UK insurer BI claim settlements top $600 million
19 April 2021
UK insurers have paid out £352.1 million in business interruption claim final settlements following the test case judgment earlier this year, the Financial Conduct Authority says...
International
Lloyd’s plans underwriting room revamp
19 April 2021
Lloyd’s has outlined plans for a “once-in-a-generation” revamp of its underwriting room, building on technology changes and insights driven by the COVID-19 pandemic...
Aon pioneers vaccine transport cover using supply-chain sensors
19 April 2021
Aon has collaborated with a group of leading insurers and technology experts to underwrite COVID-19 cargo insurance risk with the help of sensors to track sensitive vaccine shipments as they make their journey from “factory to syringe”...
Cat insurance claim value hits record in UK
19 April 2021
The value of cat insurance claims rose 10% to an all-time high of £148 million in the UK last year as a record 1.06 million cat owners secured pet insurance...
Marsh warns of COVID-related ‘zombie’ risks
12 April 2021
Marsh has warned of a risk of mass bankruptcies among “zombie companies” that have been kept afloat by government-back schemes during the COVID-19 pandemic...
Lloyd's foresees $11 billion COVID-19 bill
12 April 2021
Lloyd’s now expects to pay customers £6.2 billion for pandemic-triggered claims...
Rates, policy clarity support London market outlook
12 April 2021
Continuing rate increases, improved policy wording clarity and cost reductions are underpinning a stable outlook assigned by AM Best to the London market...
Pricing firm in April reinsurance renewals: Willis Re
12 April 2021
Pricing remained firm in almost all classes and territories during the April reinsurance renewals after early-year trends set the direction, Willis Re says...
US has 122 tornadoes in March, highest since 2017
12 April 2021
Multiple severe weather outbreaks in the US, including tornadoes, hail, and flooding, resulted in billion-dollar insurance losses in March, Aon’s latest Global Catastrophe Recap report says...
Promote cyber ‘insurability’ with common global conventions: report
12 April 2021
A new report by The Geneva Association has created checklists for insurers it says will help with the complex task of cyber “attribution”, or identifying the responsible actor...
Marine group sees sustainability impacts
12 April 2021
The International Union of Marine Insurance says environmental, sustainability and governance issues are impacting all forms of business and are a focus for the industry...
Industry counting cost of Suez Canal blockage
29 March 2021
The grounding of the Japanese-owner super vessel, Ever Given, in the Suez Canal could end up as a costly claims event for the insurance industry...
UK regulator starts monthly updates on BI payments
29 March 2021
The Financial Conduct Authority has released the first of planned monthly updates on business interruption claim outcomes as payments flow following this year’s conclusion of the UK test case, while a legal firm has warned remaining points of law may still trigger further litigation...
Underwriting agencies spur ‘evolution’ of specialty market: AM Best
29 March 2021
A new AM Best report on underwriting agencies says the sector has played an important role in the “evolution” of the specialty insurance market in the last ten years...
UK insurers gain extension on pricing reforms
29 March 2021
The Financial Conduct Authority will give insurers more time to respond to reforms aimed at cracking down on pricing practices that disadvantage loyal customers...
Reinsurance, ILS markets showing ‘resilience’ despite virus, catastrophe losses
29 March 2021
Reinsurers and issuers of insurance-linked securities raised $US485 billion last year, returning global reinsurance capital back to pre-pandemic levels, a new report from AM Best says...
RMS offers new suite of climate change models
29 March 2021
RMS is introducing a range of new climate change models as higher rates of wildfires, floods and hurricanes demand that climate insights are incorporated into financial decisions...
Industrial control systems: the new cyber hacker ‘go to’
22 March 2021
Hacking of a water treatment plant in Florida last month reflects a rise in the ability of sophisticated cyber criminals to breach control systems at industrial sites, and offers a “grave warning,” FM Global says...
Fitch forecasts US P&C improvement
22 March 2021
US property and casualty insurers are poised for improved returns this year as pandemic-related losses subside and many commercial segments are undergoing favourable pricing trends, Fitch says...
Marsh gets a makeover
22 March 2021
Marsh McLennan is the new name replacing Marsh & McLennan Companies, accompanied by a new refreshed logo – an abstract infinity symbol...