Available capacity for nuclear, biological, chemical and radiological (NBCR) exposures is tightening following the failure of Congress to renew US terrorism backstop Tria before expiry.
Diversification is the only sustainable defence mechanism for the traditional reinsurance market against the "wall" of investment capital, Willis Re International's chairman James Vickers has told The Insurance Insider.
The insurance industry has been stunned by the US Senate's failure to reauthorise the Terrorism Risk Insurance Act (Tria), Lloyd's chief risk officer and general counsel Sean McGovern has said.
The International Association of Insurance Supervisors (IAIS) has launched a public consultation on the development of a global insurance capital standard (ICS).
The criteria for properties eligible for inclusion in Flood Re have been widened to include band H, the highest property tax band in England and Scotland.
Insurance outsourcing firm Capita has been appointed as the managing general agent (MGA) and service provider for UK state-backed flood reinsurer Flood Re, The Insurance Insider can reveal.
