Insurance

$1bn cyber risk market “growing rapidly”

Fri, 24 May 2013 00:00:00 GMT

The cyber risk insurance market is a small line of business now, with $1bn of written premiums in the US, but is set for rapid growth, says a new AM Best report, which warns underwriting challenges are high.

Eiopa’s Bernardino requests more powers

Fri, 24 May 2013 00:00:00 GMT

European Insurance and Occupational Pensions Authority calls increase in operational independence, a reinforcement of its independent challenging role towards National Competent Authorities and an enhancement of its mandate and powers.

PCI backs 10-year TRIA reauthorisation bill

Fri, 24 May 2013 00:00:00 GMT

A ten-year reauthorisation of the US’ terrorism act is backed by 22 US states, PCI and the National Association of Mutual Insurance Companies (NAMIC).

Up to $5bn in May US insured tornado losses

Fri, 24 May 2013 00:00:00 GMT

US tornadoes between May 18 and 20 have damaged and destroyed thousands of buildings with insured losses expected to hit $2bn to $5bn, says Eqecat.

"Active or extremely active" hurricane season

Thu, 23 May 2013 00:00:00 GMT

This year is likely to once again see an eventful hurricane season according to NOAA, with the agency predicting an "active or extremely active" year ahead.

Cyber claims under traditional policies rise

Thu, 23 May 2013 00:00:00 GMT

An increase in attempts to claim cyber losses under traditional policies may but a wide range of traditional coverages at risk.

Life reinsurance: an exclusive club

Thu, 23 May 2013 00:00:00 GMT

Feature: The life reinsurance market has grown in recent years, with many reinsurers deploying additional capacity to take longevity risk as well as mortality risk from the life and pensions sector. But it remains a difficult club to join, despite its attractions, Reactions finds.

Marsh to buy Peruvian insurance broker

Thu, 23 May 2013 00:00:00 GMT

Marsh will acquire Peruvian insurer Rehder y Asociados Group. The combined company is aiming to be a leader in one of South America’s fastest growing economies.

Reactions Latin America Awards winners revealed

Thu, 23 May 2013 00:00:00 GMT

The first-ever Reactions Latin America Awards were revealed on May 22 in Miami. A mix of domestic and international firms scooped trophies including Sura, Itaú, ASSA, GNP, Sancor, Munich Re, Swiss Re, Patria Re, Barents Re, IRB-Brasil Re, Aon, Aon Benfield.

S&P unveils updated ratings

Thu, 23 May 2013 00:00:00 GMT

S&P’s new ratings of Allianz and Zurich differ despite having matching profiles, which highlights flexible criteria, Litmus Analysis has said.

Berkley demands tax ‘level playing field’

Wed, 22 May 2013 00:00:00 GMT

A bill closing a loophole allowing foreign insurers to avoid US tax by operating through reinsurance vehicles in tax heavens is gathering industry support.

MetLife to repatriate offshore reinsurance unit

Wed, 22 May 2013 00:00:00 GMT

MetLife will move some of its offshore reinsurance back to the US in order to make its business more transparent, according to the New York Times. The move has pleased regulators but underwhelmed the stock market.

SII solvency ratios may have complex volatility

Wed, 22 May 2013 00:00:00 GMT

An EIOPA study will lead to relatively generous discounting of liabilities being allowed under Solvency II, says rating agency, Moody’s.

XL recruits COO to expand global P&C

Wed, 22 May 2013 00:00:00 GMT

XL Group is expanding international property and casualty insurance business with the appointment of a new Zurich based chief operating officer.

Call to action on corporate nat cat plans

Tue, 21 May 2013 00:00:00 GMT

Comment: A joint PwC/UNISDR report warns that large multinationals’ dependencies on international supply chains, infrastructure and markets poses a systemic risk to “business as usual”.

Endurance expands inland marine team

Tue, 21 May 2013 00:00:00 GMT

Endurance has expanded its inland marine insurance team, with four hires in the US.

Oklahoma tornado one of costliest on record

Tue, 21 May 2013 00:00:00 GMT

The tornado that ripped through Moore, Oklahoma, on Monday could be the one of the costliest tornado on record, according to reports released today.

Time to rethink disaster reduction

Tue, 21 May 2013 00:00:00 GMT

Feature: Economic losses from natural disasters are out of control and will continue to escalate until disaster risk management becomes a core part of business investment strategies.

UK flood row: when the levy breaks

Tue, 21 May 2013 00:00:00 GMT

Comment: While everyone is talking about public-private partnerships in disaster risk reduction, in the UK there’s still no agreement on the future of flood insurance for homeowners.

AIG to buy $93m of PICC shares

Mon, 20 May 2013 00:00:00 GMT

AIG will continue to own a 9.9% share in Chinese insurer PICC P&C.

China new solvency regime is credit positive

Mon, 20 May 2013 00:00:00 GMT

Moody’s reports that China's new framework’s concept, principle and content is concurrent with international standards in that it moves to a risk-focused regime from one focused on size, which is credit positive for Chinese insurers.

Devastating tornado sweeps across Oklahoma

Mon, 20 May 2013 00:00:00 GMT

A highly destructive tornado has torn through an Oklahoma City suburb on Monday ripping through two schools and leaving a trail of devastation in its wake.

Endurance hires Alterra E&S casualty team

Mon, 20 May 2013 00:00:00 GMT

Endurance has announced the establishment of a new E&S team to join the company next week. The team will be led by Joseph Rainone.

Feature: Berkshire Hathaway declares war

Mon, 20 May 2013 00:00:00 GMT

Berkshire Hathaway’s aggressive entry into commercial primary insurance has raised concerns among US insurers about a potential pricing war. Some believe more reinsurers will follow Warren Buffett ‘s lead and target the E&S insurance market.

Marsh launches D&O Delta product

Mon, 20 May 2013 00:00:00 GMT

Insurance broker Marsh has introduced a directors’ and officers’ liability insurance (D&O) product to shield from growing regulatory and liability risks.

Midwest Re/Insurance Conference slides

Mon, 20 May 2013 00:00:00 GMT

The presentations from the Reactions Midwest Re/Insurance Conference, held in Chicago on April 30, are now available as well as coverage from the event including a keynote from Ryan Specialty Group's Pat Ryan.

Property insurers seek T&C changes: Marsh

Mon, 20 May 2013 00:00:00 GMT

US property insurance limits and deductibles remain stable, indicative of a competitive marketplace, with the exception of insureds in the north-east and those with significant flood exposures, says new Marsh report.

Reserve releases are like discovering fracking - Conning

Mon, 20 May 2013 00:00:00 GMT

US property/casualty insurance industry releases more than $10.5bn in reserves in 2012, says Conning in a new report. The reserve position is stable despite the 2012 releases.

Travelers in $300m cat bond

Mon, 20 May 2013 00:00:00 GMT

Travelers transfers $300m of US hurricane risk to capital markets with Long Point Re III catastrophe bond, placed by Guy Carpenter Securities and structured by Swiss Re.

WCMA appoints Michael Guo as head of Asia

Mon, 20 May 2013 00:00:00 GMT

Michael Guo joins from Boston Consulting Group as managing director and head of Asia, based in Hong Kong. Guo will report to Tony Ursano, chief executive officer of WCMA.