Mining insurance capacity down 30%
by Gill Montia
Story link: Mining insurance capacity down 30%
In 2011, the mining insurance market was hit by $2.7 billion in natural catastrophe losses and over 60 operational losses, totaling $835 million. According to a new report from Willis, the $3.5 billion estimated losses facing mining insurers has resulted in a 30% withdrawal in insurance capacity since the start of 2011. The report estimates [...]
Guy Carpenter reports on terrorism risk transfer
by Gill Montia
Story link: Guy Carpenter reports on terrorism risk transfer
A new report on global terrorism from Guy Carpenter finds that while recorded incidents of terror around the world remain at historically high levels, the reinsurance industry continues to meet current demands for terrorism risk transfer. The number of terrorist attacks peaked at over 14,400 in 2006, with only a slight dip in frequency over [...]
Hiscox ups capacity
by Gill Montia
Story link: Hiscox ups capacity
Hiscox has announced that it envisages a 2012 capacity of £1 billion for Syndicate 33, an increase of £100 million from 2011. A full-year 2012 forecast has been submitted to Lloyd’s and the specialist insurer says the increase is driven by anticipated improved market conditions, particularly in reinsurance lines, plus a desire to have sufficient [...]
Ascot announces £50m increase in 2011 capacity
by Gill Montia
Story link: Ascot announces £50m increase in 2011 capacity
Ascot Underwriting has increased its capacity from £600 million to £650 million, in support its 2011 business plan. The Lloyd’s insurer’s chief executive officer, Andrew Brooks, explains: “Market conditions are changing, providing Ascot with opportunities, particularly in the reinsurance sector.” Earlier this month, the firm appointed John Karns as underwriter for its Houston-based US operations. [...]
Energy insurance still a buyer’s market
by Gill Montia
Story link: Energy insurance still a buyer’s market
Despite recent natural catastrophes, conditions remain favourable for most energy insurance buyers, Marsh reports. According to the broker, negotiations for many buyers have become more difficult, as underwriters show greater price discipline and request more data from insureds, and rates have risen for some segments of the market. However, most buyers continue to benefit from [...]
Soft commercial insurance market to continue
by Gill Montia
Story link: Soft commercial insurance market to continue
The soft commercial insurance market conditions experienced throughout Europe, the Middle East and Africa (EMEA) in 2010 are set to continue into 2011, according to Marsh. In a new report, the broker suggest that the key market drivers of recent years, such as intense competition among insurers, abundant capacity, and relatively few insured catastrophe losses, [...]
Renewed partnership for insurers and reinsurers
by Gill Montia
Story link: Renewed partnership for insurers and reinsurers
Aon Benfield has reported that the partnership between insurers and reinsurers has been renewed, with reinsurers now lowering rates at the same pace, or greater, than insurers. In its 2011 Reinsurance Market Outlook report, the firm also states that both reinsurers and insurers are enjoying fully recovered balance sheets, but quite limited growth in demand [...]
Willis: surplus marine insurance capacity “defies logic”
by Gill Montia
Story link: Willis: surplus marine insurance capacity “defies logic”
Willis has suggested that the surplus capacity in the marine insurance market “defies logic”. According to the broker, insurers are queuing up to enter an already crowded line of business where rates are continuing to fall and there is little profit to be made. However, in its latest review of the marine market Willis explains [...]
DUAL enhances PI underwriting capacity
by Gill Montia
Story link: DUAL enhances PI underwriting capacity
Specialist professional indemnity (PI) underwriting agency, DUAL Corporate Risks, has secured new capacity for underwriting broker’s PI cover. The £5 million liability capacity, provided by AmTrust Group, is available for Lloyd’s brokers and also for UK and international brokers with incomes in excess of £5 million. Commenting on the development, the firm’s underwriting director, Jennifer [...]
