The International Union of Marine Insurance (IUMI) has called for mandatory requirements to transition to greener fuels. While the IUMI fully supports the shipping industry’s move to decarbonisation, it recognises that adequate risk management provision must be in place to underpin the transition. New fuel types such as ammonia and hydrogen...
AM Best’s outlook on the global reinsurance segment remains at ‘Stable’, as improved pricing trends for most business lines are offsetting growing claims uncertainty and the abundance of capital. The events of 2020, dominated by the COVID-19 pandemic and the higher frequency of medium-sized catastrophe losses, exacerbated the focus on...
A new report from Beazley has highlighted that clients’ service expectations of their insurance partners are increasing. In addition to financial protection, they are looking to their insurance partners to provide them with more risk insight, risk management-related services and flexible coverage that better meets their business’ changing needs. The...
The Nature Conservancy (TNC) and Willis Towers Watson (WTW) have published analysis that shows how ecological forest management, which reduces the risk of severe wildfires in fire-adapted forests, can be combined with insurance and significantly reduce insurance costs. By modelling the impact on insurance of controlled burning and ecological thinning...
Scor’s CRO Forum has published the 2021 version of the Emerging Risk Radar. The Radar is a summary of emerging risks and associated major trends that could affect the insurance sector over the next five years and beyond. Risks are classified low, medium or high according to their perceived materiality....
A new study from Chubb finds that when it comes to cybersecurity, Americans’ actions have not yet caught up to the increasing cyber risks resulting from significant changes to work, activities, and daily habits brought about by the COVID-19 pandemic. According to Chubb’s Fourth Cyber Report, which examined individuals’ new cyber exposures, comprehension...
Eight leading insurance and reinsurance companies recently launched an alliance to help speed up a transition to a net zero emissions economy. The companies, which include Europe’s top three insurers by premiums – Allianz, AXA, and Generali – said the Net-Zero Insurance Alliance (NZIA) would work to shift underwriting portfolios...
Aon plc and Willis Towers Watson have announced that the firms have agreed to terminate their business combination agreement and end litigation with the US Department of Justice (DOJ). The proposed combination was first announced on March 9, 2020. “Despite regulatory momentum around the world, including the recent approval of our combination...
The Bank for International Settlements (BIS), the International Association of Insurance Supervisors (IAIS), the Central Banks and Supervisors Network for Greening the Financial System (NGFS) and the UN-convened Sustainable Insurance Forum (SIF) will collaborate on the Climate Training Alliance (CTA) to enhance the availability of training resources for national financial...
Munich Re has participated with other big league corporate organisations from various sectors to jointly set up the Quantum Technology and Application Consortium (QUTAC). The goal of the newly founded consortium is to further develop the existing fundamentals of quantum computing into usable industrial applications. Specifically, applications for the technology,...
