Intermediaries such as brokers or managing general agents (MGAs) can prevent insurers from better understanding their clients’ needs and improving their products and services based on this, Lakshan De Silva, chief technology officer at technology firm Intellect SEEK, told Intelligent Insurer.
Insured losses from The Camp and Woolsey Wildfires are expected to reach between $9 billion and $13 billion, according to data provider RMS.
Tokio Marine Group is transferring its existing portfolio of policies written out of Continental European operations to its newly established subsidiary Tokio Marine Europe (TME) in Luxembourg in preparation for Brexit.
Bermuda-based specialist re/insurer Ascot has appointed John O’Brien as executive vice president and head of environmental.
UK-based Folgate Insurance Company has partnered with re/insurer MS Amlin to underwrite its business for 2019.
The European insurance sector faces challenges from non-insurance players which is likely to drive mergers and acquisitions (M&A) activity, according to a report by Moody’s.
Within the perimeters of the Camp Fire in Northern California and the Woolsey Fire in Southern California 23,044 homes with a total reconstruction cost value (RCV) of approximately $8.6 billion are at high or extreme risk of wildfire damage, according to CoreLogic estimates.
Specialty re/insurer Brit has unveiled a new multi-arrangement insurance special purpose vehicle to write general collateralised reinsurance for multiple cedants via Brit’s distribution network in the London market.
Japanese insurer Sompo benefitted from lower losses from natural catastrophes in North America in the six months ended Sept. 30, 2018 compared to the same period a year ago.
The majority of insurance groups that are affected by Brexit and rated by AM Best have either completed or initiated a transfer of their European Economic Area (EEA) business from their UK insurer to an affiliated EEA insurer under Part VII of the Financial Services and Markets Act 2000, according to the agency.