Insider On Air Video
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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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