Aon has announced the hire of Marcus Foley to the Bermuda operations of reinsurance solutions, subject to Bermuda immigration approval.
The world's four largest reinsurers recorded a 69% fall in net income in 2020. In 2019 the net income of these four insurers (Munich Re, Swiss Re, Hannover Re and SCOR) was EUR5.07bn ($6.04bn) and it fell to EUR1.56bn ($1.86bn) in 2020.
To commemorate International Women's Day 2021, Grant Thornton's latest report tracking the global progress of women in senior management surveyed approximately 5,000 mid-market businesses in 29 countries reveals that encouraging progress on gender diversity in business seen globally except the APAC region in 2021.
One of the things the pandemic has highlighted over the last year is the importance of transparency and clear wording in the policies of insurers, as some insurers found themselves in the crosshairs of legal action when they rejected business interruption claims of policyholders.
Munich Re, Google Cloud and Allianz have announced a joint partnership towards pioneering cyber insurance, a first-of-its kind collaboration between a major cloud provider and leading cyber insurance companies. .
Insurance pricing will continue to increase across most business lines globally this year as carriers look to mitigate poor underwriting performance and the uncertainty brought on by the COVID-19 crisis.
The UK Supreme Court issued its decision in the Financial Conduct Authority's (FCA) BI test case on 15 January, ruling that some forms of BI insurance would cover COVID losses. However, experts from Guy Carpenter state that the court has adopted a narrow definition of a COVID 'occurrence' - an illness suffered by just one person or arguably several people in one household, raising questions about the meaning of the word 'occurrence' in other contexts.
Three specialist firms in the insurance industry will create a secure InsurTech platform that will support cryptocurrency investors in insuring crypto risk.
AIG has joined a taskforce established by The Geneva Association to develop and hone climate risk assessment methodologies and tools for the insurance industry.
Aon in a new collaboration with risk analytics company Praedicat, will develop a range of specialist liability reinsurance solutions to address product liability risks including nanomaterials and 5G.