Editor's Picks (IOA)
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It’s critical that insurers help clients to evolve and manage new and different risks stemming from AI, said Lucy Pilko, CEO of the Americas for AXA XL at RISKWORLD in San Diego.
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Data tools are helping businesses better understand and manage risk beyond just buying insurance, said John Merkovsky, global head of risk and analytics, WTW, at RISKWORLD in San Diego.
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Growth in the E&S market is expected to continue, as risks are continuing to become more complex and difficult to place in the admitted market, said Adrian Cox, CEO, of Beazley at RISKWORLD in San Diego.
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Businesses that have faced multiple years of rate increases are finding relief through innovative solutions including captives and telematics, said Mo Tooker, head of commercial lines, The Hartford, at RISKWORLD in San Diego.
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E&S has thrived around innovation and will continue to grow in 2024 and 2025, said Chris Sparro, CEO of North America, Sompo Commercial and P&C Insurance at RISKWORLD in San Diego.
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Insureds are finding relief from hard market cycles by turning to captives and self-insurance, said Katie McGrath, CEO North America Swiss Re Corporate Solutions at RISKWORLD in San Diego.
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Cyber attacks are increasing and becoming more complex, and large companies are facing more attacks, said Mario Vitale, president, Resilience at RISKWORLD in San Diego.
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A survey of 600 CFOs found cyber security, macroeconomic pressures, geopolitical risk, and talent acquisition and retention were key concerns among CFOs, said Joan Woodward, president, Travelers Institute.
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From transactional insurance to traditional property and casualty insurance, the active private equity space is seeking more complex and bespoke insurance, said Seth Gillston, private equity industry practice leader, Chubb at RISKWORLD in San Diego.
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Zurich North America is collaborating with other industry leaders to educate defense attorneys, said Keith Daly, chief claims officer, Zurich North America.
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Bob Forness, Chief Executive Officer, MultiStrat, says collateralized casualty reinsurance is expanding to offer multi-program facilities for MGA aggregators, carriers and brokers. It can also evolve to offer both retrospective and prospective cover, he says.
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After three years of downward pressure on pricing, demand for Directors & Officers liability insurance is rising this year, leading to a flattening of the market in 2024, says Tim Usher Jones, Founder and CEO at Banyan Risk Ltd.
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MGAs are one of the largest growth areas in both reinsurance and insurance, because they allow for specialization, says Brian O'Hara, chairman, Frontstreet Advisors and co-founder and former CEO of XL Capital. “The more you can specialize in risk, the better you can understand it,” he says.
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The eight new companies that entered the state in 2023 show that legislative reforms are bearing fruit, says Mike Yaworsky, Florida Insurance Commissioner.
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As Bermuda prepares to implement its global minimal tax, the government has worked closely with businesses with a goal of reducing other taxes, says David Hart, CEO, Bermuda Business Development Agency. “It’s exciting this notion that Bermuda can and will compete on other areas outside of tax,” he says.
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Liz Henderson, Head of Climate Risk Advisory and Catastrophe Analytics, Aon, says one of the biggest evolutions she’s seen in the last two years is how commercial clients are seeking climate data to better understand and manage risk.
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Neil Hitchcock, Chief Reinsurance Officer at Bermuda Brokers Limited, says he expects the US program business space, including hybrid fronting companies, to continue to grow because the model allows a firm alignment of interests between reinsurers and cedants.
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Machine Learning has “purpose and path” within wider re/insurance space, but AI is likely to impact insurers before reinsurers, said Sal Tucci, Founder and CEO, Jireh.
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Underwriting discipline and the demand for larger limits is expected to continue to fuel growth opportunities in 2024, said Kathleen Reardon, Chief Executive Officer, Hiscox Re & ILS.
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High excess cyber in the U.S. have seen rates drop by 20-30%, but pricing is expected to stabilize by the third quarter, said Ari Chatterjee, chief underwriting officer
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In conversation with Karen Clark, co-founder and CEO of KCC
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The president of Crum and Forster's surplus and specialty division discusses what's driving the growth in the E and S segment in a time of increasing complexity.
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At the PwC Insurance Summit in Bermuda, we asked our interviewees to weigh up the different challenges faced by start-ups and established insurance companies. Here's what they had to say.
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The CEO of Stonybrook Capital talks about appetite for IPO in the insurance industry.