Insurance news

• RMS modelled Matthew loss down to $6bn

  07-10-2016 19:48
  Modelled loss simulations from RMS show a significant fall in
  expected industry losses from Hurricane Matthew, with the mean loss
  guidance now as low as $6.0bn, The Insurance
  Insider can reveal.
  Confidential client numbers produced by RMS and passed to this
  publication by sources suggest that the probability of US wind-only
  losses hitting $20bn was down from a projection of 41.9 percent
  yesterday to just 9.4 percent.
  Meanwhile, the probability of a $10bn loss event in
  the US has fallen...
  
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• Industry loss expectations ease to $5bn-$15bn

  07-10-2016 19:48
  Fears of a $20bn+ loss are receding after Hurricane Matthew
  skirted the Floridian coast, rather than making landfall as a
  Category 3 storm.
  Market sources stressed that huge uncertainty remains around the
  loss quantum, with the potential for a landfall in the Carolinas
  causing nervousness.
  However, most now suspect that the industry will escape with
  losses in the $10bn to $15bn range, while some suggested it could
  come down towards $5bn.
  Yesterday evening there was concern that losses could stee
  
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• Heritage estimates $500mn Matthew impact

  07-10-2016 19:48
  Floridian insurer Heritage said yesterday that it could take about
  $500mn of losses from Hurricane Matthew, ahead of the storm's
  downgrade to a category 3 event.
  CEO Bruce Lucas first made the $500mn loss projection during
  comments on CNBC yesterday, although since then the storm's
  forecast track has taken a somewhat more favourable turn for
  Florida.
  "As of this morning [7 October], Hurricane Matthew has
  remained east of the Florida coast. As a result, projected losses
  could be substantially low
  
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• Matthew could cause a 95% fall in reinsurer profit: S&P

  07-10-2016 18:10
  Reinsurers affected by Hurricane Matthew could see pre-tax
  profits fall by around 95 percent on average if the storm hits as a
  1-in-50-year event, according to Standard & Poor's
  (S&P).
  In a statement released today, the rating agency said the
  forecasted pre-tax profits of the 21 rated reinsurers it analysed
  were expected to cover the losses from Matthew.
  However, if the storm amounts to a 1-in-50-year event, 24
  percent of rated reinsurers would likely suffer a net operating
  loss for...
  
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• Ark launches $60mn contingency consortium

  07-10-2016 18:10
  Ark's Syndicate 3902 contingency team has launched a consortium
  to write large event cancellation risks with capacity of up to
  $60mn for any one risk.
  The consortium's target business is major global sports,
  cultural and business events with sums insured over $25mn. It is
  hoped the launch will attract new risks to Lloyd's from all
  over the world.
  Ark will act as leader on the consortium, with ANV, Argo,
  Barbican and Hamilton also providing support.
  The venture has been given...
  
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• Floridian stocks recover as Matthew fears wane

  07-10-2016 18:10
  Florida property insurers' stocks have bounced back in early
  trading this morning, as investor fears about the impact of
  Hurricane Matthew subsided.
  Today, Universal achieved the biggest uptick, with its stock
  rising by 17.22 percent to $22.87.
  HCI Group's stock had increased by 14.3 percent to $29.07 as
  of 10:15 EDT, while Heritage Insurance Holdings, Federated National
  and United Insurance Holdings' shares had all increased by more
  than 8 percent.
  The movement is a stark turnaround from yester
  
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• Brokers urged to make changes to grow

  07-10-2016 17:39
  
  It is absolutely key to understand your numbers, to understand where every pound and premium is placed to ensure growth.
  
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• CII launches New Generation Group for 2017

  07-10-2016 17:15
  
  The talent programme includes a specialist broking group.
  
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• Insurers struggling to adapt to digital channels, leaving millennials in the dark

  07-10-2016 17:08
  
  UK insurers are struggling to adapt to digital channels of customer engagement, research has revealed.
  
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• Hurricane Matthew hits Florida as Category 1 storm

  07-10-2016 16:05
  Hurricane Matthew has struck a glancing blow to the Florida
  coast as a Category 1 storm, with its Category 2 and 3 portions
  remaining offshore, according to data from Tropical Storm Risk.
  As of 7.00am Eastern time (11.00am GMT) the hurricane had
  reached the counties of Brevard, Indian River and St Lucie.
  The storm's path is also thought to be tracking further east
  than previously predicted, meaning the Category 3 part of the
  hurricane is mainly offshore (see illustrations).
  Further...
  
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• Endurance and Sompo Canopius to merge post-deal

  07-10-2016 14:36
  Sompo Canopius will be fully merged with Endurance following parent
  company Sompo's acquisition of the Bermudian firm, according to
  Sompo Holdings CEO Kengo Sakurada.
  At a press conference today, the executive explained Endurance,
  Sompo Canopius and Sompo's other international business would
  be merged to come under one holding company.
  Within that holding company there will be three operating
  companies - one for Lloyd's, one for reinsurance and one for US
  business.
  Sakurada said his firm was pur
  
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• Hurricane Matthew likely to be a “significant event” as it makes landfall

  07-10-2016 14:32
  
  Hurricane Matthew is expected to be a “significant event” as it continues to progress through the Bahamas, according to catastrophe modelling firm AIR Worldwide.
  
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• Hurricane Matthew likely to be a significant claims event as death toll rises

  07-10-2016 14:32
  
  Hurricane Matthew is expected to be a significant claims event as it continues to progress through the Bahamas, following the news of hundreds of deaths in Haiti.
  
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• Week in Post: Socials, swingers, and share sales

  07-10-2016 14:15
  
  This week editorial staff at Post and sister title Insurance Age held their annual team social. After a popular vote, we took the unusual step of visiting a swingers club.
  
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• This week: Socials, swingers, and share sales

  07-10-2016 14:15
  
  This week editorial staff at Post and sister title Insurance Age held their annual team social. After a popular vote, we took the unusual step of visiting a swingers club.
  
  Read more

• Japanese Sompo aims to become a 'truly global insurer'

  07-10-2016 13:50
  
  Sompo's president and CEO, Kengo Sakurada has said the Japanese insurer aims to build a business which competes on a global scale with its purchase of Endurance.
  
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• Hurricane Matthew to weaken to Category 3: NHC

  07-10-2016 12:52
  The US National Hurricane Center (NHC) has predicted that
  Hurricane Matthew will weaken to a Category 3 storm as it nears the
  Floridian coast over the course of today.
  As of 02:00 EDT, the organisation said the storm was tracking
  northwest towards the east coast of Florida, with it likely to move
  over or near the region tonight, before reaching or coming close to
  the coasts of Georgia and South Carolina on Saturday.
  Matthew is currently moving at 14 mph...
  
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• Haiti to receive $20mn CCRIF payout

  07-10-2016 12:52
  The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is
  preparing to pay out just over $20mn to the government of Haiti
  following the impact of Hurricane Matthew.
  This is the largest payment the CCRIF has made to date. Since
  its inception in 2007, the fund has made a total of 15 payouts to
  10 member governments totalling $38.8mn, all within 14 days of the
  relevant event.
  The latest payment would bring the total to approximately
  $58.8mn.
  It also marks Haiti's second...
  
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• A&A Group moves into profit for 2015

  07-10-2016 12:19
  
  Group CEO Tony Allen hails “greatly improved” results for the broker and its parent company.
  
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• Quizzical questions: 7 October 2016

  07-10-2016 11:35 via insuranceage.co.uk
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• Opinion: Whiplash reform – more at stake than a potential £50

  07-10-2016 11:34 via insuranceage.co.uk
  
  Andrew Twambley, spokesperson for Access to Justice which is campaigning against the government’s reforms to personal injury, joins the debate.
  
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• Everest Re and RenRe most exposed to Hurricane Matthew

  07-10-2016 10:53
  Everest Re and RenaissanceRe are the most exposed carriers to
  Hurricane Matthew in the Florida reinsurance market, according to
  equities analysts at Macquarie.
  Matthew weakened slightly to a Category 3 storm as it moved
  closer to Florida this morning.
  Sister publication Trading Risk
  obtained very provisional data provided by RMS to its clients
  yesterday, based on a single projected track from a 5 October
  forecast, which indicated that there was a 40 percent chance of
  Matthew resulting in an indu
  
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• AIG PI aggregation case heads to Supreme Court

  07-10-2016 10:53
  A landmark professional indemnity (PI) appeal involving AIG will
  be heard in the UK Supreme Court on 10 October.
  The case will be the first time the Supreme Court has been asked
  to interpret the wording of the aggregation clause in the Minimum
  Terms of Cover (MTC) for PI insurance policies, which are mandatory
  for all regulated law firms under Solicitors Regulation Authority
  rules.
  The case centres around a Commercial Court decision in August
  last year, which held that AIG...
  
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• Adrian Saunders spells out his top priorities for Ecclesiastical

  07-10-2016 10:41 via insuranceage.co.uk
  
  Ecclesiastical's commercial director on his role, profitability, growth and restructuring at the insurer
  
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• Video: A broking minute with Tony Knight of Knightsure

  07-10-2016 10:40
  
  Tony tackles a broking minute revealing his preferred superpower, his favourite sandwich filling and much more.
  
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• David Hertzell, Aviva, Allianz, Axa and QBE among 2016 Insurance Fraud Awards winners

  07-10-2016 10:26
  
  David Hertzell was crowned winner of the achievement award at last night’s Insurance Fraud Awards.
  
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• Broker Apprentice 2016: Szymon Wloch

  07-10-2016 10:15
  
  The cameras start rolling on Monday for the next series of Broker Apprentice.
  
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• Government urged to make telematics mandatory for youngsters

  07-10-2016 09:21
  
  Telematics could save lives 
  
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• Wholesale channel not more costly than retail: Conning

  07-10-2016 05:08
  In a P&C insurance sector that is seeing significant structural
  change, there has been much discussion about removing links in the
  distribution chain and the potential for disintermediation.
  But in a report commissioned by Napslo, Conning's research
  arm has concluded that wholesale distribution does not increase the
  cost of the transaction to the insured.
  The study found that the total non-loss cost ratio for a
  composite of wholesale companies with $19bn in premium was 1
  percentage point low
  
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• Auto the exception in E&S buyer's market: Amwins

  07-10-2016 02:43
  Both the property and casualty sectors of the E&S sector remain
  soft, with a buyer's market everywhere except commercial auto,
  according to wholesale broker Amwins.
  In its latest state of the market publication, the firm noted
  that amid ample capacity and favourable underwriting results,
  carriers are scrapping for market share, competing not just on
  price, but coverage too.
  "In property, the combination of new markets, strong
  underwriting appetites from both new and existing carriers, and
  re
  
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• Reinsurance support means Florida sell-off 'overdone': KBW

  07-10-2016 01:24
  Florida property insurers could represent a bargain after investors
  beat down prices based on forecasts for Hurricane Matthew's 140
  mph winds to tear up the state's east coast.
  "In our view, the sell-off of publicly traded Florida
  homeowners insurers' shares is overdone, and we view the
  weakness as a buying opportunity," Arash Soleimani, an analyst
  at Keefe, Bruyette & Woods, said in a note to clients late
  today.
  "We remind investors that the publicly traded Florida
  homeowners insurers are h
  
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