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...
International
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...
UK regulator outlines post-Grenfell insurance remedies
26 September 2022
The Financial Conduct Authority has proposed creating a “cross industry” insurance pool and other measures to reform the UK multi-occupancy buildings insurance market...
Rate adequacy paramount, Lloyd’s tells syndicates
26 September 2022
Underwriters are continuing to operate in a challenging and difficult market and upward pressure on pricing is continuing, Lloyd’s Chief of Markets Patrick Tiernan says...
IUMI applauds collaborative efforts to keep up with new technology
26 September 2022
International Union of Marine Insurance committee chairman Pascal Dubois says loss prevention strategies to address new challenges have quickly moved “out of the laboratory and in the real world”...
AM Best expects 'manageable' losses from Japan's Typhoon Nanmadol
26 September 2022
AM Best says the impact of Typhoon Nanmadol will be “manageable” for Japan’s “well-captialised” insurance industry...
Lloyd's marks death of Queen Elizabeth II, accession of King Charles III
19 September 2022
Lloyd’s has held a ceremony to mark the death of Queen Elizabeth II and the accession of King Charles III, with the event taking place ahead of a one-day closure of the underwriting room for the UK national day of mourning...
Typhoon Nanmadol hits Japan, causes heavy rain, flooding
19 September 2022
Typhoon Nanmadol has brought violent winds, torrential rain and flooding to western Japan after crossing the coastline yesterday...
Gallagher Re hub to boost global research collaboration
19 September 2022
Gallagher Re has established a hub to drive collaboration with academic, research and other institutions around the world to support innovation in risk management for natural and man-made perils...
Insurance regulators add environmental stewardship to top priorities
19 September 2022
A global survey of top financial services regulators reveals “environmental stewardship” has now become one of eight most pressing priorities...
Lloyd's underwriting profit rises amid Ukraine, catastrophe challenges
12 September 2022
Lloyd’s has reported a stronger half-year underwriting result despite challenges from the invasion of Ukraine, natural catastrophes and inflation, while slipping to an overall loss after investment revaluations...
Global big picture changes elevate insurance role: Swiss Re
12 September 2022
Insurance will be critical in driving resilience as renewable energy take-up accelerates, global supply chains change and food security becomes a rising focus, a Swiss Re Sigma report says...
S&P still negative on reinsurance sector, rates keep rising
12 September 2022
S&P Global Ratings says its view of the reinsurance sector remains negative amid impacts from natural catastrophes, markets volatility and inflation although it expects property and casualty profitability will improve...
Climate change key focus as reinsurance expands: Munich Re
12 September 2022
Munich Re says it’s cultivating new high-resolution risk models for regional events such as flash flooding, as the insurance sector faces the task of gearing risk management to the reality of climate change impacts...