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80% of all risks uninsured
A lack of imagination regarding new perils, limited product offerings and restrictions on capacity mean that at least 80 percent of the perils faced by commercial organisations are not insured.
21 October 2013
Bolt: P&C market 'letting itself down' on new perils
Lloyd's head of underwriting Tom Bolt has accused the P&C reinsurance industry of "letting itself down" on emerging risks such as contingent business interruption insurance (CBI) and not adapting to provide products or sufficient capacity to meet the needs of clients trading in the global economy.
21 October 2013
Biba takes aim at FCA naming and shaming plans
Plans to name and shame firms under investigation by UK regulator the Financial Conduct Authority (FCA) have been criticised by the British Insurance Brokers' Association (Biba)
21 October 2013
Industry leaders look to ‘historic opportunity’ for growth
The global (re)insurance industry should look to deploy its excess capital by widening the market for insurance and meeting the needs of customers with profitable new products, a high-ranking panel of industry executives told the Guy Carpenter Baden Baden Reinsurance Symposium yesterday afternoon.
21 October 2013
Kessler backs opponents of ‘too big to fail’ regulation
Scor CEO Denis Kessler has added his voice to the chorus of those objecting to International Association of Insurance Supervisors (IAIS) plans that could subject some heavyweight reinsurers to more onerous regulation and capital requirements
21 October 2013
Starr International cannot depose Fed chairman in AIG case
Maurice "Hank" Greenberg's company Starr International has been thwarted in its bid to summon Federal Reserve chairman Ben Bernanke to give evidence in a suit against the US federal government over the AIG bailout
21 October 2013
Lawmakers mull Massachusetts flood cover limit
The amount of flood insurance Massachusetts homeowners are legally required to buy could be capped if a bill filed last week is passed
21 October 2013
CEA delays 1 January cat placement
The California Earthquake Authority (CEA)'s early release of the full details of its 1 January cat renewal, right down to the size of signed lines, has been one of the features of PCI in recent years.
21 October 2013
Turkish cat pool restructures and buys $3.2bn treaty
The Turkish Catastrophe Insurance Pool is quadrupling its retention and buying close to 60 percent more limit as it restructures the cat treaty for its 1 November renewal, The Insurance Insider can reveal.
21 October 2013
Arch Bermuda pays TVA $42mn on $1bn+ ash spill
Arch Bermuda has paid the Tennessee Valley Authority (TVA) a $42mn settlement for a $50mn excess liability policy affected by one of the largest environmental disasters on the US mainland in recent years, according to a TVA spokesman
21 October 2013
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