Willis Towers Watson
Willis reports $446m 2012 net loss
Willis group has posted a total net loss of $446m for the year ending December 31 2012, a significant swing on last year’s result of $203m profits, alongside plans to cut 200 jobs.
Top five European news stories
The top five news stories from wwww.insuranceinsight.com over the past seven days.
Senior US casualty reinsurance duo joins Towers Watson
Mark Higgins and Fraser Howard will Towers Watson from Aon Benfield, in a move that seeks to cement the firm’s position in the US casualty treaty reinsurance broking in the London Market.
Insurance Insight Q+A: Mark Saunders, Towers Watson
Insurance Insight interviews Mark Saunders, managing director, Hong Kong and managing director for the insurance sector, Asia Pacific at Towers Watson.
Willis: Cat bonds hit a new high in 2012 with 37% increase
Last year saw the second highest level of catastrophe bond issuance on record signalling strong growth in the market, according to Willis Capital Markets & Advisory.
Gender Directive: The Sex Factor
As consumers come to terms with gender-neutral pricing, motor insurers continue to sweat over alternative rating factors and rebalanced underwriting models.
Reinsurance: Superstorm in a teacup?
While destruction wreaked by Superstorm Sandy hasn’t hit the reinsurance sector as hard as might be expected, the market faces challenges in the shape of overcapitalisation and PPOs.
Spotlight On: Telematics: Map Reading
In the flourishing world of telematics-based car insurance, the concept of a vehicle score to evaluate individual risk has become ubiquitous. But are all scores equal?
Spotlight On: Telematics: On the road to a new era
Has the EU Gender Ruling finally brought telematics to the fore to drive new growth in the motor sector?
Insurers upgrade Sahel risk forecast following hostage situation
The potential spread of Islamic terrorism from Mauritania in the West to the Horn of Africa in the East has become a profound threat to security, livelihoods and stability in the Sahel, according to Special Contingency Risks.
Market moves: Busy week for insurers sees sector take on seven new recruits
Following a week of broker domination in recruitment, insurers have battled back in a big way with no fewer than seven headline hires at companies ranging from agricultural insurer Rural to Lloyd's syndicate Aegis London.
To list or not to list? More Chinese insurers tipped to seek IPOs in 2013
Chinese insurers have started to raise money from equity issuance in the past two years as regulations and market appetite make the option more attractive, writes Andrew Tjaardstra.
South Korea, Turkey, Indonesia and Mexico next economic "juggernauts," claims Willis
Preparing for a new wave of emerging markets is one of the key risks businesses face over the next 12 months according to broker Willis.
Weather and emerging markets key 2013 risks, warns Willis
Extreme weather and a new generation of emerging markets are among a new list of risks faced by businesses over the next 12 months identified by Willis.
Rising kidnap risk amid Eurozone unrest
The rising risk of abductions as a result of social unrest in the Eurozone is creating opportunities for insurers specialising in kidnap and ransom policies.
Plumeri rounds on contingent commissions
Outgoing Willis chief executive Joe Plumeri has criticised a resurgence in the payment of contingent commissions to brokers by insurer partners.
Ex-Aon MD Martin to lead Willis UK
David Martin, former managing director of Aon's UK corporate business, has been appointed chairman and chief executive of Willis' UK retail business.
Broking: Lloyd's & London market - Capital investment
Strong US interest in the Lloyd's and London market is driving acquisition activity in the broking sector, but will the City continue to prove popular with overseas investors in 2013?
Superstorm Sandy puts downwards pricing pressure on reinsurers
Natural catastrophe losses for 2012 are estimated to be 50% less than 2011's $120bn, and most reinsurers are not facing any material capital impact and remain within annual catastrophe budgets.
Catastrophe reinsurance rates unharmed by Sandy, says Willis Re
Property catastrophe reinsurance rates adjusted flat to -5% globally in January renewals.
Editor's comment: Paying the price for profitability
As 2012 draws to an end, UK insurance industry debate centres on the one topic most likely to dominate headlines come the new year: profitability pressures in the motor insurance market.
UK motor profits could take fresh hit as reinsurers mitigate exposure to PPOs
The prevalence of periodic payment orders is expected to undermine underwriting profitability in the motor market in 2013, as reinsurers become increasingly reluctant to take on a rising number of variables.
Top five European news stories
The top five European news stories from www.insuranceinsight.com over the past seven days.
Willis launches cover for offshore decommissioning risks
The energy industry faces new risks associated with decommissioning and dismantling oil and gas installations when they reach the end of their productive life, Willis Energy has warned.