The economic downturn has forced property/casualty (P&C) insurers to become more focussed on underwriting discipline and less reliant on investment returns, recent reports by ratings agency Moody’s has claimed.
Some 90 percent of all insured losses globally in 2012 occurred in the US – highlighting the continued importance of this market to the insurance industry globally and its influence over capital levels and rates.
The low interest rate environment and regulatory burdens are the two biggest worries facing insurance CEOs, according to a recent report from rating agency Standard & Poor’s (S&P).
The uncertain economic environment globally is making corporate clients set greater store by insurers that can offer financial strength and stability. In particular, buyers are seeking insurers with a strong balance sheet and a good rating.
Litmus Analysis, the specialist insurance analytical and advisory boutique, has hired former Morgan Stanley managing director Dominic Skeet, who joins the firm as a senior consultant. His appointment will improve the company’s expertise in relation to the banking sector, Litmus said.
Increasingly adverse weather conditions are creating challenges for UK insurers that need to be addressed. The recent cold snap in the UK has already cost insurers millions of pounds in losses.
New rules proposed by the CIRC that would apply to the affiliated reinsurance business of foreign-invested insurance companies in China would impose new more stringent requirements on insurers wishing to use affiliated reinsurers if the rules are adopted.
American International Group’s (AIG) rise to becoming one of the largest issuers of catastrophe bonds in the world is a significant indicator of how attitudes towards the use of insurance-linked securities (ILS) have changed in the insurance industry.
Allianz Global Corporate & Specialty (AGCS) has launched a new entity that will operate as a local reinsurer in Brazil. Allianz Global Corporate & Specialty Resseguros Brasil (AGCS Brazil) will be headed up by Angelo Colombo and have offices in Rio de Janeiro and São Paulo.
Record losses on the scale experienced by the industry in 2011 could occur as regularly as every 15 years, risk modelling business AIR Worldwide has claimed in a report. What is more, the industry should brace itself for losses on a potentially even greater scale.