The use of insurance-linked securities (ILS) by the world’s biggest insurers and reinsurers is increasingly becoming the norm according to two recent surveys – but only if the T&Cs are competitive compared with more traditional forms of coverage.
A division is emerging between underwriters and brokers over what affect Hurricane Sandy will have on rates.
Insurers face a potential headache over the issue of deductibles when dealing with claims from Hurricane Sandy.
The insurance-linked securities (ILS) market has been quiet of late but the industry appears split on why this is. Some blame nervousness following Hurricane Sandy, while others argue it is typical for this time of year.
Uncertainty around the eventual size of re/insured losses from Hurricane Sandy has led to a quietening of the insurance-linked securities market. This is the view of Luca Albertini, chief executive of Leadenhall Capital.
The complexity of loss adjustment issues associated with Hurricane Sandy means that the re/insurance industry is unlikely to have a clear picture of the potential reinsurance losses going into the January renewals.
American International Group (AIG) has rebranded its global property casualty business back to AIG, and its life and retirement segment to AIG Life and Retirement.
The annual cost of regulation and compliance for the UK insurance sector now exceeds £730 million, according to research from law firm Reynolds Porter Chamberlain (RPC).
The insurance industry and those who regulate it need to admit that the Solvency II framework is too ambitious. This is the view of Phil Smart, UK head of Solvency II at KPMG.
Lancashire has announced that it will shortly launch Saltire Re I Limited (“Saltire Re I”), a fully collateralised Bermuda incorporated special purpose insurer (SPI).