Insurance news

• UK ILS regulations expected to be approved by November

  13-10-2017 21:41
  The new London insurance-linked securities (ILS) legislation is
  expected to be approved by the end of the month, according to
  sister title Trading Risk.
  The UK government laid the new regulations before the Statutory
  Instruments Committee yesterday.
  The committee is formed of members of the House of Commons and
  the House of Lords and will debate the regulation over the coming
  weeks. The Prudential Regulation Authority (PRA) will then issue
  the accompanying guidance.
  There are different views on
  
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• RMS: Economic loss of $3bn-$6bn for wine region fires

  13-10-2017 21:41
  Cat modellers RMS have suggested that the active wildfires which
  continue to burn in California's wine-producing region could
  result in billions of dollars of insured loss.
  According to a blog post by RMS late yesterday, more than
  100,000 acres have been burned in Napa, Sonoma and Solano counties
  alone, with several other fires still raging around the state.
  After four days of burning, there are still eight fires
  threatening lives and exposure. Dry Diablo winds have exacerbated
  fire ignition and
  
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• Opinion: Back to basics

  13-10-2017 21:41
  After years in the soft market doldrums underwriters are beginning
  to walk with a slight spring in their step.
  Instead of the relentless inevitability of another round of rate
  cuts, there is a real prospect of a meaningful correction in
  property cat insurance and reinsurance pricing that could extend to
  other parts of the property market and beyond.
  At the CIAB conference earlier this week, there was a sense that
  the market psychology was shifting in real time as industry...
  
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• LMA calls for clarity on Ogden review timing

  13-10-2017 21:41
  The Lloyd's Market Association (LMA) said the government should
  specify when changes to the Ogden discount rate will kick in after
  it concludes the regular reviews proposed under pending
  legislation.
  The LMA made the recommendation in response to a government
  consultation on draft reforms to the way the Ogden rate is
  calculated.
  The industry body supports the reforms, which the government
  said in Septemberwould result in a discount rate of between 0 and 1 percent,
  based on current investment...
  
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• Lloyd's insurers pay out $738mn in HIM claims

  13-10-2017 21:41
  The Lloyd's market has now paid out $738mn in claims from
  hurricanes Harvey, Irma and Maria, the Corporation said.
  Lloyd's CEO Inga Beale said the hurricanes "serve as a
  stark reminder of our duty and ability to assist people, businesses
  and governments when disaster strikes", and urged syndicates
  to pay claims swiftly.
  "We must continue to be mindful of the difficult
  circumstances that policyholders find themselves in and do
  everything in our power to pay claims as quickly as possible,&...
  
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• Hurricane Ophelia strengthens to Category 2 storm

  13-10-2017 21:41
  Hurricane Ophelia has strengthened to a Category 2 storm as it
  tracks across the Atlantic towards Ireland and the UK.
  According to JLT Re's Hurricane Activity report, Ophelia had
  peak wind speeds of 104 mph as of 08:00 UK time today.
  However, wind speeds are expected to decrease to 98 mph over the
  next 24 hours as the storm approaches the Azores.
  After that, the storm is forecast to move east-northeast towards
  Ireland's west coast, and could potentially make landfall...
  
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• Global reinsurance rates flat to up 5% at 1.1: S&P

  13-10-2017 21:41
  S&P has changed its view of pricing on 1 January renewals
  and now predicts flat to 5 percent increases for global
  reinsurance, reflecting the impact of third quarter catastrophes
  expected to result in insured losses of more than $100bn.
  Reinsurance rates will see double-digit increases in regions and
  business lines directly affected by the cat losses, the ratings
  agency added that in an analysis released today.
  "Prior to the recent catastrophic events, we expected a 0
  to 5 percent rate...
  
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• Everest climbs over 7% on Q3 cat loss estimate

  13-10-2017 21:41
  Everest Re shares jumped as much as 7.8 percent in early trading
  in New York today after the (re)insurer estimated a net pre-tax
  catastrophe loss of $1.2bn for the third quarter, reflecting the
  period's three major hurricanes and the earthquakes in
  Mexico.
  The losses would amount to a "net economic impact" of
  $900mn after taxes, the Bermuda-based company said after markets
  closed in New York yesterday.Should the figures hold up, the deficit would be substantially
  smaller than the $1.1bn...
  
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• AM Best reviews major carriers for possible upgrades

  13-10-2017 21:41
  Allstate, Hannover Re, Munich Re and Swiss Re may receive rating
  upgrades from AM Best, which placed the four carriers and a variety
  of operating units under review today with positive
  implications.
  The reviews of the carriers' financial strength ratings
  (FSRs) and long-term issuer credit ratings were prompted by recent
  revisions in AM Best's rating methodology for (re)insurers.
  Hannover Re, Munich Re and Swiss Re all have A+ (superior) FSR
  ratings currently. Allstate, as a holding entity, does
  
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• Allied World gears up for post-deal restructuring

  13-10-2017 21:41
  Allied World is preparing to restructure its business from three to
  two divisions, with Allied World global markets president Julian
  James set to leave next summer as part of the reorganisation,
  The Insurance Insider understands.
  Broking sources have said that Allied World is preparing to fold
  the $600mn-revenue global markets segment together with its North
  American insurance arm.
  The single global insurance business will be placed under the
  leadership of current Allied World North America head
  
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• 'Foolish' insurance cheat caught out after TV bungee jump

  13-10-2017 14:53
  A reality TV show contestant has been handed a 10-month custodial sentence suspended for two years after a bungee jump on national TV scuppered her fraudulent personal injury claim.
  
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• Tokio Marine pegs quake and hurricane losses at $580mn

  13-10-2017 14:08
  Tokio Marine has announced it expects its pre-tax net losses from
  hurricanes Harvey, Irma and Maria and the earthquakes in Mexico to
  total 65bn yen ($580mn).
  Based on 1.86tn yen shareholders' equity as of 30 June, the
  losses equate to about a 3.5 percent erosion.
  By event, Hurricane Irma was the most expensive, causing an
  estimated 32bn yen of net losses, while Hurricane Harvey was
  predicted to generate a 21bn yen hit.
  Hurricane Maria, meanwhile, was predicted to cause 9bn...
  
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• London market to harden: Fitch

  13-10-2017 14:08
  Fitch Ratings has joined a growing chorus of commentary forecasting
  a hardening (re)insurance market.
  The rating agency said in its third quarter London market Autumn
  Dashboard that recent catastrophe losses would cause price rises on
  loss-affected lines and could push up rates across the wider
  market.
  Citing estimates from RMS that hurricanes Harvey, Irma and Maria
  would cost carriers between $75bn and $120bn, Fitch said it
  expected earnings in London to be "significantly reduced"
  compared to l
  
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• Argo Group picks Higley from The Hartford as US property head

  13-10-2017 14:08
  Argo Group has hired David Higley, most recently head of marine
  and livestock for The Hartford, to lead its newly formed US
  property unit.
  As head of US property and inland marine, Higley will oversee
  Alteris Property, Colony Specialty Property and Ariel Specialty
  Insurance Managers.
  He will report to Ron Vindivich, excess and surplus lines
  president at Colony Specialty.
  The hire of Higley follows that of Steve Eccles, who joined from
  Travelers' London platform to become chief underwriting offic
  
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• Allied World to join insurance segments under Iglesias

  13-10-2017 14:08
  Allied World is set to merge two of its three operating segments to
  create a single global insurance business under the leadership of
  current North American insurance head Lou Iglesias, The
  Insurance Insider can reveal.
  Broking sources have said that Allied World is preparing to fold
  the $600mn-revenue global markets segment together with its North
  American insurance arm, with global markets president Julian James
  set to exit next summer as part of the reorganisation.
  Allied World currently has
  
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• This week in Post: storm warning

  13-10-2017 13:11
  Almost 30 years ago to the day, I had my first introduction to the power of Mother Nature and the world of insurance as the 'Great Storm' of October 1987 swept across the UK.
  
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• Lloyd’s pays out $750m in claims from summer of storms

  13-10-2017 12:59
  Insurance market expects to pay $4.5bn in total on claims for Harvey, Irma and Maria
  
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• Lloyd’s of London pays out $750m in claims from summer of storms

  13-10-2017 12:59
  Insurance market expects to pay $4.5bn in total over Harvey, Irma and Maria
  
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• Hyperion plans stake sale, reports say

  13-10-2017 12:46
  The company has hired Morgan Stanley to advise on a sale of part of the business.
  
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• Insurers gear up for Hurricane Ophelia on anniversary of 1987 Great Storm

  13-10-2017 11:57
  A major hurricane is expected to batter the UK next week, as the insurance industry marks 30 years since one of the most devastating storms ever hit the country.
  
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• Oak Underwriting adds cyber to HNW product

  13-10-2017 11:41
  The provider is to include cyber cover automatically as part of its HNW home product and is partnering with insurer Das to offer increased cover.
  
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• Government launches holiday sickness claims consultation

  13-10-2017 11:23
  The government has published a call for evidence on measures that could help curb the number of personal injury claims arising from package holidays.
  
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• Opinion: Vehicles of hate

  13-10-2017 10:56
  For a sickening moment last Saturday afternoon it looked like
  another one.
  As reports emerged of a car ploughing into pedestrians outside
  the National History Museum in South Kensington, the incident
  briefly appeared to be the fourth terrorist attack using a vehicle
  in London within the last seven months.
  It turned out to be an accident and, happily, no one was
  seriously injured. But after the initial panic died down, for
  insurers, at least, it brought to mind again the...
  
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• House vote sends $16bn NFIP debt relief bill to Senate

  13-10-2017 10:56
  A $36.5bn disaster relief package that includes a measure to
  erase more than half of the debt burdening the National Flood
  Insurance Program (NFIP) took a major step toward final passage
  yesterday.
  The proposal passed in the US House of Representatives by a vote
  of 353 to 69, with all the no votes coming from Republicans. Many
  conservative lawmakers have objected to debt forgiveness for the
  NFIP, which would mean forcing all taxpayers to pick up the
  burden.
  Under the...
  
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• Half of Bermudians expect 5-10% rises on loss-free cat

  13-10-2017 10:56
  A large cohort of Bermudian reinsurers expect 5-10 percent
  increases on loss-free property catastrophe business at 1 January,
  according to responses to a survey conducted by Willis Re that was
  passed to The Insurance Insider by an
  underwriting source.
  Willis Re ran a survey of Bermudian reinsurers and ILS managers
  based on the island and issued the aggregated and anonymised
  responses to respondents under condition of confidentiality.
  The research aggregates the responses from the 24 companies th
  
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• Darag appoints Tullio Ferrucci as CEO of its Italian business

  13-10-2017 10:41
  European run-off insurer Darag has appointed Tullio Ferrucci as CEO of its Italian business, following the acquisition of Ergo Assicurazioni last year.
  
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• Quizzical Questions: 13 October 2017

  13-10-2017 10:34
  Test your knowledge of the week's news with our topical quiz.
  
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• Top 50 Brokers in Personal Lines 2017

  13-10-2017 10:08
  Find out which firms are amongst the top 50 personal lines UK brokers in 2017
  
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• UK Broker Awards 2017

  13-10-2017 10:06
  Find out who secured top honours at the 2017 awards held in September
  
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• Blog: Breaking the renewal cycle with subscription-based insurance

  13-10-2017 07:00
  Nigel Phillips, commercial director at CDL, lists the advantages of insurance customers going monthly.
  
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• Trump takes big steps to unwind Obamacare

  13-10-2017 06:35
  White House to halt key subsidy for insurers as president signs order weakening 2010 law
  
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• Investors urged to review with-profits policies

  13-10-2017 06:03
  Returns on policies as low as 2.8 per cent last year
  
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• Markel estimates $503m of Q3 natcat losses

  13-10-2017 05:06
  Global (re)insurer Markel is expecting $503m (£379m) of pre-tax hurricane and earthquake losses, net of reinstatement premiums, in the third quarter of 2017.
  
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• Everest Re sets Q3 pre-tax cat loss at $1.2bn

  13-10-2017 00:54
  Everest Re estimated it will report $1.2bn in pretax catastrophe
  losses for the third quarter, net of reinsurance recoveries and
  reinstatement payments.
  The Bermuda-based (re)insurer said the losses would amount to a
  "net economic impact" of $900mn after taxes.
  The estimate reflects losses tied to Hurricanes Harvey, Irma and
  Maria as well as the two major earthquakes in Mexico, and assumes
  an aggregate industry cat loss in the range of $100bn, the company
  said.
  While refining the estimates will
  
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• Axis pegs net Q3 pre-tax cat losses at $617mn

  13-10-2017 00:54
  Axis Capital has said its net losses from the unusually active
  third quarter are likely to total $617mn before tax.
  The group's insurance segment contributed just over half of
  that with $315mn of losses after a $6mn reinsurance recovery.
  The reinsurance division reported expected losses of $302mn, net
  of a $136mn retro payment and $20mn of reinstatement premiums.
  After tax, Bermuda-based Axis expected the aggregated loss to
  come to $578mn.
  The most expensive event for the firm was Hurricane Harv
  
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• Arch Capital sets Q3 cat losses at up to $345mn

  13-10-2017 00:54
  Arch Capital Group pegged its third quarter catastrophe losses
  at as much as $345mn after taxes, net of reinsurance recoveries and
  reinstatements, mainly from the period's three hurricanes and
  two major earthquakes in Mexico.
  The Bermuda-based carrier put the low-end of the loss range at
  $285mn after tax, noting: "Due to the mix of estimated
  catastrophic losses by jurisdiction, we anticipate the tax rate
  applicable to these catastrophic losses to be lower than our
  effective annual tax rate on pr
  
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