There were eight acts of piracy and hijackings in the first half of...
Category:
Reinsurance
Latest
CrowdStrike Crisis: Negotiating ‘Blue Screen of Death’ (BSOD) loop
Clear understanding and documentation of cyber insurance policies...
Crop insurance to see growth from 2024 onwards, govt tech push to boost sector: Economic Survey 2023-24
"Agriculture premiums will likely rise from 2024 onwards, with an...
Insurers need profound transformation and the right talent, reveals EY Insurance Outlook 2020
Insurers agree that talent is the “secret sauce” to maximize returns on investments in technology, digital transformation and new business models. But with the industry struggling to attract the right talent, the report finds that insurers need to either reposition themselves as technology firms or proactively communicate on why the industry matters, what value it brings to society and the overall appeal of an insurance career.
California puts one-year halt on insurers dropping customers in wildfire-prone areas
The moratorium, which ends Dec. 5, 2020, is meant to draw insurers and state legislators to the negotiating table to find a solution to the state’s wildfire insurance dilemma.
In its biggest deal, Phoenix to buy Swiss Re’s ReAssure unit for $4.1 bn
The deal is the latest in a rapidly consolidating sector as many insurance companies, hit by tougher capital rules since the financial crisis, seek to sell old books of business to free up capital to invest in high-growth areas.
Saudi Aramco pursues war cover after attacks – sources
Aramco, the world’s largest oil company, has been looking for cover from insurers including those based at Lloyd’s of London and elsewhere in the London market.Available insurance options range from cover against a terror attack or sabotage through to full coverage, which includes war or civil war, along with compensation for the cost of business
Over two-thirds of firms have suffered a political risk loss: Willis Towers Watson survey
Most respondents (71%) stated that the emphasis on political risk management at their company had increased since 2018, and nearly 40% felt that they were facing more pressure from investors regarding political risk management. The survey found that recent developments such as the China-US rivalry and the sanctions that have arisen as a result have made political risk more tangible.
Bermuda’s Catalina Holdings acquires Asia Capital Re
Consequently, ACR will cease writing business with immediate effect and all existing policies in force will be serviced until expiry. ACR said it will continue to honour all valid reinsurance quotes, as well as liabilities from outstanding commitments.Catalina said that it intends to use ACR and Singapore as a hub to build a strong Asian run-off platform.
Lloyd’s launches new space risk product and new analysis of the space sector
According to a new Lloyd’s report, NewSpace: Bringing the new frontier closer to home, published today, the global space market could increase in value from $300bn today to $1tr by 2040, driven by NewSpace companies entering the sector.
SCOR issues a new contingent capital facility
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “Our new strategic plan “Quantum Leap” sets out ambitious profitability and solvency targets given the current financial and economic environment. This new contingent capital facility is an essential part of the active capital management policy that is at the heart of our strategy. This facility protects SCOR’s solvency, at a very low cost for our shareholders, against events such as a global pandemic or a natural catastrophe of historic proportions.”
5 risk trends company directors and officers need to watch in 2020:Allianz
:
• “Bad news” events, impact of climate change, bankruptcies and political challenges have increasing risk implications for directors and officers (D&Os)
• Growth of securities class actions and third party funding globally means litigation against companies and their D&Os is on the rise. US, Canada and Australia see highest activity but these trends are developing around the world
• Profitability of D&O insurance sector impacted in recent years due to increasing competition, growth in lawsuits and rising claims frequency and severity. Further volatility anticipated
Berkshire Hathaway launched Commercial Crime Insurance in Asia
“Corporate fraud is becoming increasingly sophisticated as technology advances at an exponential pace across the globe. Companies now face new threats and are tasked with protecting both traditional and digital assets,” said Scotland Walsh-Riddle, head of Executive & Professional Lines, BHSI Asia. “Our policy is important protection for a company’s balance sheet by both insuring against losses arising from a wide range of threats and providing support to investigate the cause of a loss.”