most often occur. By leveraging both the experience of our consultants and new technologies, Risk Scanning allows for a more exhaustive and therefore precise assessment.”
Reinsurers’ pandemic losses have started to fade:Fitch
All four major reinsurers have remained well capitalised so far in 2020, which was partially achieved by the issuance of subordinated debt. This allowed for strong premium growth in reinsurance, driven by higher prices, rising demand in Asia, and an increased risk appetite.
In the hands of God:’ Central America bears brunt of powerful hurricane Iota
About 40,000 people in Nicaragua have been evacuated to shelters, authorities said. Many coastal areas are at risk of storm surges of as much as 20 feet (6 meters) above normal tides. In Honduras, 80,000 people were moved to safety.
“It’s the strongest hurricane that has touched Nicaraguan soil since records began,” said Marcio Baca, director of the Nicaraguan Institute of Earth Studies.
This is the first time two major hurricanes have formed in the Atlantic basin in November since records began in 1851.
Insurers are trying to escape COVID-19 liability, watchdog tells UK Supreme Cour
A lawyer for the Financial Conduct Authority (FCA), which brought a test case against insurers on behalf of policyholders, said insurers had reached an “extraordinary conclusion” that business losses were largely uncovered during the coronavirus pandemic because of the widespread havoc it has caused.
“(Insurers) are saying: ‘We insure perils but not ones that are going to cost us a huge amount of money. We never contemplated that’. Well, that isn’t an answer,” Colin Edelman, the FCA’s lawyer, told the second day of a four-day appeal, watched by thousands of businesses brought to their knees during the pandemic.
Clarity Over Coverage is Critical as COVID-19 Casts a Shadow over Jan Renewals
The biggest challenge at this renewal, however, is undoubtedly exclusionary language and clarity of wordings related to COVID-19 – particularly loss occurrence clauses and, where relevant, claim payments or claims validity.
Munich Re and Porsche form JV, to offer innovative manufacturing, software and financial mangement expertise
Torsten Jeworrek, member of Munich Re’s Board of Managementsaid,“With the FlexFactory, we and our partners have created a future-oriented platform for opening up new markets, which addresses a central challenge of modern production. Our cooperation once again underlines Munich Re’s innovative power and solution competence as a risk manager and financing expert for Industry 4.0.”