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Marine cargo insurers face reduced premium due to difficult market conditions
A strong US dollar and falling cargo values are the main reasons for the 9 percent reduction in global cargo premiums from 2014 to 2015, according to Nick Derrick, cargo committee chairman for the International Union of Marine Insurance (IUMI).   21 September 2016
Insurance
Zurich makes senior appointments with commercial unit launch
Zurich Insurance Group has made a series of appointments as it plans to combine its corporate and commercial businesses into a single commercial insurance unit.   21 September 2016
Insurance
Containership fires fuel concerns over cargo losses
Two on-board containership fires in 2016 – the NNCI Arauco in September and the Maersk Karachi in May – have raised concerns that seafarers are inadequately equipped for such exposures, according to the International Union of Marine Insurance (IUMI).   21 September 2016
Insurance
Sluggish economic growth prompts marine premiums to plummet
Global marine underwriting premiums for 2015 are down to $29.9 billion, a 10.5 percent reduction from the 2014 figure, according to IUMI’s annual statistical report.   20 September 2016
Insurance
London Market must attract young talent to remain competitive
The London Market lacks the young talent it requires to help it adapt to some of the technology-driven change it is pushing through including the introduction of its electronic placement platform.   20 September 2016
Insurance
AIG sells its interest in Ascot subsidiaries but commits to Bermuda
American International Group is to sell its interest in Ascot Underwriting Holdings and related syndicate-funding subsidiary Ascot Corporate Name to the Canada Pension Plan Investment Board (CPPIB), which invests the assets of the Canada Pension Plan.   19 September 2016
Insurance
10 managing agents in deal to share hurricane risk model
Lloyd’s and the Lloyd’s Market Association (LMA) have made a deal with US hurricane model provider Applied Research Associates (ARA), which will provide its Hurloss hurricane model and Middle East earthquake model to subscribing managing agents on a shared service basis.   19 September 2016
Insurance
Meranti most powerful typhoon in decades in Southeast China: AIR
Super Typhoon Meranti, which made landfall in China’s Fujian Province at 3:05am local time on September 15, is the strongest recorded typhoon in the region since 1949, according to catastrophe modelling firm AIR Worldwide.   16 September 2016
Insurance
UK Solvency II inquiry likely to consider risks for reinsurers
A UK inquiry into Solvency II (S2) and the impact of post-Brexit change is likely to look closely at capital requirements for annuities and at potential risks for reinsurers if future UK rules are not considered equivalent to S2, Fitch Ratings has said.   15 September 2016
Insurance
French non-life insurers’ profits at risk from soft prices
Pricing competition and a continuing soft market will weaken French-non life insurers’ earning in 2016, according to a report from Fitch Ratings.   15 September 2016

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