Month: June 2022

June 16, 2022

Servca, the independent Lloyd’s broker that specializes in non-standard medical, financial and professional lines insurance, announced the opening of an office in Malta to spearhead the expansion of its European business. With passporting rights to all 28 EU countries, complete […]

June 16, 2022

Crypto assets and quantum computing have been flagged by analysts at Swiss Re as two of the most significant emerging risks for insurers and reinsurers, with the potential to create new risks within the global financial system. Swiss Re’s 10th […]

June 15, 2022

A new report from Beazley outlines how business leaders are fearing the consequences of war and inflation. The report, Spotlight on Geopolitical Risks, shows that US and UK business leaders feel able to manage current geopolitical risks, even as concerns […]

June 15, 2022

The insurance and reinsurance industry would have welcomed “reforms that helped the industry today” in Florida’s property insurance market, according to the CEO of CaseGlide, as notices of intent to litigate claims rose 10% in the state in May. That’s […]

June 14, 2022

The U.S. medical professional liability insurance (MPLI) market saw an improvement in financial performance in 2021 but its combined ratio remained an unprofitable 108 and a return to profitability in unlikely, said Fitch Ratings. Fitch said it expects results to […]

June 14, 2022

Operations at Russia’s Sakhalin 1 oil project will continue to face disruptions for “a couple of months” as Western sanctions have hit insurance cover for ships to transport crude, according to India’s ONGC Videsh, a stakeholder. ONGC Videsh, the overseas […]

June 13, 2022

Insurance broker WTW has enhanced the capability of its Climate Diagnostic tool, which was first launched in April 2021. In response to an increase in Task Force on Climate-Related Financial Disclosures (TCFD) reporting and the ever-growing need for transparency, WTW […]

June 13, 2022

A group of US property and casualty reinsurers under the Reinsurance Association of America (RAA) had a total of $22.7 billion in net written premium in Q1 2022 – up 26.8% from this time last year. The 17 firms involved […]

June 10, 2022

Swiss Re has said it is biding its time before increasing its appetite for cyber risk, citing the newness of the sector. Thierry Léger, CUO of the reinsurance giant said that while it was still underweighted in cyber, it was […]

June 9, 2022

A new report from Swiss Re Institute states that Euro area inflation pressure is broadening out and becoming “stickier”, as core Consumer Price Index (CPI) rises to a new multi-decade high. The current inflation surge is also increasing claims severity […]

June 9, 2022

PERILS says that its industry loss estimate for the Eastern Australia floods earlier this year now stands at AUD $4,895m. It said that in line with its event definition, the loss number covers the property and motor hull lines of […]

June 8, 2022

The market value of pet insurance is expected to reach US$14.9 billion by 2030, according to a recent report by Global Market Insights (GMI). In 2021, the pet insurance market was valued at around U$7.9 billion. This is estimated to […]

June 8, 2022

The global market for insurance broking saw significant growth in 2021, recording a revenue of around US$137.6 billion from total fees and commissions earned, a report from marketing consultancy Insuramore revealed. This is an increase of about US$122.3 billion from […]

June 7, 2022

InsurTech MGA Loadsure announced the launch of its new smart annual cargo product, Cargo Plus. The new offering is an annualized ocean cargo product that will deliver the financial convenience of a pay-as-you-go policy with the assurance that annual cover […]

June 7, 2022

Colorado State University’s tropical meteorology team led by Phil Klotzbach has increased its forecast for activity in the 2022 Atlantic hurricane season, saying they now anticipate a “well above-average” hurricane season ahead also raising its landfall probability forecasts. “We have […]

June 6, 2022

A federal grand jury in Chicago has charged 23 people with participating in an insurance fraud scheme that allegedly bilked 10 life insurance carriers out of at least $26 million in benefits. The defendants allegedly submitted fraudulent applications in order […]

June 6, 2022

State Governor Phil Scott has signed new legislation into law that aims to modernize Vermont’s captive insurance statutes and remove inconsistencies. This year’s bill proposed several updates to Vermont’s captive insurance law, including the ability for captive insurance companies to […]

June 3, 2022

A former Ohio insurance agent was arrested June 2 on federal charges alleging he defrauded dozens of victims in the Cincinnati and Dayton area and fraudulently obtained two COVID Paycheck Protections Program loans. Seneca Birchmore, 44, of Cincinnati, lost his […]

June 2, 2022

Berkshire Hathaway Specialty Insurance (BHSI) announced it has further expanded its presence in Europe with an office in Lyon, France. “As we continue to grow steadily across Europe, the time is right to expand with an office and expanded team […]

June 1, 2022

Greenlight Re Innovations (GRI), a Cayman Islands-based subsidiary of Greenlight Capital Re Ltd., has announced an investment in Garentii GmbH, a security deposit replacement insurance MGA and platform in Germany. Garentii, a Munich-headquartered insurtech, provides an insurance-based alternative, offering security […]