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From:businessinsurance
einsurance renewals at Jan. 1, 2020, mainly saw ♦®single-digit increases, with some exceptio¶"ns, according to reports by rei£∑nsurance brokers releasε☆ed Thursday.
Willis Re, the reinsurance broke↓∑♠&rage of Willis Towers Watson PLC, and G≥☆uy Carpenter & Co. LLC, a unit Ω↓of Marsh & McLen₽★nan Cos. Inc. both reported that year-en↑ ↓d reinsurance renewals varied b♥≤★€y account and region, but the retrocessional r← • einsurance was under pressure.
Rates on line for property catastrophe reinsuran♥×ce programs remained stable and property λ per risk pricing was≠¥₹ driven by individual program performance©, the Willis report said.
Although some Lloyd’s of ←London syndicates took firm positions on rate incδγ↑reases and the London market authorized capacity λ↔₩∞decreased, that capactiy wa↑αs replaced by new capital§±∏★ and a strong supply from other m∞♠arkets, Willis Re said.
U.S. loss-free accounts renewed at flat ☆ 'to up 10% while those with lossδ≠es saw increases of 10% to 50%, the Will× ✘is Re report said, which was among the largesλ§t increases. Property catastrophe accou₹®&nts without losses reαα≥newed at flat to up 5%, while losλ×s hit accounts were up 10% tΩ×$o 20%, Willis Re said.
According to the Guy Carpenter report¥ , the brokerage’s global property ↕•↕→catastrophe rate on line index rose 5δλ≤>% in 2019.
According to the Willis Re report, other lar>εge increases were seen in Central and Eastern Euε&rope, where property programs with ♦♥losses saw increases of 5% to 20%,₽ε↑ and Canada, where such accounts ren¶↑ewed up 10% to 40%.
Most other regions and countri&'♣es saw property increases in the si&♠ ngle or low double digits, the report said.
The Jan. 1 renewals saw some “difficul∑ t” negotiations, according to a letter in the rep↕ ort from James Kent, glo™ bal CEO, Willis Re.
The Guy Carpenter report said the reinsura• ↕$nce market was “asymmetrical,” adding “this is cπ≈'¶ertainly not a one-si ₩ ≈ze-fits-all market” and whi™β♣↔le overall capacity remai π✘πned adequate, “allocated capacεεity tightened notably in stressed Ω&classes.”
Dedicated reinsurance εβ★capital rose 2% in 2019 and the year saw≠♥λ approximately $60 billion in global insured cat✔<<astrophe losses, acc<&'ording to Guy Carpenter,♦™ which was significantly lower than 2017 a ☆nd 2018.
Alternative capital, howe¶ ✔♠ver, contracted by approxim≤>δφately 7% percent “as i↕×≠δnvestors were more cautious with ¥♦new investments after assessing marke∞¶t dynamics and pricing adequacy,” Guy Carpe§€nter said.
The retrocession markλεet “was challenged … by trapped capital, ¶'a lack of new capital and continued redempt≤♥$ions from third-part×$y capital providers,” a statement issued with λ↑ the Guy Carpenter report §↕said.
However, significant ret→ αrocession providers returned to theΩ"☆γ market in the past two weeks, Wi₹≤←llis Re said.
Organizer：China Insurance Digital &§↓™; AI Development 2020
Web:http://en.zenseegroup.com/p/560573/
Contact:Ann 021-65650305
From :businessinsuranceΩ₽∏£U.S. commercial property/casualty α©¥rates rose 5% on average in the fourth₽£ quarter of 2019, up from 4% in the third qγ§∞₩uarter, reflecting insurers’ intent∑♠☆≤ to continue to increase prices across most li"§nes, online insurance exchangeδ>¶ MarketScout Corp. said Mondaπ©y.“Auto rate increases have been up all y ↔↓♣ear long; however D&O (directors∏'"≥ & officers) and professi€→onal rate increases have sp÷↔iked significantly in the fourth quarter,” Ri$↑♣chard Kerr, CEO of M₹arketScout Corp. said in a☆☆> statement.Insurers are carefully analyzing t&☆heir property exposures using catastrophe modelin↔♥g tools, he said. “We expect many of the major pr>±operty catastrophe insurers to c&∏§ urtail their 2020 writi∏β↑ngs in California brush and East and Gulf Coast ÷₹wind areas. Naturally, this will resul←t in higher rates to insureds,” Mr€ £≠. Kerr said.D&O liabilit$¥y rates increased by 8.25%, while comme♥γ✔rcial auto increased 8% in the quarter, and prof÷€essional liability rates were up 6%, and umγλ↕brella/excess rates were up § 5.5%, according to MarketScout.Commercial propeφ&εrty rates increased 5.25% in the quarter, a'↔↓nd business interruptio>λ♠n rates were up 5%, while all o £≤©ther lines showed smalleσ×γ®r increases, except for workers compens'ק♦ation, where rates fell 1%, Markπ¥ ♠etScout said.By industry class→π ☆, transportation and habitational saw the h≈γ☆→ighest average rate increases at 9% and 8.25↕π <% respectively, MarketSco"₽ut said.Large accounts – those w∑↑β>ith $250,001 to $1 million in p§<remium – saw a rate hike of 5.5% i&↑n the fourth quarter, as did jumbo∏★ accounts, which have more than $1 mill←☆>÷ion in premium. Small accounts – those $←δwith up to $25,000 in premium – were up 5%,Ω✔ while medium accounts – those with $25,001 to $★ ∏250,000 in premium – were ∑ ←✘up 4.5%.The “steady trenε"€d” of upward rates reflects insurers’ plans to↔ continue increasing prices across all lines↔®♦ except for workers compensatiλ∞£Ωon, MarketScout said.Organizer：China I'•∞nsurance Digital &α☆ ₽ AI Development 2020Web:http:$§//en.zenseegroup.com/p/560573/Contact:✔Ann 021-65650305
From :insurancejournalIt wa←Ωs a relatively quiet year for the Southeast in te↓ >≥rms of major catastrop✔λπ×hes compared with 2018 when Hurrican'₩ ≤e’s Michael and Florence caused major damagγ≠≥↕e in the region. Thi₽φ♠ s year, Hurricane Dorian₩Ω☆± sideswiped the Southeast coast and m®λade landfall on the O₹≠"✘uter Banks of North Carolina b≤γδut most of the area was spared. Still,&nbδ™≤sp;Aon said economic damage '™ in the U.S. and Canada was poised to÷Ω> approach a combined $1.5 billion.Florida↑→©₽ spent the year recoσ®"→vering from Hurricane Mi♣€ chael, which was upgraded to ∏↑γa Category 5 storm by NOAA in Apλ✘ril. Florida officiaπ¶γls have repeatedly&nΩ↑bsp;called on the insurance industry to®↓$£ speed up the recovery process, with nearly 12% ₩ of claims still open a year af÷¶ter the storm hit.Organizer：China Insurance Dig™✔ital & AI Development 2020We₩×φ b:http://en.zenseegroup.com/p/5♦↓£60573/Contact:Ann 021♥$-65650305
From:businessinsuranceeinsurance r→→™♣enewals at Jan. 1, 2020, mainly s ±aw single-digit increases, with s&♥↓>ome exceptions, accordinε≈φ÷g to reports by reinsurance broke←<rs released Thursday.Willis Re, the reins₹±₩urance brokerage of Willis ToweΩ®<δrs Watson PLC, and Guy Carpenter & Co. LLC,φ€' a unit of Marsh &am₩£ αp; McLennan Cos. Inc. both reported that yeΩ÷""ar-end reinsurance renewals varied by a¶$≥ccount and region, but the retrocessional reins®Ω♦✔urance was under press¶Ωure.Rates on line for property catastr ≤ophe reinsurance programs remained stable and pε×roperty per risk pricing was driven by π<εindividual program performance, ☆$λthe Willis report said.Al✔±₹≤though some Lloyd’s of <London syndicates took firm positions on rate i"ncreases and the London market authorized cap↔→acity decreased, that capactiy was replaced by n✘✘ew capital and a strong supply from other markets±™, Willis Re said.U.S. loss-free accounts×₽♣ renewed at flat to up 10% while those with♥• losses saw increases of 10% to 50%, the Wφ&π♣illis Re report said, which was amonβ∏♥g the largest increases. Property catastro←γphe accounts without losses renewed at flat to u ✘$βp 5%, while loss hit accounts ®₹were up 10% to 20%, Willis Re saε→♥∞id.According to the Guy Carpenter report, the br↔₽okerage’s global property catastrophe rate o☆$☆€n line index rose 5% in 2019.AccordiΩ$£≤ng to the Willis Re report, other large in×♥∏₽creases were seen in Central and Easter₩Ωγn Europe, where property programs with'λπ losses saw increases of 5% to 20%, and Ca&↔nada, where such accounts renewed ☆•up 10% to 40%.Most ot♣♥•∞her regions and countrie<★™'s saw property increases♥∞ in the single or low double dig&♣its, the report said.♠ΩThe Jan. 1 renewals saw some “diffic"σ↕ult” negotiations, aε☆ccording to a letter in the report from Jαφames Kent, global CEO, Willis Re.The Guy ←÷♣αCarpenter report said the reinsurance m"×arket was “asymmetrical,”™γ☆® adding “this is certainly not a≈€≠ one-size-fits-all market” an∑✘©d while overall capacity remβ♥ained adequate, “allocat®αed capacity tightened notably in sφ'€δtressed classes.”Dedicated reinsurance capitaδ£πl rose 2% in 2019 and thε€e year saw approximately $60¥£× billion in global insured catastroph₽ε↑e losses, according to Guy Carpenter, which≥< was significantly lower than 2017 and 20>×18.Alternative capital, ho₹•∏wever, contracted by approximately 7% p® ≠γercent “as investors were more cautious with ne屶w investments after assessing market dynamic↓₽✔≤s and pricing adequacy,” Guy Car↕♣penter said.The retrocession market÷¥©™ “was challenged … by t™βrapped capital, a lack of new caλσpital and continued redemptions•☆< from third-party capital providers,” a s∑©tatement issued with thσ₹e Guy Carpenter report said.However, s↕§"ignificant retrocession providers ™♦↓returned to the market in the past two weeks,→π• Willis Re said.Organizer：China Insuranγ↑®σce Digital & AI D¥≈evelopment 2020Web:http://en.zenseegroup.com/p/56♠λ€0573/Contact:Ann 021-656δ≈50305
Major information technology co€≥₽☆mpanies in India are ru£₹∑αnning the risk of termination of the•€↑ir $1 billion contracts following Boeing Co♣• .’s decision to halt the prod™Ω±uction of its 737 Max jets₹♣, MoneyControl reported citing the Business Stan↓∑dard. Companies like✔"≥> Tata Consultancy Services Ltd.,∏∑ ★ Infosys Ltd., HCL Technologies Ltd.,☆∏ Cyient Ltd. and L&T ≤ Technology Services Ltd. have outso₩∞→urcing contracts with Boeing or its supp &←δliers and Boeing’s jet crisis is←$↔★ expected to affect these IT comp§ε£anies in the short run.↓₹ΩFrom:businessinsuranceOrπλganizer：China Insurance Digital & AI D÷>₽evelopment 2020Web:http://en.zenseegr×φoup.com/p/560573/Contact:Ann 0♠♥21-65650305
France-based eyewear maker Essilor Internat₽¶≠ional S.A. has discovered fraudulent activiti φ∞♦es at one of its factories<λ≠∑ in Thailand that could cause €190 million ($2∏&13 million) in financial losses to th∑±¶γe company, The Irish Times reported citing Re★£♥uters. The company has ♠filed complaints in T☆β₽ hailand and has fire β§λd all the involved e₩✔¶mployees. It hopes to r ∑φγecover the losses from frozen"σ bank accounts, insurance and lawsuits.Organize&©r：China Insurance Digital & AI Developm≥±ent 2020Web:http://en.zenseegroup.com/p/₹¶λ∑560573/Contact:Ann 021-65650305
