October 2014/4

The passage of a proposition that would increase the cap on pain and suffering damages paid out in Californian medical malpractice claims could trigger a rise in medical professional liability (MPL) rates

Ace CEO Evan Greenberg has accused the US Congress of being "irresponsible" due to its indecision over the renewal of the Terrorism Risk Insurance Act (Tria)

UK life insurers could be faced with increased reporting costs of up to £100mn under a blanket common reporting standard (CRS), professional services firm EY warned last week.

Former American International Group (AIG) CEO Edward Liddy defended working closely with the US government during testimony at the trial on the insurance group's 2008 federal bailout.

Travelers has asked a US district court to rule that it is not required to cover a nationwide Chinese restaurant chain against a cyber breach.

Reinsurance buyers are looking for long-term capacity in a backlash against the alternative market ahead of the 1 January renewals, Scor CEO Denis Kessler told The Insurance Insider.

As reinsurers and buyers gather in Arizona for PCI, the message from their European counterparts in Baden-Baden last week was clear: prepare for tough negotiations and embrace alternative capital.

Despite its recent track record of growing market share against admitted carriers, the US surplus lines sector faces a series of challenges to profitability as it moves through 2014 and into 2015.

Despite moderating pricing trends, US commercial P&C carriers have so far trumped Wall Street forecasts for the third quarter, as modest cats and solid underwriting results helped lift the bottom line.

With the third quarter reporting season well underway, industry bellwethers have provided further evidence of slowing US commercial P&C pricing momentum, with no signs of easing.

The bloodbath that has spread from property cat excess-of-loss to other classes of reinsurance is now spilling over into the primary US P&C sector, threatening to bring a soft market in 2015.

Downbeat property catastrophe reinsurers can look to the Florida market for some degree of comfort in 2015 following the latest round of Citizens take-outs, which could result in fresh demand for protection.