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Large energy property damage losses in 2020-21 saw a significant reduction, accounting for a total of $500mn across the two years. -
The executive said the Ukraine conflict was an example of how the industry had come to over-optimise models.
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The Association of British Insurers director or regulation said that insurance providers have an important role to play in helping to provide capital to fund green infrastructure projects.
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The escalation of conflict in Ukraine has led to global energy uncertainty and underpinned high asset prices.
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The intermediary said capacity for downstream energy has now returned to 2017 levels.
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The potential for major deterioration on a 2019 loss could yet prove “devastating” for the market.
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The carrier has already withdrawn cover for the top 5% of carbon-intensive oil and gas firms in the past year.
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It is understood that the Hartford led the EUR85mn policy, with Tysers the broker.
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It is understood that MS Amlin leads the placement, which is brokered by Marsh.
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Chris Van Gend joined the company from AGCS earlier this year to lead the buildout in the class.
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Growth plans are common in the market but there are questions about the level of rating adequacy.
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Plus the evolution of the broker consolidator model, this week’s results and all the top news of the week.
