The combined hull, cargo and port facility insured losses from last week’s warehouse explosions in Beirut should not exceed $250m (£191m), according to an initial analysis by Guy Carpenter.
The explosion in Beirut, Lebanon at around 6pm local time on Tuesday 4 August tragically killed at least 157 people and wounded another 5000, with more than a hundred still missing as rescue efforts continue.
The warehouse explosion in the port area of Beirut on Tuesday is unlikely to lead to insured losses on the same scale as those that followed a similar incident in China in 2015, industry figures have said.
Tiger Risk has appointed Juan England as a partner with a mandate to help develop large, multi-regional clients in Europe and other international markets, the fourth recruit of the month for the rapidly expanding broker.
PREMIUM: As Post celebrates 180 years, we look at the companies that have come and then very quickly gone and ask what today's insurers can learn from them.
Insurance Covid-Cast: Insurtech 100 special – 'AI/Data Analytics' with Concirrus’ Andrew Yeoman and Cytora’s Richard Hartley
In the 21st episode of Post and Insurance Age’s video series we gathered together a duo of start-ups featured in the Insurtech 100, both of which are focused on using artificial intelligence/data to make insurance companies more efficient.
The London Market was responsible for $110bn (£89.7bn) of premium in 2018 with 8.1% year on year core growth across property, casualty and financial lines, according to the latest research by the London Market Group.
Beazley has reported a $170m (£137.7m) impact from Covid-19 related claims while Chubb took $13m of pre-tax $13m losses in the first quarter of the year.
Insurtech start-up Honcho has raised another £1.2m with participation from over 6000 crowd investors on Crowdcube, Insurtech Gateway and existing investors Finance Durham.
Like many industries, the insurance market was considerably affected by both the First and the Second World War. With the Insurance Museum coming soon to the City of London, Post looks at the growing tensions in the insurance market prior to the outbreak…
Supreme Court dismisses hull underwriters' attempt to recover $22m paid out for deliberately sunken ship
The Supreme Court has dismissed an attempt led by Aspen to recover $22m paid out by hull underwriters following the sinking of a ship in 2013 that was later ruled to have been deliberate.
Harry Curtis spoke to Andrew Yeoman, CEO and co-founder of Concirrus, about the increasing use of big data in insurance and the challenges facing the fleet and marine markets.
PREMIUM: As Post celebrates 180 years, we delve into the magazine’s archives and look at the impact war and terrorism had on the insurance industry in the 19th and 20th centuries
RSA has delivered an underwriting profit of £3m in the UK for 2019, reversing the underwriting loss of £93m the year before.
Scandal, fraud, deception and rabid profiteering have never been far away from the insurance industry. Indeed, it is probably fair to say they have been uneasy bedfellows ever since the modern insurance industry started to lay its foundations in this…
Beazley hopes to slash its expense ratio in half as a result of the proposed widespread reform of the Lloyd’s market and internal investment in automating simpler classes of business.
Beazley has placed its UK regional marine book into run-off, citing pressure from low margins, following a strategic review.
Martin Kelsh, the former production and distribution director of Neon, has joined Lloyd’s broker HW Wood as head of the international non-marine team.
The year 2020 has been a long time coming for some in our family. In 1995 my lovely, tiny and very northern grandmother turned 95 and since then all 12 of her great-grandchildren have been counting down to the day she turns 100 and gets her card from The…
As 2019 draws to an end, everyone is thinking about what the new year may hold for them, whether it's an exciting new job or simply committing to some small lifestyle changes. One person who has set some plans in motion for 2020 is former Zurich and Axa…
Spotlight: Autonomous Vehicles: Is automation the answer to insurers’ nightmares or a dream come true for thieves?
At every trucking fair and trade publication and in each promotional video the industry is demonstrating the advances in autonomous commercial vehicles
A High Court judge has ruled that insurers do not need to cover the cost of an alleged pirate attack on an oil tanker because the ship’s owner was responsible for the incident.
MS Amlin is to withdraw from nine lines of business that “no longer form part of its future strategic direction” as part of a wider restructure following an underwriting review.
2019 has been a year of changes in the London Market. The Decile 10 review at Lloyd’s in 2018 was the most high-profile example of insurance businesses reviewing their operations