This insurer has ‘much more stringent underwriting criteria’ in cyber
August 18, 2021 by Greg MeckbachAggregation and systemic risk in cyber insurance means commercial carriers need to build up more capital for large widespread losses, suggests the CEO of a Bermuda insurer. Within cyber lines, Axis Capital Holdings Limited reduced its limits and increased deductibles,…
4 causes of social inflation and why it’s costing your clients more
August 10, 2021 by Greg MeckbachSocial inflation is one reason your client’s commercial rates may be outpacing the insurers’ loss cost trends, a Bermuda insurer CEO suggests. “I define social inflation as including politicians, regulator, or courts re-defining wording in favour of claimants,” said Albert…
What the P&C industry is telling Wall Street about cyber risk
February 9, 2021 by Greg MeckbachCommercial insurers are taking a good look at their exposure to widespread cyber events and some are forming partnerships with tech vendors in the hopes of improving their clients’ cyber risk management. “The next pandemic – the exposure that looks…
Get ready for a ‘multi-year correction’ upwards in commercial insurance pricing
February 2, 2021 by Greg MeckbachDespite consecutive quarters of double-digit increases in specialty lines, commercial insurers are likely to continue raising your clients’ premiums even further in the coming years, a Bermuda insurance CEO warns. “While the pricing momentum we are seeing in both insurance…
Why further rate increases could be needed after 2021
October 30, 2020 by Greg MeckbachDespite double-digit price increases in several commercial lines, premiums will need to rise further, a Bermuda insurer CEO said Thursday. “More rate action is needed and likely it will take beyond 2021 in some lines to get to rate adequacy,”…
How the UK pandemic business interruption test case could play out
August 13, 2020 by Greg MeckbachThe industry will likely learn next month the outcome of a business interruption coverage test case arising from the COVID-19 pandemic, but the verdict is likely to be appealed, a Bermuda insurance CEO suggests. The British Financial Conduct Authority filed…
Three reasons why the hard market may drag on for years
August 12, 2020 by Greg MeckbachCommercial clients are likely to see big price hikes at least through 2021 and the economic impact of COVID-19 is partly to blame, a Bermuda insurance executive suggests. “We saw double-digit rate increases in our Canadian specialty business,” Albert Benmichol, CEO…
Another insurer to withdraw coverage from oil sands
October 16, 2019 by Greg MeckbachStarting next year, Axis Capital Holdings Ltd. will stop writing new insurance and facultative reinsurance for oil sands extraction and pipeline projects. Pembroke, Bermuda-based Axis writes commercial specialty and reinsurance. Its new thermal coal and oil sands underwriting and investment…
Insurer CEOs react to hardening commercial market
February 13, 2019 by Greg MeckbachThe pace of the hardening market in commercial lines has come as a surprise to some executives at Canada’s largest property and casualty insurer. “We have seen a shift in commercial lines that is pretty abrupt in the past six…
The aftermath of ‘firm action’ in Lloyd’s market
February 8, 2019 by Greg MeckbachEight Lloyds syndicates have closed and some clients insured by the London market are seeing premiums increase four-fold, the head of a major Bermuda insurer suggests. “After some firm action by Lloyd’s in (2018), we saw the closure of eight…
How not to deal with a ransomware attack
December 19, 2018 by Greg MeckbachYour client should never have to negotiate with a cyber criminal even if that client has suffered a ransomware attack, cyber security experts advise. Ransomware is a type of computer malware that prevents clients from either using their computers or…
Insurer Axis Capital selects new chief agent for Canada
July 19, 2018 by Greg MeckbachBermuda insurer Axis Capital Holdings Ltd. has picked Brad Randell as its new chief agent in Canada. The appointment is subject to regulatory review, Axis said Thursday in a release. The previous chief agent in Canada for Axis – Darin…