Insurance news

• PPL facilities update pushed back again

  18-09-2017 20:31
  The introduction of a long-awaited update to the risk placing
  platform at the heart of the London market reform programme has
  been delayed by a nearly a month, a spokesperson from Placing
  Platform Limited (PPL) has said.
  The latest version of PPL, a computer system that allows brokers
  to electronically place risks, was expected to go live in
  mid-September.
  However, problems transferring data have led the contractor,
  Ebix, to delay the release of the software until 9 October.
  PPL has...
  
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• Irma claims reach $1.95bn in Florida

  18-09-2017 20:31
  Almost $2bn in claims tied to Hurricane Irma have been received by
  insurers in Florida, the state industry regulator said today.
  The east coast of the Sunshine State contributed the bulk of
  preliminary insurance claims filed as a result of Irma, despite the
  storm tracking up the peninsula's west side, according to data
  compiled by the Florida Office of Insurance Regulation.http://floir.com/Office/HurricaneSeason/HurricaneIrmaClaimsData.aspx
  It shows that insurers received more than 330,000 claim
  
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• Why is Ryanair cancelling flights and what can you do?

  18-09-2017 16:05
  If you are expecting to be affected by the airline’s decision to cancel many flights over the next six weeks, arm yourself with these factsRyanair’s decision to cancel 40-55 flights a day for the next six weeks will leave as many as 400,000 passengers with their holidays and travel plans ruined. Related: Ryanair tries to appease passengers with list of flights cancelled until Thursday Hi Anya, between today and tomorrow all flight cancellations up and until OCT31 will be communicated
  
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• HCI anticipates $100mn-$300mn gross Irma loss

  18-09-2017 15:52
  HCI said its main operating subsidiary, Homeowners Choice
  Property & Casualty Insurance Company, expects a loss from
  Hurricane Irma of $100mn to $300mn, which will fall mainly on its
  reinsurers.
  The Florida-based carrier said the expected losses at Homeowners
  Choice will exceed the division's $16mn reinsurance retention
  level and "trigger reinsurance recoveries, as well as trigger
  the loss of accrued benefits and deferrals under retrospective
  provisions within certain reinsurance contracts".
  
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• Former Hiscox active underwriter returns with start-up

  18-09-2017 15:52
  Russell Merrett, the former chief underwriting officer at
  Hiscox's reinsurance arm, is one of the founding investors of
  new InsurTech insurance platform Kinsu.
  Merrett left Hiscox in 2013 after more than 16 years with the
  firm, most recently as managing director for Hiscox London Market.
  He was also active underwriter for Syndicate 33, latterly alongside
  Paul Lawrence.
  Kinsu is a home contents insurance app originally founded in
  December 2016 and due to go live in the coming months.
  The firm...
  
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• Q&A: why is Ryanair cancelling flights and what can you do?

  18-09-2017 15:41
  If you are expecting to be affected by the airline’s decision to cancel many flights over the next six weeks, arm yourself with these factsRyanair’s decision to cancel 40-55 flights a day for the next six weeks will leave as many as 400,000 passengers with their holidays and travel plans ruined. Related: Ryanair tries to appease passengers with list of flights cancelled until Thursday Hi Anya, between today and tomorrow all flight cancellations up and until OCT31 will be communicated
  
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• Hiscox estimates claims of $150m from hurricane Harvey

  18-09-2017 14:35
  Reinsurance protections for the company ‘remain substantially intact’
  
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• Nicky Morgan urges Chancellor to make a decision on long-standing insurance contracts before Brexit

  18-09-2017 14:08
  Chair of the Treasury Committee, Nicky Morgan, has written to Chancellor Philip Hammond on the issue of how cross-border insurance contracts will be managed after Brexit.
  
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• UK Broker Awards 2017: The winners

  18-09-2017 14:05
  Square Mile Broking was crowned Broker of the Year as Coversure’s Mark Coverdale was awarded the Achievement in Broking trophy.
  
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• ZhongAn IPO: web cover wunderkind

  18-09-2017 13:57
  The attractive business advertised by the online insurer’s IPO is not its own
  
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• Insurers issue warning after Ryanair cancellations leave 400,000 grounded

  18-09-2017 13:46
  Insurers have urged grounded Ryanair customers to seek compensation from the airline in the first instance rather than their travel insurance policies.
  
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• Turkish storm insured losses reach $300mn: PCS

  18-09-2017 13:25
  Insured losses from two Turkish hailstorm and flooding events in
  July have hit $300mn, according to an estimate from Property Claim
  Services (PCS).
  Torrential rains on 27 July left parts of Istanbul underwater,
  while hail damaged at least one jet aircraft.
  Another storm on 18 July also led to flash floods in Istanbul,
  the country's largest city.
  PCS launched its Turkish operation in 2016 in collaboration with
  the Istanbul Underwriting Center.
  The firm tracks losses from any catastrophe event in.
  
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• ICNZ tallies $1.5bn in Kaikoura claims

  18-09-2017 13:25
  The Insurance Council of New Zealand (ICNZ) said private insurers
  expect to have paid most claims arising from the Kaikōura
  earthquake last November and the Edgecumbe flood in April by
  year-end.
  The total value of insurance claims for the Kaikōura
  earthquake as at 31 August was over NZ$2.0bn ($1.5bn), with
  commercial claims accounting for NZ$1.48bn and residential claims
  amounting to nearly NZ$550mn, the ICNZ said.
  The council continued that 76 percent of commercial claims by
  number fr
  
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• Hiscox shares fall on $150mn Harvey estimate

  18-09-2017 13:25
  Hiscox shares fell on Monday morning in London after the carrier
  said it is expecting net claims of around $150mn from Hurricane
  Harvey, based on an industry loss estimate of $25bn.
  Its shares were down 2.9 percent at 1,215 pence as of 10:11 UK
  time after the forecast, which Hiscox said stems mainly from
  reinsurance and primary insurance exposure, including flood cover
  for homeowners and businesses.
  It assumes an industry loss estimate that does not include
  losses from the state-backed...
  
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• Sir Peter Wood explores esure stake sale - reports

  18-09-2017 13:25 via insuranceage.co.uk
  Article suggests that Wood has held informal talks on a sale of his 30% stake prompting esure shares to rise in value.
  
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• Motor claims costs hit £2bn in Q2

  18-09-2017 13:05
  Motor insurers paid out £2bn in claims in Q2 2017, according to the Association of British Insurers.
  
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• Ascent introduces nil deductible cyber policy for SMEs

  18-09-2017 12:52
  According to the MGA the cover will be available to all new and renewal SME clients that opt to use its panel of service vendors in the event of a claim.
  
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• Zhong An IPO float opens with $550m cornerstone investment

  18-09-2017 12:27
  The long-awaited initial public offering for online-only insurers Zhong An has launched.
  
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• MGR takes aim at London aviation market

  18-09-2017 12:06
  Mapfre Global Risks has entered the London aviation market.
  
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• “Transformation” costs Swinton as profits fall

  18-09-2017 10:51
  Pre-tax profit drops £4.4m to £11.5m as turnover also decreases to £222.8m from £265.4m.
  
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• ZhongAn price range to value IPO at up to $1.5bn: Reuters

  18-09-2017 10:36
  ZhongAn's initial public offering (IPO) opened today with an
  indicative pricing range of HK$53.70 to HK$59.70 ($6.86 to $7.64)
  per share, according to Reuters.
  The Chinese online-only P&C insurer is offering 199.3
  million new shares at the indicative range, raising the value of
  its IPO at up to HK$11.9bn ($1.5bn).
  The final price will be decided on Thursday, with the listing on
  the Hong Kong stock exchange scheduled for September 28.
  Japanese telecoms and financial services group SoftBank ha
  
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• Opinion: Floridian newcomers

  18-09-2017 10:36
  Last week, down in the darkened corners of Monte Carlo's edgier
  bars, brokers and underwriters lamented the futures of certain
  Floridian carriers.
  One Lloyd's underwriter predicted at least 10 could go pop
  as a result of Hurricane Irma, while another suggested it could be
  as many as a dozen.
  Some of the negativity might have been driven by the malaise
  induced by copious amounts of booze, but there may be some evidence
  that not all the doom and gloom was...
  
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• Hurricane Maria threatens Caribbean as Jose nears US

  18-09-2017 10:36
  Former Tropical Storm Maria has gained strength to become the
  seventh hurricane of the season as it approaches the Caribbean.
  Tropical Storm Risk currently estimates Maria at Category 1, but
  JLT Re warned the storm could be close to Category 3 strength by
  tonight as it crosses through the north-central Lesser
  Antilles.
  "Thereafter, given low wind shear and above average ocean
  temperatures in the northeast Caribbean, Maria is expected to be a
  category 3 or 4 hurricane moving through the...
  
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• ERS appoints Hall from Pen as active underwriter

  18-09-2017 10:36
  ERS Syndicate 218 has appointed former Pen Underwriting chief
  underwriting officer Martin Hall as active underwriter.
  Prior to joining Pen Underwriting, Hall held senior underwriting
  positions at Direct Line Group and Zurich.
  Hall will join ERS in the coming months, after which interim
  active underwriter and director of underwriting Gina Butterworth
  will continue to lead an investment programme focusing on the key
  capabilities of underwriting, pricing, reserving and management
  information.
  Butte
  
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• Hiscox estimates Harvey impact at $150m

  18-09-2017 10:23
  Hiscox anticipates the impact Hurricane Harvey to produce net claims of $150m (£110.6m).
  
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• Hiscox pegs Harvey impact at $150mn

  18-09-2017 08:52
  Hiscox is expecting net claims of around $150mn from Hurricane
  Harvey, based on an industry loss estimate of $25bn, it announced
  this morning.
  The industry loss estimate does not include losses from the
  state-backed US National Flood Insurance Program.
  Hiscox said it was principally exposed through reinsurance
  business and through insurance lines, including flood cover for
  homeowners and businesses.
  The initial $150mn estimate was "within the group's
  modelled range of claims for an event of this
  
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• Blog: Don't turn your back on fraud-busting tech

  18-09-2017 07:00
  Fraudsters never rest and Lior Koskas, managing director of Digilog UK, urges the industry to remain open to sharing in the latest risk identification tools and continually review procedures for fraud.
  
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• AIG's Baldwin on how the London Market should view Brexit

  18-09-2017 07:00
  As Brexit discussions continue, Anthony Baldwin, CEO of AIG Europe and AIG UK, asks if the London Market should be die-hard Brexiteers, cautious optimists, accepting pragmatists or devastated pessimists.
  
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• BlackRock breaks ranks to disclose workforce’s ethnic diversity

  18-09-2017 06:06
  35% of asset manager’s US employees from black, Asian or minority ethnic backgrounds
  
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• Diversity must provide more than a nice PR glow

  18-09-2017 06:04
  Look beyond male, pale and stale to be a successful asset manager, says Peter Smith
  
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• ‘Cliff-edge’ Brexit threatens expats’ pensions, warn MPs

  18-09-2017 01:01
  Insurance policies also at risk as ministers are urged to securecontracts
  
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• ‘Cliff-edge’ Brexit threatens expat pensions, warns MP

  18-09-2017 01:01
  Insurance policies also seen at risk as ministers are urged to secure contracts
  
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• British expats face 'cliff edge' in pensions and insurance after Brexit

  18-09-2017 01:01
  Minister calls for urgent action to ensure British pensioners in EU do not find payments stopped after BrexitThe chair of an influential parliamentary committee is calling for urgent action to ensure that British pensioners living in Spain or other EU countries do not find their payments stopped after Britain leaves the EU in 2019.UK firms may not be legally able to pay out personal pension or insurance contracts to UK expats and other citizens living in the EU after Brexit, Nicky Morgan, chair
  
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