Lloyd’s is beginning to see the green shoots of improved underwriting thanks to stringent business planning measures, executives have said following the market’s interim results.
Lloyd’s recorded pre-tax profits of £2.3bn in the first six months of 2019, with strong investment returns offsetting a year-on-year deterioration in underwriting profitability.
Julian Enoizi, CEO of UK government-backed terrorism reinsurer Pool RE, has predicted that the insurance-linked securities market will diversify away from US property-catastrophe risks, into other “difficult to insure perils” such as terrorism.
The industry can expect to be hit with on average $92bn (£74.5bn) in insured losses from catastrophes annually going forward, according to catastrophe modeling firm Air Worldwide.
Lloyd’s of London chairman Bruce Carnegie-Brown has said that the results of the specialty insurance market’s culture survey are “sobering” and that it won’t hesitate to make an example of perpetrators in order to stamp out bad behaviour.
The government has proposed reducing the building height over which the installation of sprinklers are mandatory from 30 metres to 18 metres.
The publication of the hotly-anticipated interim report on the Financial Conduct Authority’s market study of general insurance pricing practices that was expected this summer has been delayed until October.
Hurricane Dorian inflicted $7bn (£5.7bn) worth of insured and uninsured damage in the Bahamas, catastrophe modelling firm Karen Clark & Company has estimated.
Gallagher has acquired RGA Group, a lettings and landlord broker based in Brentford, marking a return to acquisitions eight months on from its acquisition of Stackhouse Poland.
The Financial Conduct Authority has alerted consumers to two unauthorised insurance firms offering car insurance in the UK.
Insurers should take more data into account in order to quote small businesses premiums that properly reflect their risk, Lexis Nexis Risk Solutions has said.
European reinsurers well-placed to absorb cat losses and take advantage of continued price increases: Fitch
The big four European reinsurers are well capitalised to absorb catastrophe losses and build on pricing increases that are expected to continue into next year, Fitch Ratings has said.
Hurricane Dorian could inflict insured losses of up to $25bn (£20.7bn), according to analysts at UBS.
Crisis incidents cost UK SMEs a combined £8.8bn in 2018, with cyber-attacks, data breaches and cyber extortion incidents being most prevalent, research from Gallagher has found.
Rideshare insurtech Inshur has raised an additional $1.5m (£1.2m) from Viola Fintech for its Series A funding round, taking total investment in the startup to date to $9.6m.
Irish vehicles will not require green cards to drive in the UK in the event of a no-deal Brexit, following a deal struck between the Motor Insurance Bureau of Ireland the British Department for Transport.
Essex-based risk management specialist Health and Safety Click has been bought by consolidator GRP.
Jonathan Palmer-Brown and Hugh Crossland, both formerly of JLT, have joined SSL Endeavour as group non-executive chairman and group chief financial officer respectively.