The Financial Conduct Authority (FCA) is proposing to update guidance, introduced during the Covid-19 pandemic, to support insurance customers in financial difficulty. As part of the FCA’s ongoing work to help protect customers during the current cost of living squeeze, this will provide clarity to firms about how they should support all struggling customers, not just those facing problems due to the pandemic. For example, under the guidance, insurers should consider whether a different product is more suitable for customers facing financial difficulties and whether they should waive cancellat ..read more

Everest Insurance has announced its expansion into the Spanish market following regulatory approval from the relevant authorities to operate in Spain. The Spain branch is headquartered in Madrid, with another office opening in Barcelona, and operations are led by José Ramón Morales, head of Spain. Everest’s Madrid and Barcelona offices will provide a bespoke range of insurance products and risk solutions for key sectors including property, casualty, medical malpractice, financial lines, energy and construction, accident and health, and cyber. Under the leadership of José Ramón Morales, Everest ..read more

Cyber incidents and business interruption rank as the biggest company concerns for the second year in succession, according to this year’s Allianz Risk Barometer. However, it is macroeconomic developments such as inflation, financial market volatility and a looming recession as well as the impact of the energy crisis which are the top risers in this year’s list of global business risks, as the economic and political consequences of the world in the aftermath of Covid-19 and the Ukraine war take hold. Such pressing concerns call for immediate action from co ..read more

In its ‘2023 Weather, Climate and Catastrophe Insight Report’, Aon plc has identified global natural disaster and climate trends to help manage volatility and enhance global resilience. The report highlights that natural disasters caused a global economic loss worth USD313 billion during 2022. This was 4 percent above the 21st-century average, namely, USD132 billion of which was covered by insurance. Data show that 2022 was the fifth costliest year on record for insurers, with approximately USD50-55 billion of the global insured loss total resulting from Hurricane Ian in th ..read more

Hannover Re has developed an additional retrocession tool that for the first time enables the capital markets to participate directly in coverage of its cyber risks through a quota share cession. Longstanding partner Stone Ridge is supporting the transfer with capital of USD100 million. “For the first time, we were able to transfer cyber risks to the capital markets, and on a substantial scale, through a proportional reinsurance solution. This underscores our lead role as a bridge builder between the capital markets and the insurance industry,” said Silke Sehm, whose scope of responsibility as ..read more

The risk landscape for the global insurance market has become increasingly complex and is evolving at an unprecedented pace, posing challenges to the insurance sector in devising business strategies and managing their operation. The Hong Kong Insurance Authority (IA) recently hosted a panel discussion titled “Insurance Innovation Unlocking Business Potential in the Post-Pandemic New Normal” at the Asian Financial Forum (AFF), where industry leaders and experts shared insights on the changing risk appetite of businesses, and how the industry could turn these challenges into opportunities throug ..read more