Inside FAC October 2018
Reading this month’s lead one might be forgiven for thinking that, especially where property fac is concerned, elements of the market are facing extremely challenging conditions. And no-one would dispute the fact that it’s been a very rough ride indeed for the traditional Lloyd’s property D&F marke
A year on from the 2017 hurricanes and it is apparent that one of the main casualties of the year’s tumultuous storm season has been the Lloyd’s property direct and facultative (D&F) market.
The ongoing review by the UK’s Financial Conduct Authority (FCA) into the wholesale market is being viewed in some quarters as a specific attack on fac, according to sentiments expressed at this year’s Inside FAC Monte Carlo Roundtable.
Almost 10 years to the day since Aon surprised everyone with its takeover of Benfield, Marsh & McLennan Companies (MMC) announced it is buying JLT for an enterprise value of £4.9bn ($6.4bn), and in so doing creating the largest reinsurance broker in the world by revenue.
One of the market’s long-running claims disputes has finally concluded after SBM Offshore announced that it has reached a full and final settlement of its insurance claim relating to the Yme project.
Benign market conditions have continued into the third quarter of 2018 for upstream energy writers, with loss severity and frequency “eerily low, especially taking into account the increasing industry activity worldwide”, according to JLT.
(Re)insurers are waiting to establish the level of insured losses as Indonesia reels from a tsunami that struck just off the eastern island of Sulawesi, causing extensive damage and loss of life.
Catastrophe loss aggregator Perils has pinned its final estimate for extratropical cyclone Xavier at EUR324mn ($372mn).
Catastrophe modelling firms CoreLogic and RMS have issued estimates for insured losses from Hurricane Florence that have raised the industry average loss forecast for the storm.
Typhoon Jebi, the strongest storm to hit Japan in 25 years, is expected to generate $3bn-$5.5bn in insured losses, according to risk modeller RMS.
Lloyd’s accident-year ratio for the six months to June 2018 increased to 99.3 percent, compared with 98.5 percent in the prior-year period, primarily due to an increase in attritional losses rather than major claims.
Willis Towers Watson’s reinsurance arm, Willis Re, has restructured its specialty division into two units.
International loss adjuster Charles Taylor Adjusting (CTA) has acquired FGR group, a loss adjusting and claims management business headquartered in Chile.
Lloyd’s reputation as a specialist D&F market is under threat amid competition and underperforming classes of business
For many in the market, “MGA” is a four-letter word. Poorly managed MGAs have generated a negative reputation that affects the entire MGA model.
A recent Aon report highlights new exposures at risk from the latest breed of terrorists. Inside FAC reviews what’s at stake
Former Axis London onshore energy head Steve Saunders has joined National General Insurance (NGI) in a senior underwriting role.
Insurers have been getting pretty hot on insurance fraud in recent years – from ‘flash for cash’ scams in the motor market, to income protection claimants blaming bogus injuries for their inability to work.