Hiscox recently announced it had expanded into the ILW market with a new cyber ILW product – the first to respond specifically to cyber losses. Devin Page, assistant vice president – underwriting, Hiscox Re, explains how Hiscox developed the new product and how innovation and ILWs may be natural bedfellows.
The first quarter of 2018 has seen record levels of growth in the ILS market. Intelligent ILS investigates.
Managing general agents (MGAs) remain a vital part of the rich tapestry of the London Market. In this report, we gathered the results of the 60 biggest MGAs in the London Market, examining their growing affinity with insurance and grilling a few on their outlook and plans for the coming years.
Insurtech firms have been transforming the personal lines business by delivering new applications and products for clients. But now it’s time for new technology to upgrade the commercial side of the insurance business, as Trevor Maynard, Lloyd’s head of Innovation, commercial, suggested to Intelligent Insurer.
The insurance sector has been hoping that the European Union’s General Data Protection Regulation (GDPR) would boost the demand for cyber insurance as the cover has largely been sold as protection against data breaches. But how the market will be affected will depend on the severity of the enforcement actions taken by the EU and UK supervisory authorities, says Alex Jomaa, cyber underwriter at Tokio Marine Kiln.
A new data protection regulation which comes into force from May 25 in Europe will offer customers more insight into insurers’ decisions with regards to pricing and claims payments, increasing the likelihood of disputes while facilitating the switch to a different provider, as Intelligent Insurer discovers.
Many re/insurers understand the value and potential of data but leveraging its full potential requires a systematic approach designed to achieve very specific outcomes, says Meghan Anzelc, chief analytics officer, AXIS Capital.
Having given up on reinsurance in recent decades, some large insurers have had a change of heart as they seek diversification and the access to the capital markets which reinsurers have developed in recent years. Is their bet that they can handle these volatile risks—and that their shareholders will back them—a risky one? Intelligent Insurer investigates.
American International Group (AIG) had a disappointing start to 2018 as results missed expectations and caused the share price to dive, but CEO Brian Duperreault promised during the May 3 first quarter 2018 results call that the company is on track to address the issues in general insurance and deliver double-digit return on equity (ROE).
Managing general agents are partnering with insurtech firms—a trend that could transform the sector and the very nature of MGAs, Peter Staddon, managing director of the Managing General Agents’ Association, tells Intelligent Insurer.