Commercial Risk

Reinsurance market rates are expected to be mostly flat in 2025 and terms and conditions to broadly hold steady, according to Fitch Ratings, due to the market having reached an equilibrium, with increased capital supply from accumulated earnings meeting higher demand for reinsurance protection from cedents. More... https://ow.ly/cnNz50T8MFg #reinsurance #Fitch Fitch Ratings

AM Best’s annual ranking of the world’s 50 largest reinsurers has been “complicated” by the introduction of a new accounting standard, the analyst said, as it unveiled two separate rankings for the 15 reinsurers that have adopted IFRS 17 and the 35 non-IFRS 17 reporting companies for the first time. https://ow.ly/L41z50T8MqC #reinsurance #reinsurers AM Best

👉 BOOK your space NOW! We are excited to unveil an exceptional lineup of speakers who will share their insights and expertise at the upcoming Global Programmes Europe 2024 conference in London on Wednesday 18 September. ALSO... Invitation only – AIG training breakfast: Navigating multinational risks Accredited multinational insurance training Build your knowledge of multinational risks and develop skills to deliver successful multinational programmes around the world. Trainer: Karen Jury, Head of Multinational UK, AIG ⭐️Key content: -Become familiar with the options available to insure risks around the globe -Explore key design features of Controlled Master Programmes, including the use of: Difference in Conditions (DIC) and Difference in Limits (DIL) and Financial Interest Clause (FIC) -Learn more about the importance of compliance in executing Controlled Master Programmes -Discover the benefits of a Controlled Master Programme for clients and brokers -Delegates can record 1 CPD hour against their annual requirement after carrying out this training, in the following link: CII CPD tool BOOK HERE... https://ow.ly/aMNq50SPnrl #ComRiskEvents24 #RiskManagement Marsh Zurich Insurance AIG Sompo Lloyd's QBE Insurance Descartes HDI Group TMF Group Tokio Marine Group CNA Insurance Wilson Elser Airmic (Association for Insurance & Risk) Swiss RE Institute of Risk Management London Market Group DAC Beachcroft

The impact of 2023’s Hurricane Otis has highlighted the need for additional reinsurance capacity in Latin America in the future as companies continue to refine their risk mitigation strategies, according to AM Best. It said reinsurance markets in Latin America have continued to support primary insurers, though some of the region’s global players have shifted their risk appetites based on global mandates or have become more risk-averse. Best said most shortfalls in placing contracts have been covered by other large global players with similar credit profiles or by regional reinsurers, but in a few instances, programmes were not 100% placed. More here... https://ow.ly/3mSb50T7I8o #reinsurance #LatinAmericaReinsurance AM Best

Chubb has hired Amelie Fava-Verde, formerly with KPMG, as senior vice president for its North America resilience services. Fava-Verde was previously US environmental, social and governance hub lead at KPMG. She will build and lead a team focused on developing and delivering resilience and recovery services for commercial, consumer and government clients transitioning to a low-carbon economy. “Our innovative MORE... https://ow.ly/bwoy50T7I1E Chubb #InsuranceNews #InsurancePeopleMoves

Greece has seen a 50% rise in the number of wildfires this summer compared with last year, according to a government spokesman. Following a devasting blaze that edged towards Athens earlier this month, Pavlos Marinakis told local reporters that Greek firefighters have dealt with about 4,000 fires since 1 May. Greece recorded its earliest heatwave on record this year followed by a rise in the number of wildfires, including the fire near Marathon just 22 miles from the capital city. Tap... https://ow.ly/9pIK50T7HUN #Wildfires #GreekWildFires #GreeceWildFires Aon

German risk and insurance management association GVNW has come out strongly against new blanket insurance exclusions for PFAS, also known as forever chemicals, that emerged during the last set of renewals, and called on the insurance industry to work with customers to better manage this exposure. More here https://ow.ly/kYqg50T7HNM #RiskManagement #GermanRiskManagement GVNW - Gesamtverband der versicherungsnehmenden Wirtschaft e.V.

Lockton has announced the appointment of Richard Turner as the Asia head of market management group (MMG), effective from 21 August. The broker said that Turner will play a key role in establishing Lockton Asia’s carrier management function by building and launching the market management group (MMG) for the region. https://ow.ly/RBqg50T5hk3 #LocktonAsia #RiskManagement Lockton

There was an “alarming” 16% rise in the number of global ransomware victims in Q2 over the preceding quarter, with the average ransom demand up 102% and payments hitting record highs, according to Corvus Insurance. The company’s Q2 2024 Cyber Threat Report finds that there were 1,248 ransomware victims in the second quarter, based on data collected from ransomware sites. This is the second-highest figure the company has ever recorded in a quarterly period. More... https://ow.ly/7N2l50T5hfZ #Ransomware #CorvusInsurance #CyberThreats Corvus Insurance

European class actions hit record high https://ow.ly/rqAm50T5h9V #Insurance #Legal #RiskManagement