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Jan1 Renewals: Hannover Re’s Asia-Pacific premium growth remains modest
"Adequate prices and conditions continue to be indispensable for...
Aon names Terence Williams Head of Commercial Risk Solutions for Asia Pacific
He previously held several senior roles at Aon including CEO, South...
Aon’s $30 billion bid for insurance broker Willis hits EU antitrust hurdle:Reuters
The European Commission, which suspended its investigation into the deal last month while waiting for Aon to provide requested information, is concerned the takeover may drive up prices and hold back innovation.
Insurer Hiscox counts cost of virus claims, ‘brand damage’ after court case
“Hiscox has undoubtedly suffered some brand damage this year,” the company said
The company lost a high-profile court case in January over the policy wordings and has reserved $475 million for pandemic-linked claims.
Event cancellation and abandonment is expected to account for the biggest share of claims, followed by business interruption, the company said.
Brexodus from City of London to the EU slows
Financial services are not included in the EU-UK trade deal that came into effect on Jan. 1, largely cutting off the City from the EU.
“After the major hurdle of standing up new EU hubs, the days of significant swathes of asset and job relocation announcements appear to have passed and will likely be replaced by the slower yet ongoing movement of people and assets to Europe for compliance purposes,” Omar Ali, a financial services managing partner at EY, said.
UK business interruption insurance anguish far from over
The Financial Conduct Authority (FCA) said the case could affect 370,000 policyholders and 60 insurers, with the potential for billions of pounds in claims.
Many small businesses had policies that enabled them to claim a maximum of 50,000-100,000 pounds for disruption caused by the pandemic and subsequent lockdowns.
Munich Re partners with Google Cloud and Allianz for Cyber Insurance
The joint offering, achieved by linking technology with insurance know-how and facilitating the sharing of in-depth data, brings a new level of maturity to the market.
Munich Re and AGCS have developed the Cloud Protection + policy exclusively for Google Cloud customers.
The policy will initially be offered to Google Cloud customers in the United States and will be available to organisations with revenues of between US$ 500m and US$ 5bn. At a later stage, the scope will be extended to include organisations in other revenue segments and countries.
Claire Le Gall-Robinson appointed to the SCOR’s group executive committee
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “ Claire has fulfilled her duties as General Secretary with great professionalism. She knows the company extremely well, and her professional and human qualities are appreciated by everyone she deals with. I am confident that Claire will be successful in this new key role. This appointment bears witness to the depth and breadth of the company’s talent and demonstrates our determination to develop and promote all talent within the Group.”
Insurtech platform premiums to exceed $556 Billion globally in 2025, as AI drives market transformation
Insurtech to Represent 8% of Global Insurance Premiums by 2025
The top 5 leading vendors were found to be:Ping An,Axa,Munich Re,Humana and Allianz.
The report identified that weakened customer loyalty, and the driving down of premiums by increased competition and the shift to digital will cause seismic change in insurance over the next five years.
Cinven and Singapore’s GIC complete acquisition of Miller
Greg Collins, CEO, Miller, commented,“Today marks the start of a new phase of growth. From this point onwards you will begin to see us make precise strategic investments as we look to establish Miller as the leading independent specialist (re)insurance broking firm for clients across the specialist sectors in which we choose to do business. This includes expanding our offering in Asia, Europe and North America, alongside recruiting and incentivising highly skilled specialist brokers to add to the depth of our existing talent base.
S&P insurers moving cautiously in the aftermath of massive Texas Ice storm Uri
According to the catastrophe modelling agency Karen Clark & Co, Winter Storm Uri will cost the industry about $18 billion. In comparison, Hurricane Harvey caused $30 billion in industry insured losses in the U.S. and about $19 billion in Texas.
Specialty insurer and reinsurer SiriusPoint launches with over $3bn in capital
“We aspire to be a disruptive force in the industry and drive technology innovation – with skilled underwriting at the core of everything we do. We have set a goal to challenge the status quo and define new ways of conducting business with diversity of thought and expertise. I am very excited about our future. We are building a company and a culture we can be proud of.”