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Archive: October 2024

Hurricane Milton Could Use Up P/C Insurers’ 2024 Catastrophe Budgets
Insurance Journal | October 10, 2024
Hurricane Milton Could Use Up P/C Insurers’ 2024 Catastrophe Budgets
S&P Global Ratings said potential losses from Hurricane Milton could fully deplete the 2024 natural catastrophe budgets for rated U.S. property/casualty insurers, affecting underwriting margins and earnings. In a report titled “Hurricane Milton: The Implications For Rated U.S. Insurers And …
Delaware High Court Rescues Insurance Agency’s Malpractice Suit Against Law Firm
Insurance Journal | October 10, 2024
Delaware High Court Rescues Insurance Agency’s Malpractice Suit Against Law Firm
Six months after a three-judge panel of the Delaware Supreme Court said an insurance agency deserved another shot at proving its claims of professional negligence against a law firm, the full state high court has agreed. On October 8, the …
Flaws of the Saffir-Simpson Scale: Wind Isn’t the Only Threat in Modern Hurricanes
Insurance Journal | October 10, 2024
Flaws of the Saffir-Simpson Scale: Wind Isn’t the Only Threat in Modern Hurricanes
The insurance industry faces significant challenges in covering catastrophic risks, especially as climate change drives more extreme weather events. With soaring premiums and increasing exclusions, the need for an accurate assessment of these risks is more important than ever. The …
Britain Bolsters Sanctions Regime on Russia With New Trade Unit
Insurance Journal | October 10, 2024
Britain Bolsters Sanctions Regime on Russia With New Trade Unit
Britain on Thursday launched a trade sanctions unit with new powers to penalize companies that fail to comply with restrictions on exporting services to Russia. Britain has announced sanctions on more than 20 billion pounds ($26 billion) worth of trade …
People Moves: Miller Promotes Nagle to Head of Miller Europe, Succeeding Holloway; Markel Taps AIG’s Eastwood as Sr. Cyber U/W
Insurance Journal | October 10, 2024
People Moves: Miller Promotes Nagle to Head of Miller Europe, Succeeding Holloway; Markel Taps AIG’s Eastwood as Sr. Cyber U/W
This edition of International People Moves details appointments at the insurance broker Miller and the insurer Markel. A summary of these new hires follows here. Miller Promotes Nagle to Head of Miller Europe, Succeeding Holloway Miller, the London-based independent specialist …
Markets/Coverages: AEGIS London-Led Lloyd’s Consortium Launches $25M Miner Rescue Insurance Cover
Insurance Journal | October 10, 2024
Markets/Coverages: AEGIS London-Led Lloyd’s Consortium Launches $25M Miner Rescue Insurance Cover
The Lloyd’s insurance market’s only product writing cover for the rescue of miners trapped underground has more than doubled its available cover from $10 million to $25 million with a launch of a new consortium led by AEGIS London. AEGIS …
Geopolitical Conflict Could Cost Global Economy $14.5 Trillion Over 5 Years: Lloyd’s
Insurance Journal | October 10, 2024
Geopolitical Conflict Could Cost Global Economy $14.5 Trillion Over 5 Years: Lloyd’s
The global economy could be exposed to losses of US$14.5 trillion over a five-year period from the threat of a hypothetical geopolitical conflict causing widespread disruption to global trade patterns and supply chains, according to a report published by Lloyd’s, …
World’s Rivers Faced Driest Year in 30 Years in 2023: UN Weather Agency
Insurance Journal | October 10, 2024
World’s Rivers Faced Driest Year in 30 Years in 2023: UN Weather Agency
The U.N. weather agency is reporting that 2023 was the driest year in more than three decades for the world’s rivers, as the record-hot year underpinned a drying up of water flows and contributed to prolonged droughts in some places. …
Munich Re Specialty to Enter Spanish Insurance Market
Insurance Journal | October 10, 2024
Munich Re Specialty to Enter Spanish Insurance Market
Munich Re Specialty announced it is entering the Spanish commercial market for primary specialty insurance, with an aim to begin underwriting in 2025. It has set up a Spanish branch of Munich Re Risk Solutions Ireland Ltd., which holds regulatory …
Lloyd’s of London Must Stop Supporting Fossil Fuel Expansion, NGO Says
Insurance Journal | October 10, 2024
Lloyd’s of London Must Stop Supporting Fossil Fuel Expansion, NGO Says
The Lloyd’s of London market is undermining climate action and should impose binding rules to prevent insurers supporting fossil fuel expansion, NGO Reclaim Finance said on Wednesday. Some European insurers, including Generali and Zurich, have imposed restrictions on underwriting for …