Hot Topics
Brexit
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Continental marine brokers overcoming Brexit disruption: Alta Signa
Loss of Bayesian will have market effect beyond super-yacht niche, Francesco Dubbioso, MGA's head of technical underwriting, marine, says
PRA publishes post-Brexit policy for foreign insurer branches
New guidelines give more detail on how regulator will examine reinsurance arrangements
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
Broker Facilities
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Marsh launches Cyber Echo Encore facility
Broker adds London company market capacity to enhance its original Lloyd’s-backed Cyber Echo facility
Aon expands Client Treaty facility
Global broker secures three new capacity providers to flagship facility, which will now offer 28.5% co-insurance across core lines of business
Marsh adds $25m capacity to Echo cyber facility
Broker’s excess cyber facility now has capacity of $125m
Cyber
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Middle East war threatens marine, aviation and cyber lines: Morningstar DBRS
Accumulation of risk exposures across war, cyber, travel, and political risk lines could place ‘meaningful capital pressure’ on many insurers, rating agency warns
M&S and Co-op cyber attacks could cost up to £440m: CMC
Cyber Monitoring Centre classifies attacks as a category 2 systemic event, in first live assessment
US cyber direct premiums fall amid declining rates
Little change in cyber risk exposure between 2023 and 2024 as direct written premiums dip 2.3% to $7.08bn
Market Modernisation
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Miller launches smart follow facility for property risks
MillerBoost will combine algorithmic and tracking capacity to support faster, data-driven decisions for property risks, broker says
Aon launches AI platform to modernise placement process
New artificial intelligence platform aims to provide clients and brokers with real-time insights into market behaviour, pricing and carrier appetite
Shared data standards are crucial to London’s future
Liiba’s Chris Croft and PPL’s John Mason argue the London market needs to adopt a single data standard to retain its leading industry position
Resilience
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Executives worry firms are not ready for emerging risks
Technology and related concerns lead list of biggest worries
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
Solvency II
Empowering underwriting with actuaries on the frontline
Through own risk solvency assessment reporting, insurers gain an understanding of exposures and capital positions, and actuaries can better assess unusual risks often misunderstood or oversimplified by standard models
Captives in the spotlight around the world
There is increasing demand for captives globally, but the specific regulatory and market conditions in each country create a diverse and dynamic landscape
New risk environment calls for a holistic approach: Ferma president
Charlotte Hedemark stressed the increasing focus on building organisational resilience, not only mitigating risk
Insurtech
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Africa Specialty Risks inks energy data partnership
Africa-focused group's collaboration with insurtech APP aims to strengthen energy underwriting capabilities and improve risk management processes
Former XL Group chief McGavick to chair insurtech
Mike McGavick joins AI tech company mea
Latest Lloyd’s Lab entrants unveiled
New cohort of 11 firms include AI and climate-focused businesses
Diversity
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Scor, Axa and QBE affirm no change to DEI targets
US embassies have reportedly sent letters asking if corporates would comply with Trump administration’s DEI ban
Bridging the generational gap in claims
Workers from the Baby Boomer generation to Gen Z are working together in companies, but they enter the market with different knowledge bases, meaning the expectations of progression are different, as are their learning styles
Lloyd’s workforce slowly growing more diverse
Women comprise 44% of Lloyd’s market workers, and hold 36% of leadership positions at Lloyd’s firms, corporation’s latest Market Policies and Practices survey finds
Monte Carlo
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Rating agencies bullish on reinsurance as renewal talks start
Moody’s sees ‘mature hard market’, while S&P Global wants to see more sustained profits
Secondary perils set to be in focus in 1/1 catastrophe renewals as losses rise
Brokers are looking for new structures to deal with frequency losses, but risk models are a challenge
Reinsurance may be ‘at the peak of the market’: Priebe
Signs of ‘moderation in pricing’, but strong profits are still expected, Guy Carpenter chair, David Priebe, says
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
Rates, capital and legal reform: key takeaways from June 1 renewals
Reinsurance prices continue retreat from 2023 peak despite strong demand
Hull renewal season looking good for shipowners
Glut of new managing general agencies ready to undercut incumbents, market sources report
Secondary perils set to be in focus in 1/1 catastrophe renewals as losses rise
Brokers are looking for new structures to deal with frequency losses, but risk models are a challenge
Hurricane Season
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Category three Erick becomes 2025 season’s first landfall in Mexico
Forecasters predict an above-average active eastern Pacific hurricane season
Aon receives approval for latest Florida hurricane model
Florida Commission on Hurricane Loss Projection Methodology certifies broker’s model for rate-making in the state
Rates, capital and legal reform: key takeaways from June 1 renewals
Reinsurance prices continue retreat from 2023 peak despite strong demand
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