With the National Flood Insurance Program (NFIP) due to sunset in September, now is the time to embrace and facilitate the development of a private flood market, say Nicole Austin and Dennis Burke of the Reinsurance Association of America.
The trend towards globalisation, digitisation and intangible assets is changing the risk landscape at an unprecedented rate. Intelligent Insurer heard from executives at the Airmic Conference 2017 in Birmingham, UK, about the current opportunities and potential threats.
The insurance sector is accepting that disruptive technologies will transform the way the industry has been operating over the past decades. As a consequence, traditional insurers have decided that the only way to avoid a shrinking business is to take action and get involved with the thriving insurtech start-up industry through cooperation and M&A.
A dramatic surge in cybercrime and an increasing awareness of the risk among the population has reassured the industry that cyber insurance will develop into an important area in personal lines insurance.
The London Market, along with its flagship Lloyd’s, is falling behind in the important high-growth Asian insurance market as well as in major emerging markets such as Latin America.
Swiss Re is engaging in an initiative to persuade governments in Europe to create schemes that will enable private re/insurers to expand the coverage of flood and earthquake risks.
Separation between lines of business might be rational and convenient but it is inevitable that the differentiation will gradually disappear and integration will take its place, writes Yannis Spanoudakis from Matrix Brokers.
The increasingly litigious nature of society and corporate life means that a robust D&O policy is now critical for companies wishing to recruit quality staff. But formulising the right policy with the right covers and terms and conditions is equally important – for the sake of both the insured and the company buying the coverage, Dav Khalaghizadeh, head of Commercial D&O, at Aspen Insurance, tells Intelligent Insurer.
The perils of pillars: one actuary’s tirade on the counterproductive ‘monster’ that Solvency II became
The first deadline for the first full set of Solvency II reports may have passed without incident – on May 22 – but one jaded actuary known as ‘Manuel the Scandinavian Actuary’ got in touch to vent his concerns around what the once well-intended regulation has become and why the industry is now grappling with a counterproductive ‘monster’ unlikely to stand the imminent test of insurtech disruption.
The ILS market is seeing a boom in activity in 2017. Bill Dubinsky, managing director & head of ILS at Willis Towers Watson, casts an eye over the year so far.