Insurance news

• Harvey's economic losses may reach $90bn: RMS

  30-08-2017 22:49
  Hurricane Harvey's total economic damages could reach
  $70bn-$90bn, catastrophe modeller RMS said, a total that could far
  surpass the nearly $70bn impact of 2012's Hurricane Sandy as
  estimated by the National Oceanic and Atmospheric
  Administration.
  The largest component of Harvey's inflicted damage stems
  from flooding in the Houston metropolitan area which encompasses
  more than 7 million properties. The real estate alone is valued at
  $1.5tn, RMS said today in a report.
  Less than 10 percent of the
  
  Read more

• Assurant may benefit from NFIP fees tied to Harvey

  30-08-2017 22:49
  Assurant and other carriers that write National Flood Insurance
  Program (NFIP) policies may find a bit of a silver lining in
  Harvey's devastation as they are in line to collect
  claims-processing fees while leaving the government-subsidised NFIP
  to bear the payouts, according to Credit Suisse analyst John Nadel.
  The servicing revenue will offset likely exposure to Harvey claims
  for the company through its lender-placed property coverage and its
  manufactured housing portfolio, Nadel said today in
  
  Read more

• Fosun's Peak Re swings to profit in H1

  30-08-2017 19:09
  Fosun-owned reinsurer Peak Re moved back into the black in the
  six months to June, posting net profit of $36.1mn, the parent
  company said in its results disclosure.
  Peak Re's first-half net profit compared with a loss of
  $35.8mn a year earlier.
  The Asia-focused carrier, which started up in 2012, also made an
  underwriting profit, as its combined ratio improved by 9.4
  percentage points to 97.6 percent.
  Its premium income rose 72 percent rise to $472.4mn, Fosun
  said.
  Peak Re...
  
  Read more

• State National gained 10% Markel bid increase at auction

  30-08-2017 15:48
  The Evercore-run auction for State National yielded indicative
  offers starting at $17 per share, with eventual victor Markel
  prevailing partly because of its ability to pay in cash.
  On 26 July the target agreed to an offer from Markelworth $21 per share, or $919mn. This represented a 10 percent
  increase from the initial bid Markel gave at the beginning of the
  auction.State National laid out the bid trajectory in a proxy statement
  issued yesterday ahead of it setting...
  
  Read more

• Advertisement

• In-depth - Personal lines: Technological revolution

  30-08-2017 15:04
  Coplus director Jason Tripp asks ’is a technology revolution in personal lines claims long overdue?’
  
  Read more

• The Blog Spot: Brokers beware worldwide cyber-crime has overtaken the drug trade

  30-08-2017 14:58
  One data breach could cause huge reputational damage for a broker, what steps are you taking to protect your clients’ data?
  
  Read more

• Donegan steps away from Price Forbes to advise Ardonagh Group

  30-08-2017 13:00
  He becomes strategic adviser to Towergate-owner Ardonagh Group as James Masterton takes on Price Forbes CEO role.
  
  Read more

• Burford joins Fidelis as specialised risks chairman

  30-08-2017 12:57
  Former Novae underwriting performance director Ian Burford has
  joined Fidelis' London underwriting team as chairman of
  specialised risks.
  Burford will take up his new position on 4 September and will
  focus on identifying opportunities to expand specialised products
  in insurance and reinsurance, including MGA start-ups.
  He will also write treaty reinsurance, including property, for
  Fidelis' London operations, where it is complementary to the
  North American and international business written by Fi
  
  Read more

• Advertisement

• Calling Manchester brokers – Broker Apprentice open for interviews

  30-08-2017 12:34
  Face-to-face meetings will take place in the city on 21 September with dates also available in Birmingham, London and via Skype for the first time.
  
  Read more

• Aviva GI CEO Colm Holmes on its British Insurance Awards success

  30-08-2017 12:31
  After being crowned general insurer of the year at the British Insurance Awards in July, Aviva’s UK general insurance CEO Colm Holmes sat down with Post content director Jonathan Swift to discuss its “social purpose” and how – as a business – it is helping customers defy uncertainty.
  
  Read more

• Allianz acquires Nigerian insurer Ensure

  30-08-2017 12:14
  Allianz has acquired a 98% stake in Nigerian insurer Ensure Insurance, subject to regulatory approvals.
  
  Read more

• Vienna Insurance Group completes merger with Wiener Städtische Osiguranje

  30-08-2017 10:31
  Vienna Insurance Group has completed its merger with Wiener Städtische Osiguranje and the two Axa companies it acquired last year.
  
  Read more

• Surprise changes revealed as Top 50 Brokers 2017 launches

  30-08-2017 10:17
  A new number one and seven new entrants in the Top 50 Brokers 2017
  
  Read more

• Opinion: Kids and animals

  30-08-2017 10:05
  There are two famous rules in showbiz: Never work with kids and
  never work with animals.
  To this I might add a third instruction: never organise an
  awards ceremony.
  I love almost everything about putting on awards shows.
  The exception comes with the awkward moment around midnight when
  I am confronted at the bar by a slightly drunk, potentially
  aggressive senior executive whose firm has narrowly missed out on
  winning a prize, usually to a bitter rival.
  As chair of...
  
  Read more

• Harvey to be absorbed by European cat budgets: Bernstein

  30-08-2017 10:05
  The impact of Hurricane Harvey on European carriers will be
  swallowed up by existing natural catastrophe fund allocations,
  according to Bernstein analyst Thomas Seidl.
  The analyst predicts Harvey will cause losses of between $180mn
  and $340mn for Munich Re and Swiss - within the companies'
  third quarter catastrophe budgets. Munich Re has set aside $440mn
  to pay for cats in Q3, while Swiss Re has banked $500mn.
  Seidl's current insured loss estimate for the storm comes in
  at the lower...
  
  Read more

• China to relax insurance investment rules: report

  30-08-2017 10:05
  China will reportedly change the rules to encourage
  international participation in its insurance market amid a decline
  in foreign direct investment in the country.
  Vice Minister of Commerce Wang Shouwen said on 25 August that
  insurance is set to be included in a raft of sectors due to be
  opened up to investment, including banking and the auto industry,
  the Nikkei Asian Review reported. The plans will be laid out before
  the end of next month, the news outlet added....
  
  Read more

• Regulator strips CMC licence over fake holiday sickness claims

  30-08-2017 08:30
  Claims Management Regulator takes action on fake holiday sickness claims amid crackdown
  
  Read more

• Feature: The future of post-hospital care

  30-08-2017 07:00
  With budgetary pressures mounting on the NHS, more patients are recovering at home and insurance could play an increasing role in covering the costs of post-hospital care.
  
  Read more

• Harvey's economic costs may top Sandy's: Moody's

  30-08-2017 02:55
  Devastation wreaked by Hurricane Harvey may exceed Sandy in
  proportion, making the slow-moving storm that inundated Houston
  second only in total economic costs to Katrina, which destroyed
  entire neighbourhoods of New Orleans in 2005, Moody's Analytics
  said today.
  The costs inflicted by Harvey may reach as much as $75bn, including
  $30bn to $40bn in property damage, $10bn to $15bn in business
  losses and $5bn to $10bn in infrastructure impacts, Moody's
  analyst Adam Kamin said in a brief report. He
  
  Read more

Follow @Insurance_UKnws on Twitter!