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The only way is up for rates, says Swiss Re

Rates for non-life insurance and reinsurance are expected to increase as a result of the serious drain on capital caused by numerous large natural catastrophe events in 2017, according to Swiss Re.

Sompo International opts for Luxembourg post-Brexit

Luxembourg is set to welcome another new re/insurance operation ahead of the UK's withdrawal from the European Union with Sompo International the latest to unveil plans of opening an operation there.

Primary insurers to retain wildfire losses

Primary carriers will be on the hook for the majority of as much as $10bn in loses related to the devastating California fires.

Skuld's Lindh to step down from January 1

Skuld's Claes Lindh will leave his full time position with the marine insurer at the beginning of next year although he will continue to provide advice to the business.

Beard joins RFIB as CFO

Former Agilisys and Xchanging executive Steven Beard has joined RFIB Group and Limehouse Agencies as its new chief financial officer.

Guffey's AGCS departure prompts reshuffle

Bill Guffey previously led the Alternative Risk Transfer business' blockchain initiative alongside Ernst & Young.

Hiscox continues US push with senior hire

The firm's appointment of Glenn Dorr as head of business development in North America is further evidence of its push into the US market following a series of devastating hurricanes in the region.

SMEs satisfied despite low uptake

Small to medium enterprises are satisfied with cyber insurance offerings but actual take up of the protection amongst this group remains low, a situation which Argo Group is confounded by.

Cloud computing offers legacy solutions

Cumbersome legacy systems are hindering insurers' attempts to branch out into new markets, but according to one IBM executive cloud computing could be the perfect solution to the issue.

Magazine

Industry keeping tabs on climate change

Managing Editor's Comment: The industry is keeping a close eye on the impact of climate change as hurricanes and wildfires hit bottom lines.

Tax plan creates sharp divide

The US property and casualty market is hoping for relief from a tax overhaul that economists have warned will do more harm than good in the long run.

Ready to sign on the dotted line?

Director and officer responsibility for cybersecurity

Settling dust reveals opportunity

Despite record capital levels, ratings action has already been taken against Lloyd’s of London and XL Catlin in response to devastating North American disasters, indicating how hard-hitting the recent catastrophes have been.

Wildfire woes add to re/insurers’ concerns

Losses from the wildfires that have been raging in California will only present further pain to carriers.

NFIP: not quite dead in the water

Following an emergency disaster relief bill, the National Flood Insurance Program is able to pay claims from the third quarter storms, but there is still no answer as to the best way to reform the scheme.

Argo primed for opportunities

Argo has spent the past 15 months building out its business and is now ready to take advantage of any pricing improvements.

Loss frequency as important as severity

Recent disasters have proven that the impact of multiple sizable events should be taken into account, rather than worrying about about one "mega-catastrophe".

Insurtech firms born to be acquired

The debate rages on over whether or not insurtech firms can maintain their independence are simply destined to end up within a larger firm.

Circumstances right for price rises

The recent storms have brought about the perfect conditions for rate increases following the elimination of an entire year of reinsurance market premium according to Jean-Paul Conoscente, president and chief executive of Scor US Corporation.

A man for all seasons

Swiss Re’s Frank O’Neill has moved back to London as head of UK and Ireland at a stormy and uncertain time for the market.

GIC Re IPO gets off the ground

Despite some shares selling at a discount, General Insurance Corporation of India could benefit from the country’s crop insurance scheme.

AIG shakes off SIFI status

The insurance giant has managed to lose its status as a Systemically Important Financial Institution, a move which has been welcomed by new chief executive Brian Duperreault.

Airline insurers readying for rate take-off

Rates in the airline insurance market have been in the doldrums for well over a decade, but there is some hope that situation may now change during the busy fourth quarter renewal.

Global re/insurers sign on to landmark Iran deal

Some of the largest European reinsurers have reportedly signed on to offer catastrophe coverage in Iran for the first time in seven years.

FIO under fire

The Federal Insurance Office stands to see its negotiating powers limited by Congress, as some call for the removal of the office in its entirety.

Munich Re's Levy ready for rises

A combination of key factors means pricing in the reinsurance industry is now ready to rise, Munich Re America's Steven Levy believes.

ILS London bill placed before UK parliament

Legislation to allow insurance linked securities transactions to take place in London has been presented to lawmakers for approval.

Latest Issue

November 2017

 

In this month's Reactions

  • Hurricane update
  • North America Awards
  • PCI Roundup
  • Baden Baden update

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