Global Economy

Executives On The Move at AIG and AXIS

AIG picked a Guy Carpenter veteran executive to lead its operations in Japan. AXIS chose a new head for its AXIS Specialty Europe aviation business in continental Europe.

Insurers, Policyholders, Analysts React to UK’s COVID-19 Business Interruption Ruling

Insurers and observers are weighing in on the ruling by a London court in a test case brought by Britain's Financial Conduct Authority (FCA) to clarify insurance coverage for COVID-19 related ...

AM Best Keeps Stable Outlook for Reinsurance Industry

The tailwinds propelling the global reinsurance sector are sufficient impetus for the ratings agency AM Best to retain its stable outlook for the reinsurance industry, despite multiple challenges. ...

UK Judges Rule Carriers Were Wrong to Reject COVID Business Interruption Claims

London judges have ruled that some of the world's biggest insurers were wrong to reject tens of thousands of claims from small firms battered by the COVID-19 pandemic, Britain's Financial Conduct ...

Casualty Reinsurance Demand Rises in North America Despite Hardening Primary Rates: Willis Re

Although there is a significant market correction taking place in the North American liability insurance market, demand for casualty reinsurance is increasing, said Chirag Shah, executive vice ...

COVID-19 Narrows VC Window to InsurTechs That Meet Urgent Industry Needs: Deloitte

InsurTech venture financing held its own in the first half of 2020, essentially matching robust levels reached over the same period last year despite economic shocks created by the coronavirus ...

Second Hurricane in a Month Heads Toward U.S. Gulf Coast

Tropical Storm Sally strengthened off the west coast of Florida on Sunday and was poised to become a category 2 hurricane, bringing the threat of dangerous storm surges and high winds to the U.S. ...

Munich Re Pauses Selling Pandemic Business Coverage After Big H1 Losses

Munich Re has stopped selling coverage to protect against business losses in future pandemics after the German reinsurer took a 1.5 billion-euro ($1.8 billion) virus-related hit in the first half. ...

Underwriting Discipline Will Rule With January 1 Reinsurance Renewals

Economic uncertainty and volatility, in combination with COVID-19-related losses, is leading to a heightened level of cautiousness among property reinsurers unless pricing and terms and conditions ...