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The Eras tour has additional coverage in place to cover cancellation for PVT perils. -
However, some syndicates are planning more significant growth following hires or strategic shifts.
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The executive said losses in the Middle East had “sent shockwaves” through the market.
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Insuring the transition is frequently touted as a major growth opportunity, but when it comes to renewable energy, complications abound. Natural catastrophe, evolving technology, and data scarcity all add to the complexity of underwriting in the class. GCube's Fraser McLachlan has been operating in the renewables sector over several market cycles, and gives his insight on the latest dynamics in the class.
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Smith joins from QBE Insurance, where he spent over 13 years.
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The downstream market is also starting to soften after a “massive influx” of premium income.
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QBE has “effectively stopped writing new business” in response to its New Caledonia loss.
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Police and civil authorities will likely pick up most costs.
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The July downtime will increase relevance, demand and innovation for the market.
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Lancashire was the only carrier to see double-digit growth in insurance revenue for H1.
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The CEO said he expects cyber rates to start flattening post-loss.
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A canvass of sources suggests that a $3bn-$5bn loss could tip the cyber market into unprofitable territory.
