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- August 22 2024
Climate change exposes banks to ‘silent’ risks as insurance gets more unaffordable: Aon
Banks can leverage on tools and datasets that insurers have been using for pricing climate risks. Alternative risk transfer tool such as parametrics can also provide additional protection, the broker said.
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- August 19 2024
AUB doubles down on UK retail expansion with Movo acquisition
The London-based broker is the second acquisition by the company in the UK after it picked up a 40% stake in AR network Momentum in June this year.
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- August 9 2024
QBE strikes US$1.6bn loss portfolio transfer deal with Enstar, RiverStone
Enstar’s subsidiary will assume US$376m out of total net loss reserves for US commercial liability and workers' compensation risks, effective July 1, and will provide approximately US$175m of cover in excess of the ceded reserves.
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- August 8 2024
Cyber wordings, limits set to tighten as CrowdStrike points to ambiguity in cover
The industry needs to address accumulation risks, data gaps and further threats from large-scale events that are becoming more frequent.
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- August 2 2024
Lockton promotes Chris Brown to CEO of Lockton International
In his new role, London-based Brown will drive Lockton's strategy and growth across Europe, Latin America, Asia, Pacific (Australia & New Zealand), Middle East and North Africa.
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- July 31 2024
APAC and Africa account for 33% of US$120bn global nat cat losses: Munich Re
The costliest natural disaster in the first half of the year is the Noto earthquake in Japan that amounted to an estimated US$10bn in losses.
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- July 31 2024
Cyber market is in need of more buyers, says QBE’s Serene Davis
The market is at an inflection point amid predictions that it will undergo significant growth as the world recovers from the CrowdStrike outage, but underwriters will have to look at new countries and clients to hit those projections.
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- July 30 2024
Up to US$40bn additional property cat limit purchased in H1: Guy Carpenter
Greater market stability, and moderating pricing in a number of segments, provided cedents with better ability to budget for additional levels of coverage, the reinsurance broker said in it mid-year report.
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- July 30 2024
HDI’s Asean and Australasia regional manager Willem van Wyk to head new Dubai office
The new hub will initially offer engineering, construction and property insurance products with other lines such as liability and marine being written from the insurer's Singapore office.
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- July 29 2024
Space insurance struggles amid billion-dollar+ claims, scarce premium pool
While the market has seen a doubling of rates recently, shrinking underwriting capacity and technology changes add further challenges to the industry reeling from recent large losses.
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- July 29 2024
CrowdStrike IT outage could be earnings event, impact multiple carriers: AM Best
Since insurers have been tightening underwriting standards through increased retentions, manageable limits, shifting their focus to small and medium-size enterprises, the use of reinsurance, the event has potential to be a contracted claims and legal process, according to the rating agency.
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- July 26 2024
Opinion: China’s onshore oil & gas expansion throws spotlight on risks for insurers
With China's new exploration projects, questions remain over which (re)insurers will benefit at a time when the backlash against failure to exit from fossil fuels underwriting grows louder.
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- July 24 2024
Criterion secures capacity from Bridgehaven Specialty to target waste management and recycling
The "A" rated capacity enables the MGA to offer "significant line sizes" to the underserved demand for sustainable recycling covers across UK, Australia and New Zealand.
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- July 22 2024
BI claims in focus as carriers assess losses amid global tech outage
The event could impact other lines beyond cyber including tech errors and omissions, D&O, and insurers may see liability and supply chain disruption claims.
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- July 19 2024
Global tech outage could see claims snowball but insurers ‘wait-and-watch’
The impact on the industry will depend on the “waiting period” , however, there could be long-term BI and other complex claims.
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- July 19 2024
Noto earthquake, China floods among costliest H1 2024 economic loss events: Aon
The Noto earthquake remained the costliest event of the year to date in terms of total economic losses with more than U$17bn in direct damage, according to the broker's new cat recap report for the first six months of the year.
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- July 18 2024
Commercial property specialist FM Global rebrands as FM
FM will serve as the parent brand for its flagship mutual insurance company and commercial property insurer AFM.
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- July 10 2024
Chubb promotes Marcos Gunn as head of APAC, Paul McNamee as president of overseas GI
McNamee will be in charge of Chubb's general insurance business in 51 countries outside of North America, as Marcos Gunn will succeed his previous role as head of Asia Pacific, both effective immediately.
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- July 9 2024
Civil unrest, terrorism threats linger as Paris Olympics opens doors to 11 million visitors: WTW
The Games could point to more political violence losses as the anti-pension reform protesters have threatened to undermine the hosting of the event.
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- July 6 2024
APAC to account for 8% of non-US cyber premium growth by 2030: Howden
Despite cyber insurance pricing dropping by 15% from the 2022-peak, growth opportunities abound especially among new geographies such as Asia Pacific, and niche segment such as SMEs, Howden said in its annual cyber report.
