Everest Insurance has announced its expansion into the Spanish market following regulatory approval from the relevant authorities to operate in Spain. The Spain branch is headquartered in Madrid, with another office opening in Barcelona, and operations are led by José Ramón Morales, head of Spain. Everest’s Madrid and Barcelona offices...
The Financial Conduct Authority (FCA) is proposing to update guidance, introduced during the Covid-19 pandemic, to support insurance customers in financial difficulty. As part of the FCA’s ongoing work to help protect customers during the current cost of living squeeze, this will provide clarity to firms about how they should...
Howden CAP and AXA XL have announced an API collaboration, representing Howden CAP’s third API collaboration with an underwriting partner in the last 12 months. This development reflects Howden CAP and AXA XL’s commitment to utilise digital platforms to enhance efficiency and market integration, and to provide seamless insurance solutions...
Cyber incidents and business interruption rank as the biggest company concerns for the second year in succession, according to this year’s Allianz Risk Barometer. However, it is macroeconomic developments such as inflation, financial market volatility and a looming recession as well as the impact of the energy crisis which are the top risers in this year’s list...
Hannover Re has developed an additional retrocession tool that for the first time enables the capital markets to participate directly in coverage of its cyber risks through a quota share cession. Longstanding partner Stone Ridge is supporting the transfer with capital of USD100 million. “For the first time, we were...
In its ‘2023 Weather, Climate and Catastrophe Insight Report’, Aon plc has identified global natural disaster and climate trends to help manage volatility and enhance global resilience. The report highlights that natural disasters caused a global economic loss worth USD313 billion during 2022. This was 4 percent above the 21st-century average,...
Tokio Marine Kiln (TMK) recently launched its first life sciences insurance product, IntelliMed, to address coverage gaps. IntelliMed offers specialist and bespoke coverage for life sciences risks, ranging from traditional medical device and pharmaceuticals through to novel smart medtech products and telemedicine services, and new apps in development. IntelliMed is...
The International Association of Insurance Supervisors (IAIS) has published its 2022 Global Insurance Market Report (GIMAR), outlining the key outcomes of its 2022 Global Monitoring Exercise (GME). The GME builds on data collected from approximately 60 of the largest international insurance groups and aggregate sector-wide data from supervisors across the...
The European Insurance and Occupational Pensions Authority (EIOPA) published recently a Supervisory Statement on inflation, which addresses inflation-related issues in (re)insurance from a prudential perspective. The statement supports consistent Solvency II calculations by raising awareness of the main impacts of higher inflation that (re)insurance undertakings should consider. It focuses on...
Claims to the Lloyd’s market arising from Hurricane Ian are estimated to be in the range of USD2.3 billion – USD3 billion net of reinsurance, based on Q3 data provided by Lloyd’s syndicates. Lloyd’s estimates its net market share of the total industry loss will be 3-5 percent. This is...
