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According to the Civil Unrest Index, protest activity has soared over the past two years. -
The reinsurer is offering pricing incentives to members to reintegrate cover.
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IGI’s premium income has almost doubled since it listed in 2020, but how can growth still be achieved in a soft market?
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Plus, the latest people moves and all the top news of the week.
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The class offers affirmative coverage for gaps in traditional insurance policies.
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West Hill Capital is the main investor in the capital raise.
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Continental composite carriers aim to smooth volatility with new initiatives.
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Plus, the latest people moves and all the top news of the week.
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The toll of risk losses sustained by the PVT market this year is mounting.
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Bazan Group’s refinery near Haifa was badly damaged by Iranian bombardment in June.
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The start-up aims to bind its first risk in Q4 2025.
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Plus, the latest people moves and all the top news of the week.
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The underwriter has worked for RiverStone, Advent, Lloyd’s and AIG.
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SRCC exposures are being studied more closely but fixing aggregation issues is a challenge.
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Plus, the latest people moves and all the top news of the week.
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The carrier’s president Andrew McMellin is aiming to double London market share in the next five years.
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Western insurers do not insure Iranian risks, with the country subject to sanctions.
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The new Lloyd’s chief of market performance also outlined target growth areas.
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The modeller said the insurance market could be exposed to unexpected aggregations.
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The product protects insureds outside of warzones from conflict-related cyberattacks.
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A survey from the carrier looked at the political risk and violence concerns of companies.
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Several insurers and MGAs have launched into the class of business over the past year.
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Personnel movement has been high in the PVT class as new capacity enters the market.
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Reinsurance and property remained the primary drivers of premium growth.
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The terrorism pool has shifted its programme from facultative to an XoL arrangement.
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Probitas is set to grow by around 40% this year.
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The political violence market is in a competitive stage thanks to an influx of capacity.
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It is understood that supporters include Munich Re and Brit.
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As 2024 draws to a close, we reflect on the events of the year for the London market.
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Swiss Re has retreated from its “escalation clause” for the Middle East.
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Jelle Ouwehand joined Arch from Marsh, where he was a senior terrorism, PV and war broker.
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A significant amount of new capacity has flowed into the political violence and terror market in recent months.
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Chris Cane and Jaime Hunwicks join from Talbot, Jonathan Bint from Chaucer and Molly Ashcroft from Axis.
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The political violence market has seen a flurry of new entrants in recent months.
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Contrary to expectations that US casualty would dominate the conversations, Milton took the spotlight.
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Geopolitical conflict could expose the global economy to $14.5tn in losses.
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Many insurers have cut back lines in Lebanon, although larger insured sums are at stake in Israel.
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The business recently hired former Occam PVT underwriter Nicholas Stevens.
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The underwriter has spent a decade at Chaucer.
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PVT business has been attracting new capacity after recent rate increases.
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Plus the latest people moves and all the top news of the week.
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The PVT market has seen a recent spike in staff movements, as new capacity enters the space.
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The peril is posing an increased risk of loss for the sector.
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The carrier launched into the political violence market at the beginning of the year.
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The short-tail buildout will feature lines including political violence and marine.
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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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New capacity and increased competition is bringing rating levels under pressure.
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Riots erupted in the Pacific Island territory last month over electoral reforms.
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Dominic Kirby’s departure follows that of PV head Henry Gillingham and casualty treaty head Stuart Dale.
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The flurry of London market PVT hiring continues.
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The PVT team will be part of a new crisis management unit under Luke Powis.
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The underwriter has been with Westfield since November 2020.
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The underwriting head has worked in the London market for 25 years.
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The broker has also placed a new cyber facility.
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Israel exposure has thrown inwards-outwards PV coverage mismatches to the fore again.
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Both Schlesinger and Sandford will report to Matt Humphries, head of crisis management.
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She joined the carrier as an underwriting assistant over 11 years ago.
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Swiss Re is among reinsurers to have the right to limit coverage if conflict widened.
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The broker said there was a ‘disparity’ in market response to war in the Middle East.
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Environmental activism and terrorist activity are also set to rise.
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Insured losses from civil unrest have risen over the last decade to total $7bn in 2020-23.
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Competition among insurers is rising as new carriers enter the market.
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Providing coverage will remain “very tricky” in the near term.
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Talbot has lost a trio of PV underwriters to Ark in recent months.
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Alexander Baker was a senior PV, war and terrorism underwriter at Axa XL.
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Talbot is rebuilding its PV team after a December Ark and Chaucer raid.
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Mosaic has also added CNA Hardy’s Emily Humphreys to its PV team as part of the deal.
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Clayton will join the carrier’s global credit and political risks team, reporting to James Wilson, head of credit and political risks.
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Key market participants hailed the narrowing of the gap between PV insurance and reinsurance, however said that more still needs to be done to fix the market.
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Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
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The PV market is facing yet another battle with reinsurers as they continue to restrict coverage, tighten definitions and exclude geographies.
