MS Amlin fined $17.3 million over risk management failures
24 October 2022
The UK’s Prudential Regulation Authority has fined MS Amlin Underwriting £9.695 million over governance and risk management failures...
International
Munich Re acts on oil and gas underwriting, investment
24 October 2022
Munich Re has announced new measures to reduce its involvement with the oil and gas sector, an area that is increasingly being targeted by climate activists in their campaigns to pressure financial services providers into quitting fossil fuel businesses...
Swiss Re expects $2 billion hit from Hurricane Ian
24 October 2022
Swiss Re expects to report a third quarter net loss of around $US500 million as a result of preliminary Hurricane Ian claim estimates of about $US1.3 billion...
Reinsurers face earnings pressure despite strong first-half: Aon report
24 October 2022
Property and casualty reinsurers globally powered to a 22% rise in first-half underwriting profit to $US7.4 billion, according to an Aon report...
Munich Re 'rigorously' pricing for inflation, keeps 2022 earnings guidance
24 October 2022
Munich Re has warned of challenging times ahead as the business seeks to overcome inflation pressures, climate change fuelled-extreme weather events and other threats...
Aon predicts insured losses to exceed $US100 billion milestone again
24 October 2022
Aon’s latest catastrophe report predicts that worldwide insured losses will surpass $US100 billion for the third year in a row...
Insurers to play key role in climate adaptation: Zurich
17 October 2022
The insurance industry has a “defining role” to play in climate adaptation, by protecting against future climate-related risk and quantifying the impact, Zurich says, adding that past weather statistics are "no longer valid”..
Insurance think tank supports UN-backed net zero association
17 October 2022
Insurance research group The Geneva Association has been named a supporting organisation to the United Nations-convened Net Zero Asset Owners Association...
US auto losses rising on reckless driving, 'legal system abuse'
17 October 2022
US auto insurance profitability has sharply deteriorated with loss ratios now exceeding pre-pandemic levels, the Insurance Information Institute says...
UK SMEs uninsured despite increasing concern about cyber attacks
17 October 2022
A new GlobalData survey has revealed that many small and medium-sized market enterprises in the UK remain uninsured against cyber attack risks despite increasing wariness...
Australia ranks 14th in global wealth table
17 October 2022
Australia takes 14th place in the global wealth table, with net financial assets per capita of €99,400, Allianz says, though its debt ratio is the second highest worldwide, at 125.8%...
Lloyd's, Aon push for 'innovative' risk solutions in wake of Russia-Ukraine war
17 October 2022
Lloyd’s and Aon have created a forum to support the commercial development of risk solutions following the Russia-Ukraine war...
RMS estimates Hurricane Ian losses at $105 billion
10 October 2022
Risk modeller RMS has estimated Hurricane Ian private market insured losses could range from $US53-74 billion, with a “best estimate” of $US67 billion...
US flood insurance scheme extended until December 16
10 October 2022
US President Joe Biden has signed legislation passed by Congress to extend the National Flood Insurance Program’s authorisation until December 16...
FCA seeks improved claims handling as BI payouts rise
10 October 2022
A Financial Conduct Authority review of business interruption claim handling has called for improvements as payouts resulting from the UK legal test case reach £1.5 billion...
Lloyd's joins space sustainability drive
10 October 2022
Lloyd’s will collaborate with UK government and industry experts on the development of a kitemark for the Earth & Space Sustainability Initiative...
Hurricane Ian insured losses could reach $39-62 billion: Fitch
03 October 2022
Hurricane Ian insured losses in Florida could range from $US25-40 billion, ratings agency Fitch has estimated in an initial analysis after the storm became one of the most powerful to hit the state...
UK regulator warns of underinsurance risk as cost-of-living pressures mount
03 October 2022
The Financial Conduct Association has asked UK insurers to work with policyholders as increasingly strained household budgets raise the risk of some cutting back on insurance...
John Doyle named next Marsh McLennan President, CEO
03 October 2022
Marsh McLennan says John Doyle will take over as President and CEO from January, with Daniel Glaser set to retire after a decade leading the group...
Insurers signal change in investment mix amid market upheavals
03 October 2022
About 79% of insurers plan to evaluate their long-term strategic asset allocation and nearly half, or 48% will review risk appetite thresholds this year, according to an industry survey by global investment firm BlackRock...