Intelligent Insurer News

Risk managers wondering how underwriters use their data to rate and review risks—and then set their rates—were given a behind-the-scenes look at how Munich Re does it, although Airmic 2019 workshop leader James Cleaver, a corporate insurance partner at the German firm, was careful not to give away all the reinsurer’s secrets.

When it comes to making the most of your captive, there is growing interest in what it can do to help cover cyber risks, Robert Geraghty, senior vice president and international sales leader at Marsh Captive Solutions, told Airmic Today.

Insurance brokerage and risk management firm Arthur J Gallagher has acquired The Protectors Group (TPG), an Australian retail broker specialising in construction, hospitality and transport coverage for commercial and corporate clients in Greater Western Sydney.

Specialist venture capital fund Eos has partnered with broker Marsh to develop innovative insurtech solutions that will deliver 'actionable intelligence' to drive real-time risk management within the insurance marketplace.

US property/casualty (P/C) insurers are well placed to weather the landfall of a significant storm in the 2019 hurricane season despite experiencing elevated catastrophe losses in the recent years, according to Fitch Ratings.

Markel Corporation has appointed James Proferes as executive underwriting officer for global professional liability.

Bermuda-based White Mountains Insurance Group has acquired a minority equity stake in Elementum Advisors, an insurance-linked securities (ILS) manager with over $4 billion of assets under management.

Everest Insurance, the specialty insurance division of Bermuda-based Everest Re Group, has bolstered its professional liability group with three new members who join from Sompo, Navigators and TMR.

Society is in the early stages of a revolution driven by technology. While this should mean more prosperity, it will also mean unintended consequences and some “dark and challenging” times, John Ludlow, the chief executive of Airmic, warned delegates in his opening remarks at the risk management body’s annual conference.

The world is grappling with a fast-moving and complex fourth industrial revolution, the full consequences of which are impossible for foresee. This means new challenges for risk managers—but also opportunities.

Data science and machine learning offer opportunities to provide better pricing and reduce fraud as well as offering other benefits, Airmic delegates heard at the ‘How can AI change the risk landscape for businesses and their insurers?’ workshop led by QBE at the Airmic conference.

An acceleration in the take-up of technology can be expected “in the next five years” as more insurance industry executives recognise the value it can provide, said Steve Cloutman, managing director at advanced analytics company Ventiv Technology.

Paul Sankey, Liberty Specialty Markets’ head of energy & construction, says the downstream energy market needs to do some serious thinking about its profitability.

The majority of risk professionals want more opportunity to influence strategic decisions as the world becomes increasingly volatile and complex, the Airmic 2019 survey has found.

Organisations are not paying enough attention to emerging risks, preferring to focus on easier-to-manage visible risks, according to a guide published by Airmic in association with Marsh.

As captives have become an increasingly important part of a risk manager’s toolkit, UK-based risk management association Airmic has refocused its energies on promoting the sector and offering new research and opportunities for its members.

The commercial European insurance market is at the cusp of a more consistent shift towards firming market conditions that will have a strong impact on buyers, a new report by Aon has claimed

Carriers and brokers increasingly want their partners to help them leverage data and technology to make them more efficient and offer greater insights into the risks and claims they are grappling with.

Zurich Insurance Group has completed the acquisition of ANZ’s life insurance business OnePath Life in Australia for A$2.85 billion ($2 billion), becoming the country’s largest retail life insurer.

Rating agency AM Best has revised the outlook of Cayman Islands-based reinsurer Greenlight Capital Re to negative from stable, expressing concern over its "negative underwriting performance".