Reinsurance
COVID-19 Cancels London Market Insurers’ 2020 Profits, but Rates Are Rising
Pandemic-related losses in 2020 were substantial for London market insurers and offset most underwriting and investment returns, according to a report published by Fitch Ratings. The main drivers of ...
Australia’s Floods Will Hit Insurers’ 2021 Earnings, Lead to Reinsurance Rate Spike
Insured losses from Australia's March floods are expected to hit general (or property/casualty) insurers' underwriting margins and earnings in 2021, while putting more upward pressure on reinsurance ...
Bank of England Exec Warns London Should Not Blindly Adopt EU Rules
Britain should not be "short-sighted" and copy European Union rules just to keep financial activity in London, Bank of England executive director for financial stability Alex Brazier said on Monday. ...
Lloyd’s of London Warns ‘Large Loss’ Is Likely Due to Suez Canal Blockage
The blockage of the Suez Canal for nearly a week will result in a "large loss" for Lloyd's of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 ...
Insurance Companies Won’t be Covering Suez Shipping ‘Lost Expenses’ Costs
The owners and charterers of ships unable to sail through the the Suez Canal for nearly a week face at least $24 million in expenses they will be unable to recoup as their insurance policies do not ...
Catastrophes Cost Insurers $89 Billion in 2020: Swiss Re’s Sigma
Natural and man-made catastrophes cost the insurance industry $89 billion in 2020 – the fifth costliest year since 1970, according to a report from Swiss Re's sigma. Of that total, $81 billion ...
Some Post-Brexit Changes for London’s Financial Center
Britain and the European Union agreed a new post-Brexit financial services pact on Friday that will allow them to cooperate on regulation but does little to improve the City of London's access to the ...
Massive Losses Likely for Reinsurers After Suez Canal Blockage: Fitch Ratings
The blocking of the Suez Canal by one of the world's largest container ships is likely to result in losses worth hundreds of millions of euros for the reinsurance industry, Fitch Ratings said, even ...