General Insurance newsletter Friday 25th October 2024

Insurance News

How to attract top insurance talent- To attract talent, insurance employers should prioritise building an effective employee value proposition and authentic culture that will resonate with people, instilling a realistic work-life balance, and employing practical changes to increase diversity and inclusion. Find out what practical steps you can take today to attract top talent quickly. (IDEX Consulting news, 'How to attract top insurance talent')
Flexible working bill: what you need to know - The UK’s Flexible Working Bill permits employees to request flexible work from their first day, requires faster employer responses, and mandates consultation before rejections. While flexibility isn’t guaranteed, the bill aims to foster more accommodating workplaces, which is crucial for attracting and retaining talent. (IDEX Consulting news, 'Flexible working bill: what you need to know')
Building inclusive hybrid cultures - Creating an inclusive hybrid culture involves recognising diverse needs, promoting equitable practices, and addressing biases. Essential steps include gathering employee feedback, training leaders, ensuring technology is accessible, and offering diverse mentorship programmes. Prioritising long-term diversity efforts and focusing on equity rather than simple equality helps build a truly inclusive workplace. (IDEX Consulting news, 'Building inclusive hybrid cultures')
Be an equity advocate - Equity is not equality, it focuses more on ensuring individual are supported with tailored solutions. To become a true advocate, there many steps you can take including; addressing unconscious biases, avoiding gendered language, and using tools like the Implicit Association Test. Understand your workplace’s equity initiatives and speak up against bias. If your employer doesn’t have sufficient protocols in place, then instigate the change yourself. (IDEX Consulting news, 'Be an equity advocate')
The latest Hiscox Cyber Readiness Report reveals a significant increase in cyber incidents affecting 67% of organizations globally and 70% in the UK, resulting in heightened reputational risks, challenges in customer acquisition (47% globally, 46% in the UK), customer attrition (43%), negative publicity (38%), and loss of business partners (21%). (Kenneth Araullo, 25/10/2024, Insurance Business, 'Cyber incidents surge, damaging brand trust and business relationships – Hiscox')
Miller Insurance Services has partnered with CyberCube to enhance its data-driven cyber risk advisory, licensing CyberCube’s Broking Manager and Prep Module to provide advanced cyber risk analytics and better support clients in managing complex digital threats. (Jonalyn Cueto, 25/10/2024, Insurance Business, 'Miller partners with CyberCube')
Global commercial insurance rates decreased by 1% in Q3 2024, according to Marsh, driven by increased competition in the property market, with notable rate drops in the Pacific (-6%), UK (-5%), Asia (-4%), and moderate increases in the US (+3%) and Latin America (+3%). (Kenneth Araullo, 24/10/2024, Insurance Business, 'Global commercial insurance rates drop for first time since 2017 – Marsh')
A new report by the Lloyd’s Market Association (LMA), "Underwriting the Transition," highlights the insurance sector's critical role in the shift to a low-carbon economy and examines the challenges, risks, and opportunities for insurers over the next two decades, based on KPMG's analysis. (Jonalyn Cueto, 24/10/2024, Insurance Business, 'LMA report highlights role of insurance in decarbonisation')
Aurora, a digital commercial insurance platform, has secured seed funding from QBE Ventures to enhance its algorithmic trading, expand product offerings, and develop new distribution partnerships, aligning with QBE’s vision of fostering a data-driven and efficient commercial insurance ecosystem. (Jonalyn Cueto, 24/10/2024, Insurance Business, 'Aurora secures funding from QBE Ventures')
The International Union of Marine Insurance (IUMI) reported a 5.9% increase in global marine insurance premiums, reaching $38.9 billion in 2023, driven by growth across all business lines due to rising global trade, higher vessel values, and increased offshore energy activity. (Kenneth Araullo, 23/10/2024, Insurance Business, 'IUMI reports 2023 marine insurance premiums at $38.9 billion, up 5.9%')

A Gallagher Re study, using Bitsight data from 62,000 organizations, found that poor cybersecurity performance increases the risk of incidents and claims, while strong performance lowers it. External scanning data, combined with firmographic insights, could help insurers reduce loss ratios by up to 16.4% by targeting the most critical 20% of risks. (Kenneth Araullo, 23/10/2024, Insurance Business, 'Gallagher Re study links cybersecurity gaps to higher insurance claims')
Munich Re reported a Q3 2024 net result of €0.9 billion, below market expectations of €1.42 billion, due to major losses from natural catastrophes, including €0.5 billion from Hurricane Helene and significant claims from events in Canada, Europe, and the Caribbean. (Kenneth Araullo, 23/10/2024, Insurance Business, 'Munich Re's Q3 net falls short at €0.9 billion due to catastrophic losses')
Rokstone, part of the Aventum Group, has entered a three-year binding authority agreement with Aviva to underwrite global D&F property risks up to $2 million per risk, aiming to generate over $200 million in GWP. This follows Rokstone's recent $5 million facility with Allianz and the hiring of senior underwriter Ludo Araujo from Chaucer Syndicates. (Kenneth Araullo, 23/10/2024, Insurance Business, 'Rokstone secures $200 million D&F property agreement with Aviva')
Allianz has ranked as the top insurance brand globally and 29th among the world's most valuable brands in the 2024 Best Global Brands ranking by Interbrand, increasing its brand value to $23.5 billion. Additionally, it has maintained its status as the most valuable financial services brand for six consecutive years and was recognized for its employer reputation, ranking 7th on Fortune's 2024 Best Companies to Work For in Europe list. (Kenneth Araullo, 23/10/2024, Insurance Business, 'Allianz becomes top global insurance brand, ranks 29th worldwide')
Generali, Italy's largest insurer, will stop providing new coverage for companies in oil and gas transportation, processing, and distribution that don't meet energy transition requirements, aligning with the Paris Agreement's goals to limit global warming. (Kenneth Araullo, 23/10/2024, Insurance Business, 'Generali ends insurance for midstream, downstream oil projects')
CNA Financial Corporation anticipates pretax net catastrophe losses of $143 million for Q3 2024, primarily from four major events including $55 million from Hurricane Helene, with $127 million in the commercial segment and $16 million in the international segment, reflecting its average combined ratio impact over the past five years. (Kenneth Araullo, 22/10/2024, Insurance Business, 'CNA reports US$143 million in Q3 2024 catastrophe losses')
AXA XL has launched cyber insurance coverage for businesses developing their own Generative AI models, expanding its global cyber insurance portfolio to address emerging risks. This specialized coverage is available as an add-on to the CyberRiskConnect policy across the US, Canada, the UK, Europe, and Asia. (Kenneth Araullo, 23/10/2024, Insurance Business, 'AXA XL Reinsurance names Greg Schiffer as CEO for North America')
Insurance Premium Tax (IPT) receipts hit a record £4.5 billion in H1 2024/25, according to HMRC, representing a 13% increase from £503 million less in the same period last year, compared to £1.5 billion a decade ago and £3.2 billion five years ago. (Kenneth Araullo, 22/10/2024, Insurance Business, 'UK insurance premium tax hits new high')
Beazley has launched FLEX, a new consortium offering combined civil liability, crime, fraud, and cyber cover for financial institutions, with coverage limits of up to €50 million or $50 million; the consortium aims to simplify placement and claims processes while minimizing coverage gaps and includes access to Beazley’s full range of cyber services. (Kenneth Araullo, 21/10/2024, Insurance Business, 'Beazley launches FLEX consortium for financial institutions' liability and cyber risks')

Movers

Oliver Wyman has expanded its P&C capabilities in Europe with a new London-based presence, led by Matthew Facey, who brings over 23 years of experience in the European P&C and technology sectors, including key roles at WTW. (Jonalyn Cueto, 24/10/2024, Insurance Business, 'Oliver Wyman expands P&C practice in Europe')
AXA XL Reinsurance has appointed Greg Schiffer as CEO of its North America Reinsurance division, effective Nov. 11. Schiffer, previously Managing Director and Head of US National Accounts at a global reinsurer, brings extensive experience in specialty, engineering, and property sectors. (Kenneth Araullo, 23/10/2024, Insurance Business, 'AXA XL Reinsurance names Greg Schiffer as CEO for North America')
HDI Global has appointed Eric Joly-Pottuz as the new head of its Paris-based HDI Enablers division, specializing in Alternative Risk Transfer, succeeding Etienne de Varax, who will retire at the end of 2024; Joly-Pottuz, who has significant experience from his management roles at HDI Global since 2016 and earlier at AXA Group, aims to advance innovative risk solutions in the ART sector. (Kenneth Araullo, 23/10/2024, Insurance Business, 'HDI Global appoints Eric Joly-Pottuz as new head of Enablers unit')
The Lloyd’s Market Association (LMA) Board has extended the appointment timeline for its new Chair, with the new Chair officially assuming the position on January 1, 2026. Andrew Brooks will continue as current Chair throughout 2025, while Sean McGovern, CEO of UK & Lloyd’s at AXA XL, has been appointed Chair-Elect to serve alongside him during the transition, ensuring continuity in leadership. (Jonalyn Cueto, 23/10/2024, Insurance Business, 'LMA unveils new chair transition process')
In further news...The Lloyd’s Market Association (LMA) has appointed John Levett as Head of Regulatory Affairs, effective immediately; Levett, who joined the LMA in October 2023, has extensive experience in insurance and regulation, previously serving as Senior Regulatory Lead at RSA Insurance and as a technical specialist at the FCA. (Jonalyn Cueto, 22/10/2024, Insurance Business, 'Lloyd's Market Association announces new head of regulatory affairs')
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Kristina Målarbo as Head of Claims for the Nordics region, bringing 25 years of experience in managing commercial insurance claims, including multinational claims, and will be based in Stockholm. (Kenneth Araullo, 22/10/2024, Insurance Business, 'Kristina Målarbo named head of claims for Nordics at BHSI')
Gallagher Re has appointed Lara Mowery as its new Chief Commercial Officer, where she will shape the company's strategic direction and enhance its product capabilities. With over 30 years of reinsurance experience, including leadership roles at Guy Carpenter and involvement with the Association of Bermuda Insurers and Reinsurers, Mowery will be based in Minneapolis. (Kenneth Araullo, 22/10/2024, Insurance Business, 'Gallagher Re names Lara Mowery chief commercial officer')
Liberty Specialty Markets (LSM) has appointed Nikunj Mahida as Head of Third-Party Claims for the UK and MENA regions, overseeing the London claims team in financial and professional (FINPRO), cyber, and casualty lines; Mahida, a qualified solicitor, has been with LSM since 2015 and previously held roles including FINPRO Claims Manager and Cyber Claims Lead. (Kenneth Araullo, 22/10/2024, Insurance Business, 'LSM appoints Nikunj Mahida as head of third party claims for UK and MENA')
Aon has appointed Adam Neverton as Global Head of Strategic Broking for professions, effective immediately, focusing on customized risk management solutions for professional services clients; he brings over 30 years of industry experience and has been with Aon since 1993. (Kenneth Aruallo, 22/10/2024, Insurance Business, 'Aon appoints Adam Neverton as global head of strategic broking')
Howden Re has expanded its DACH operations with four senior appointments in Germany: Lars Nelson as Managing Director and Head of the German branch, Dr. Bjoern Hagendorff as Managing Director for regional clients, Dr.-Ing. Mathias Raschke as Director of nat cat modeling for Germany and Austria, and Verena Schärtl as Director and Head of Actuarial for Germany and Austria. Nelson, with 20 years of reinsurance experience, joins on Jan. 1, 2025, from Aon; Hagendorff starts Nov. 1, coming from Aon’s Reinsurance Solutions; Raschke, who brings over 25 years of nat cat expertise, joined on Sept. 1; and Schärtl, with extensive actuarial experience, joined on Oct. 1. (Kenneth Araullo, 21/10/2024, Insurance Business, 'Howden Re boosts DACH operations with four senior hires in Germany')
BPL has appointed Catherine Aubert as Director, leveraging her nearly 30 years of experience to focus on strategy, client service, and professional support in credit and political risk insurance; she joins from Société Générale Corporate and Investment Banking, where she was Managing Director of the credit insurance distribution division for 25 years. (Kenneth Araullo, 21/10/2024, Insurance Business, 'BPL appoints Catherine Aubert as director to drive CPRI growth')
Tokio Marine Kiln has appointed Thomas McShane as Head of Technology and Media E&O, a new role where he will leverage nearly 10 years of professional lines experience; he joins from Axis, where he led E&O and oversaw complex policies for large tech firms, previously working at Allianz and AIG in underwriting professional indemnity and cyber lines. (Kenneth Araullo, 21/10/2024, Insurance Business, 'TMK names Thomas McShane as head of technology and media E&O')