Inside FAC September 2018
P&C (re)insurers face the threat of a massive increase in claims in the event of a global pandemic, according to JLT Re.
Lloyd’s has given its approval for syndicates to underwrite risk for commercial cannabis industries in Canada
Oh dear, so many turkeys voting for Christmas!
The Hartford’s $2.1bn acquisition of Navigators is being eyed with interest by those in the fac market keen to see the degree of fallout which results from major takeovers.
Swiss Re’s beleaguered primary division, Swiss Re Corporate Solutions (SRCS), is facing a significant claim as a result of the recent devastating collapse of the Morandi bridge in Genoa, Italy, resulting in the loss of 39 lives.
Catastrophe modelling firm AIR Worldwide has estimated that industry-wide insured losses from the flooding in western Japan last month are likely to cost 284bn-423bn Japanese yen ($2.6bn-$4bn).
Only a few months after the gutting of Glasgow’s historic School of Art, set to cost the market in the region of £100mn, property (re)insurers are facing a similar large loss after the devastating fire to Belfast’s Banks Building.
The construction (re)insurance market fears a loss from the Safi power plant in Morocco could be in the region of $200mn-$250mn, after a fault delayed completion of the coal-fired facility.
Losses taken by Lloyd’s syndicates have deteriorated by an additional £400mn ($508.4mn) for the 2017 year of account (YoA) over the past three months, as claims from hurricanes Harvey, Irma and Maria continue to creep.
Insured losses stemming from the wildfires that swept through Swedish forests from May to July have been estimated at 800mn kronor ($87mn).
Enstar’s expansive insurance group StarStone has launched a casualty consortium aimed at the liability market in Australia and New Zealand, led by casualty underwriter Mark Hunt.
Global commercial insurance rates edged only marginally higher in the second quarter of this year, with pricing up by 1.2 percent, according to data compiled by Marsh.
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