Hot Topics
Brexit
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Viewpoint: Solvency reform, the secondary growth objective and UK electoral risk
An impending election in the UK might introduce risk to ongoing solvency reform and delay the secondary growth that has been promised
PRA launches consultation on Solvency II reforms
Reforms aim to create a new UK regulatory regime for insurance firms, known as Solvency UK, which is ‘better adapted to the UK insurance market’
Darag approved for China Taiping Part VII transfer
China Taiping Insurance turned to the legacy market for its EU business following post-Brexit regulatory changes
Broker Facilities
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Ardonagh expands follow facility to property
Cross-class facility now covers £600m of premium following expansion of original arrangement with Beazley
Broker facilities reposition for hard market and new digital era
The emergence of a new breed of data-driven follow facilities suggests the model still has much to offer in the new environment
Willis Towers Watson plans Global 360 expansion in 2019
Lloyd’s performance crackdown is increasing interest in facilities, says Aubert
Cyber
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Brit launches cyber consortium for large corporates
The Lloyd’s consortium will offer up to $50m of cover and aims to create a more efficient placement process
Large language model services ‘fertile ground’ for cyber accumulation risk
The emergence of LLM tools as a new category of cloud service providers creates novel cyber threats, Lloyd’s warns
Coalition expands capacity partnership with Aspen
Aspen will provide multi-year capacity for MGA’s cyber insurance programme in the US
Market Modernisation
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Viewpoint: How underwriting workbenches are driving growth
Traditional approaches to underwriting have long been plagued by inefficiencies, costing insurers billions in lost premiums and stifling growth opportunities
PPL launches programme to accelerate API adoption
WTW and Tysers move to integrate new API connectivity into their technology platform
PPL looks to London Stock Exchange for new CEO
John Mason was previously group head of platform at the LSE
Resilience
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Insurers must help accelerate pre-arranged finance for disasters: Clarke
By 2050, only 20% of international crisis finance will be pre-arranged, which is 20 years too late, head of the Centre for Disaster Protection says
Insurers back $3.5bn ‘milestone’ development finance policy
Companies including Axa XL, Everest and Swiss Re back programme to provide billions of dollars of additional development finance to emerging economies
Convex invests €20m in clean ocean fund
The Ocean 14 Capital Fund has now passed its €150m target and aims to reach €200m by the end of 2023
Solvency II
PRA raises threshold for Solvency II
Solvency II will apply to firms with £25m gross written premiums, up from £15m in previous iterations
EU regulator says market risks remain biggest concern for insurers
Eiopa quarterly dashboard finds liquidity and funding risks increasing, but cyber and macro risks are falling
PRA flags worries about models, cyber underwriting and climate
Prudential regulator raises concerns models may be too optimistic and miss inflation risks
Insurtech
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Lloyd’s and BMA to collaborate on innovation
Initiative aims to bolster innovation and education across the Lloyd’s and Bermuda markets
Coalition expands capacity partnership with Aspen
Aspen will provide multi-year capacity for MGA’s cyber insurance programme in the US
Wefox names former LV= head as new chief executive
German insurtech’s founder transitions to non-executive role
Diversity
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Lloyd’s firms meet goal for women at senior levels
But managing agents and brokers are further from meeting ethnic minority hiring target, latest diversity survey finds
D&O insurers grapple with ESG pressures
ESG policies can generate lawsuits against companies and their directors where they are too weak, overpromise or annoy conservatives. The US is at the forefront of this wave, but other jurisdictions are catching up
More than one-third of directors at top insurance sector firms are women
European firms have higher share of women directors on average
Monte Carlo
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Reinsurers on target to deliver mid-teens capital return: Gallagher Re's Kerton
Reinsurers’ focus is now on achieving rates that at least match inflation on a risk-adjusted basis, broker's UK chief executive Ian Kerton says
This is not a real hard market: Munich Re’s Winter
Industry experiencing a ‘re-baselining’ amid reduced commitment from alternative capital, German reinsurer’s North American chief says
Facultative cover being used 'strategically': Everest’s Izzo
Bermuda-based carrier’s facultative and hybrid business set for growth as global client initiative boosts distribution
Baden Baden
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Baden-Baden meeting returns to in-person format
Further details about organisation of event to be released in July
Focus: Clarity over coverage is critical as Covid-19 casts shadow over January renewals
With negotiations underway, the reinsurance market must develop a common language for Covid-19 type exposures
Focus: Trust is essential to navigate the hard market
By understanding the risk and realistically pricing for the exposure, a mutually beneficial relationship between reinsurer and cedant can be maintained
Renewals
Increased E&S capacity to ease US property renewals in 2024: Gallagher
The extreme rate increases over the past six years are losing momentum, specialty broker says
P&I clubs getting two-thirds of renewal round headline increases, brokers claim
Gard, NorthStandard and Skuld likely to increase entered tonnage when dust settles, according to market sources
Hannover Re reports 1/1 growth of 6.9%
Reinsurance rates remained favourable across regions and lines of business, says chairman, Jean-Jacques Henchoz
Hurricane Season
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NFIP incurs $364m in losses from Hurricane Idalia
Loss tally amounts to slightly more than 10% of Idalia’s $3.5bn private insured losses
Study calls for recognition of category six hurricanes
Five storms over the past decade would have qualified as category six storms and frequency of such storms expected to increase because of climate change, scientists argue
Atlantic storm season had fourth-highest number of named storms
The number of named storms exceeded the annual average of 14, according to the National Oceanic and Atmospheric Administration’s tally
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