Lloyd's pre-tax profit for the first six months of 2019 has jumped to GBP2.3bn ($3bn) from GBP0.6bn in June 2018. The increased profit was underpinned by a combined ratio of 98.8% and investment income of EUR2.3bn as the market benefitted from unrealised gains due to lower US and UK bond yields as well as robust returns from equities.
Stakeholders have until 25 September to respond to the International Accounting Standards Board (IASB)'s June 2019 exposure draft on amendments to IFRS17. IASB published its proposals after IFRS17 was effectively re-opened for the board to consider limited changes in November 2018 even though it was published in 2017 as a final standard.
Data released by the International Union of Marine Insurance (IUMI) reveals that marine underwriting premiums for 2018 marginally increased by 1% on year to $28.9bn. Although with significant challenges facing the market, the modest rise is not enough to declare an improvement in the fortunes of the marine insurance sector, said IUMI Facts & Figures Committee vice chair Astrid Seltmann.
Hyperion Insurance Group will combine its retail and specialist broking businesses, Howden and RKH, under one management team bringing together their international retail network along with specialty and reinsurance expertise respectively.
Singapore, Japan and China have ranked sixth, eighth and ninth in the top 10 of Euler Hermes' Enabling Digitalization Index (EDI).
The Thinking Ahead Institute's (TAI) 'Extreme risks 2019 report and ranking', which categorises rare events that could have a high impact on global economic growth and asset returns, has a new top three- global temperature change, global trade collapse and cyber warfare.
According to a new report 'Taking the Heat: Making Cities Resilient to Climate Change' by Goldman Sachs Global Markets Institute, cities will be on the frontlines of climate adaptation and building up their resilience has the potential to drive one of the largest infrastructure build-outs in history and will likely require innovative sources of financing.
According to a new survey conducted by AT&T, 40% of respondent IT security professionals think paying to retrieve data targeted by ransomware should be made illegal.
IT and risk management professionals must speak the same language to more effectively incorporate the benefits and uncertainties associated with data and technology into the organizations' overall strategy and to add value, according to a newly published, complimentary white paper from ISACA and RIMS, "Bridging the Digital Risk Gap: How Collaboration Between IT and Risk Management Can Enhance Value Creation."
Guy Carpenter, a subsidiary of Marsh & McLennan Companies (MMC), has appointed former vice chairman David Priebe as chairman with immediate effect. Based in New York, Mr Priebe has held various leadership roles at Guy Carpenter since 1981 and possesses broad global experience in reinsurance.